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Disruptive Technology: Four Forces Driving Global Large-Scale Transformation
The world is under stress as it undergoes rapid transformation. Disruption and change is happening in every corner of our lives, argues three leaders from the McKinsey Global Institute in a new book: No Ordinary Disruption: The Four Global Forces Breaking All the Trends. The authors note that what is particularly challenging about these dramatic rapid changes is that they are overlapping and synergistic, making it difficult to predict long-term consequences.
At the heart of modern disruption McKinsey identifies four forces:
- Growth and urbanization in Emerging Markets McKinsey expects that between 2010 and 2025 that more than half of global GDP will originate from 440 cities that are today part of emerging markets. Just the single Chinese city of Tianjin is predicted by 2025 to have a GDP that matches the GDP of Sweden.
- Rapid Advances in Technology Technology is being introduced and adopted much more quickly than any other time in history. Low prices for existing technology makes it easier and less risky for businesses to experiment with and pioneer innovative ideas. Rapid change though makes it hard for both employees and their employers to stay current.
- Demographic Changes Aging populations and falling fertility rates are transforming world demographics. Businesses need to recognize this in both their hiring and marketing.
- Increased Global Interconnectedness Global trade and movement of capital, people and information across borders has created a complex, intricate, sprawling web of interrelationships.
Richard Dobbs, director at the McKinsey Global Institute and co-author of No Ordinary Disruption, says that “powerful forces have been at work in recent decades and the forces that lifted one billion people out of extreme poverty between 1990 and 2010 will help propel another three billion people into the global middle class over the next 20 years.”
Among the components leading the disruption from the force of advancing technology, McKinsey identifies the following ‘disruptive dozen‘ tech trends:
- Energy Storage
- Genomics
- Advanced Materials
- Autonomous Vehicles
- Renewable Energy
- Advanced Robotics
- 3D Printing
- Mobile Internet
- Automation of Knowledge Work
- Internet of Things
- Cloud Technology
- Advanced Oil and Gas Exploration and Recovery
