WEF study forecasts massive gains from digital transformation
The Digital Transformation Initiative by the World Economic Forum (WEF) analyzes the impact of digital technologies on industry and society. In its new telecommunications report, the WEF concludes that technologies such as mobility, cloud and analytics are enabling a fourth industrial revolution that will unlock upwards of USD 2 trillion in revenue opportunities.
As part of its research, the Digital Transformation Initiative collaborated with global business leaders from a broad range of companies including Ericsson’s Chief Strategy and Technology Officer, Ulf Ewaldsson, who contributed to the report. One of the major findings is the identification of four digital themes that have the potential to unlock USD 2 trillion in new opportunities for industry and society:
- Networks of the future – is about virtualization and its promise to fundamentally change how networks are built and function.
- Beyond the pipe – focuses on how technologies such as IoT, VR and reimagined models of digital communication can extend revenue streams beyond connectivity.
- Redefining customer engagement – highlights how companies who delight consumers with high-quality digital experiences will ultimately win their loyalty.
- Bridging the gap on innovation – is about the demand for rapid innovation and its requirements for new innovation models and strategies for a digital workforce.
From 2016 to 2025, gains in the telecom industry are expected to exceed USD 1.2 trillion in cumulative operating profit. Similarly, the value for society is expected to exceed USD 800 billion – the majority of which will come from connecting the billions of people who are still unconnected to the internet.
For more insights read the full WEF white paper here.
WEF, Sustainability, ICT