Market Size Analysis: Top 6 Disruptive Technologies

Analytics Insight predicts the market size of the top 6 disruptive technologies 

Modern technology is evolving at an unprecedented pace, enabling faster change and progress across businesses. From artificial intelligence to robotics and the internet of things, organizations are increasingly capitalizing on emerging technologies to lead the change. Such technologies drive the world more efficiently, redefining society and the environment as well. In this fast-changing digital world, businesses need to act now to prepare their workforce and workplaces to thrive in the digital revolution and become disruption-ready. Analytics Insight has compiled here a list of top distinct disruptive technologies that are transforming businesses as well as society.

Here's a comprehensive look at the top 6 disruptive technologies with market size analysis.

Artificial Intelligence

Artificial intelligence has already gained a lot of buzz over the years. This technology continues to be one of the disruptive technologies in 2021 and beyond, thanks to its distinguished effects on people's lives and work. AI possesses the capability to pull off tedious tasks while disrupting prevalent markets across diverse domains. It is already known for its wide range of applications in different fields. Its superiority exceeds beyond image and speech recognition, smartphone personal assistants, navigation apps, ride-sharing apps and more.

The global market of artificial intelligence is forecast to grow at a CAGR of 29% from US$42.8 billion in 2019 to US$152.9 billion in 2023. Based on geography, North America with a share of 47% is the leading region for the artificial intelligence market in the world. The AI market in the region is projected to grow from US$20 billion in 2019 to US$71.9 billion in 2023, at a CAGR of 29.2%.

Big Data Analytics

There is a huge volume of big data generated every minute by businesses and consumers worldwide. Such an amount of data carries enormous value for business growth. To process that data demands advanced big data and analytics tools. Big Data analytics excerpts valuable insights, such as hidden patterns, indefinite correlations, market trends, and customer preferences. It provides various significant advantages and can be used for better decision making, thwarting fraudulent activities, among other things.

Analytics Insight predicts that the global market for big data will reach from US$179.6 billion in 2019 to US$301.5 billion in 2023, at a CAGR of 10.9%. North America is the leading region with a market share of 59% worldwide. The big data market in the region is forecast to grow from US$106.8 billion in 2019 to US$US$192.0 billion in 2023.

Robotics

Robotics is one of the most advanced technology disruptions, influencing every aspect of work and life. It has optimistically transformed lives and work practices, raised efficiency and safety levels, and delivered enhanced levels of service. Moreover, robotics is poised to become the influential technology underpinning a whole new generation of autonomous devices and cognitive artefacts that interact seamlessly with the world around them, connecting the gap of the digital and physical world.

According to Analytics Insight, the global robotics market is expected to grow at a CAGR of 10.9% from US$47.8 billion in 2019 to US$80.2 billion in 2023. With a market share of 49%, Asia Pacific is the largest region for robotics globally. The robotics market in the region is predicted to grow at a CAGR of 13% from US$23.7 billion in 2019 to US$43.7 billion in 2023.

Internet of Things (IoT)

IoT entails everything connected to the internet. It is increasingly being used to define objects that talk to each other. IoT is shaping the way people do business. Thanks to the advent of super-cheap computer chips and the omnipresence of wireless networks, it is possible to turn anything into a part of the IoT. This technology can strengthen solutions that improve decision-making and productivity in diverse niches ranging from retail to manufacturing and agriculture. The Internet of Things is also defined as the future technology. It has already enabled devices, home appliances, cars, and much more to be connected to and exchange data over the Internet.

The global market of IoT is forecast to grow at a CAGR of 10.6% from US$653.6 billion in 2019 to US$1080.4 billion in 2013. North America, with a market share of 46%, is the largest adopter of IoT globally. The market in the region is estimated to have a CAGR of 11.5% and a value of US$522.9 billion by 2023, up from US$303.5 billion in 2019.

Cybersecurity

With the proliferation of advanced technologies and the usage of smart, connected devices, cybersecurity risks are also growing. Cybersecurity has been around for a while, but it continues evolving like other technologies are. It typically refers to the practice of securing systems, networks, and programs from digital attacks. Deploying effective cybersecurity measures is particularly challenging these days because there are more devices than people, and cybercriminals are becoming more innovative. With increasing cyber threats around the globe, businesses must implement advanced cybersecurity solutions to protect their business-critical assets.

The global market of cybersecurity is forecast to grow at a CAGR of 8.1% from US$153.9 billion in 2019 to US$227.4 billion in 2023. With a market share of 41%, North America is the leading region for cybersecurity worldwide.

Augmented Reality and Virtual Reality

AR and VR are often talked together but they are distinct from their functions. VR replaces reality, taking individuals into a virtual world. AR, on the other hand, adds to reality, projecting information on top of what users are already seeing. These technologies are set to grow exponentially owing to substantial investments in enterprise, retail, commercial and defense industries.

Analytics Insight predicts the global AR and VR market will value at US$51.2 billion in 2023, up from US$13.6 billion in 2019, growing at a CAGR of 30.3%. With the largest share of 90%, augmented reality is projected to reach a net value of US$46.5 billion in 2023 from US$12.3 billion in 2019, at a CAGR of 30.4%. Conversely, virtual reality is estimated to have a CAGR of 28.4%, with a worth of US$4.7 billion in 2023 from US$1.3 billion in 2019.