As companies navigate for market position in 2021, they’ll need to focus on exploiting three rapidly growing trends. Let’s look at how understanding these trends can help your company capitalize on market demand and harness disruptive change to drive growth.
IoT Gets Smarter With AI-enabled Devices
As both consumer and industrial demand for IoT continues to skyrocket, deep AI integration will fuel next-generation IoT technology, or what is being heralded as the Artificial Intelligence of Things (AIoT). Advances in AI, including deep learning and computer vision, will drive an exponential upgrade in IoT software and hardware applications and hasten the transition to Industry 4.0.
AIoT is expected to enjoy wide adoption across multiple verticals. Because COVID-19 has accelerated demand for telehealth, healthcare likely represents one of the largest verticals of opportunity. At Pivot International, we have witnessed a massive upsurge in demand for IoT-enabled medtech and home-health devices. In the last six months alone, we’ve helped multiple partners successfully capitalize on this trend to bring award-winning medtech to market. Our extensive medtech experience and 320,000 square feet of global manufacturing capability help our partners achieve first-to-market advantage.
Digital Identity Goes into Hyperdrive
Digital identity and its central role in the digital economy are perhaps among the world’s most significant technology trends for both public institutions and the private sector. Digital identity refers to a set of validated digital attributes and credentials — name, date of birth, biometric markers, and so forth — for the digital world.
On the surface, digital identity is simple. It means an end to carrying around a driver’s license, credit cards, and other forms of physical ID. But looked at from a product development perspective, the picture becomes more complex.
For one, digital identity poses steep challenges related to biometric security and the preservation of “self-sovereignty” that must be overcome with innovative blockchain applications. Second, developing a digital-identity product necessitates a partner that specializes in both software development and optics technology. (Digital identity requires the optical capture and subsequent encryption of biometric data.)
The race is on for digital identity solutions, and as companies scramble to lead the charge, they’ll need partners with expertise across optics, IoT, AI, blockchain, and other digital applications.
Building Antifragility Becomes Mission Critical
COVID-19 has caused many companies to realize that they need a model for productively harnessing the energy of disruption to drive growth. This new model, known as antifragility, was developed by Nassim Taleb, Distinguished Professor of Risk Engineering at the New York University Tandon School of Engineering and co-editor-in-chief of the academic journal Risk and Decision Analysis.
As Taleb explains, “Antifragility is beyond resilience or robustness. The resilient resist shocks and stays the same; the antifragile gets better”. Building antifragility is the name of the game for the new supply chain era, and developing greater agility is the shortest path to this goal.
In 2021, antifragile operational trends will move companies toward decentralized decision-making, distributive organizational structures, and dynamic resource allocation. These practices allow for rapid innovation in response to urgent needs, emerging market opportunities, and imminent threats.
If your company is seeking a proven partner for developing a successful product, Pivot brings nearly a half-century of experience across over fourteen industries, including specialization in IoT, optics, medical, sensors, security and defense, and more. If you’d like to learn more about how Pivot can support your growth objectives, contact us today for a no-cost consultation!