In most developed markets around the globe, there's a key trend that has been in motion for some time. The convergence of digital business technology and internet connectivity is disrupting, transforming and sometimes collapsing industries.
Technologies like cloud computing, enterprise mobility, big data and the Internet of Things are driving the surge in digital business transformation and rapidly accelerating the pace of change.
"Customers are no longer interested in silo-based apps or services. They demand holistic, end-to end solutions for their connected lives and companies understand the importance of convergence for those solutions to materialize, thus creating partnerships between many sectors," said Andrew Milroy, senior vice president at Frost & Sullivan.
Milroy says connectivity is enabled by the proliferation of connected devices and digital technology enablers create disruptions in various commercial sectors that are already in transition, forcing convergence and thereby creating possibilities to build solutions for emerging demand.
Moreover, identifying new convergence areas could help to stimulate the development of new business models and new product development. For many business leaders in highly competitive industries, the best way to enable their forward-looking growth is to fully understand the convergence landscape.
Besides, Frost & Sullivan believes that digital technology is allowing the savvy leaders to totally rethink and radically improve their effectiveness, as they transform their organizations and core business processes to meet key stakeholder requirements.
With a culture of innovation, the progressive companies can turn these market disruptions into new opportunities -- but only of they're able to respond in a timely manner. Conversely, the laggard companies are likely to put their business at risk when they don't monitor disruptive changes in other industries and then learn how to innovate within their own realm.
Managed Healthcare Market Opportunities
Clearly, telecom service providers are well positioned to provide solutions to these emerging digital business application scenarios. Social trends, like aging societies, demand specific forward-thinking solutions around assisted-living.
As the cost of healthcare rises and leaders address the challenges posed by aging populations, greater focus must be placed upon preventive care and providing assistance within the home -- essentially creating the environment for managed aging-in-place.
Milroy said, "This new healthcare paradigm will see the hospital is coming to you rather than you going to the hospital, and there are huge new opportunities for information and communication technology (ICT) suppliers whose solutions will enable and drive this transformation."
Established telecom service providers, such as AT&T and Deutsche Telekom, have used the power of convergence in their connected home platforms -- called "Digital Life" and "QIVICON" respectively. Also, Google has evolved from their traditional business area to form new partnerships. This is merely the early stages of a series of related trends that are just beginning to unfold.