Emerging Technologies

Over the past few weeks this blog has covered six emerging technologies.  This included 3D Printing, Artificial Intelligence, Connected Vehicles, Internet of Things (IoT), Robotics, and Wearable Technology.  Combined these technologies will make-up a substantial number of programs and projects in the near future.  This will be a growing trend over the next several (3 to 5) years.  It is important for program and project managers to be at least acquainted with these technologies given the role they will play in these initiatives.  It is also important to remember that unlike our typical programs and projects, we do NOT have direct experience, metrics and measures for initiatives including these emerging technologies.  That adds risk! We will be embarking on uncharted territories.  ProjectManagement.com is an excellent place for all program and project managers to share their experiences and key leanings as each embarks on this new journey.  I hope to continue this BLOG in an effort to help in the global collaborative effort that I believe is necessary for all PMs to reduce risks and fulfill the professional duties and responsibilities assigned to as managers of emerging technology enabled programs and projects. After all, they are delivering our future!

Wearable Technology (WT) – WT goes far beyond the glasses, visors and headsets that many think of when they hear the term.  Today our world is full of a host of gadgets that include intelligence garment labels like the ones you find in the neck (back) of a shirt or coat, as well as some that are in the soles of your shoes.  Some of these are made of flexible circuit boards that appear to be nothing more than a sheet of plastic with gold foil on them.  One recent estimate places the number of smart wearable devices above 410 million in 2020.  The value of all those devices will hit an astonishing $34 billion in that same time period.  Now the BCC Research study puts the global market for wearable computing products is projected to reach $22.6 billion.  Either way it is a big and growing market.  This segment is often included in estimates for the Internet of Things and far larger than many people have thought.  Top applications includes sports, healthcare, and worker accountability.

The global service robotic market is expected to grow at a 17.3 CGAR and top $28 billion USD in 2020. Add to that the international industrial robotics market is projected to grow at 6.5% CAGR through 2020 and hit $28.22 billion USD by then as well. Robotics for the healthcare industry and for defense are seen as two of the major market segments.  One report went as far as to place the robotics industry in a global race against the ongoing increase labor costs and an aging workforce that has resulted in worker shortages in many fields and geographic locations.  One interesting insight that is shared widely is the integration of artificial intelligence into robotics along with augmented senses, vision, natural language understanding and the rapidly advancing sense of touch.  Another hot area of emerging technology to watch due to the number or programs and projects that the growth will create.

The Internet of Things (IoT) age is upon us and by all estimates this period of rapid technological advancement and change will be 3 times the magnitude seen during the Internet era of the mid to late 90s.   Forbes recently published an article that projected the Internet of Things economy would be $19 trillion and contain 50 billion connected devices by 2020.  That is tremendous growth in less than 5 years. Consider the manufacturing of those devices, their installation and connectivity.   Consider all the data those devices will generate.  Proper analysis and use of that data will have profound implications on decision making and modern operations.  All of that translates to a significant impact on businesses in virtually every industrial segment.  That also translates to a large number of programs and projects which will put a strain on the current pool of project managers. Is your organization ready?   Are you?

The connected vehicle market is currently limited but has great potential.  Current estimates suggest that this year (2016) an estimated 15 million connected cars will ship.  However, that number dramatically increases in the next few years.   All total, one report suggests that by 2021, over 380 million connected cars will be on the road.  Supporting those figures market estimators project that the connected car market will be worth an estimated $46.69 billion by 2020. Now you must also consider the app (application) portion of that market for all of those connected vehicles.  Juniper Research reported that “Smart Vehicle App market will reach $800 million in 2017.  Most strategist concur that technological, regulatory, and consumer adoption hurdles still remain even though efforts are being made to address those roadblocks.  All in all, this is one area of technology that must be monitored closely.