From predictive health to space travel, human beings augmented by technology to stronger environmental regulation – many facets of our daily lives will change beyond recognition by 2040, according to a report released today.
20 Predictions for the Next 20 Years connects subject matter leaders from KPMG together with faculty and students from Australian National University’s 3A Institute to analyse the emerging trends of today and present a coherent vision of what tomorrow might look like.
Spanning four areas: Social and People, Technology, Economics & Markets, and Political & Regulatory, the predictions cover many aspects of peoples lives. They looks at how technologies such as artificial intelligence (AI), data analytics, blockchain and the internet of things (IoT) are going to interact with other trends to radically transform the way we live, work and play.
For example, the report predicts that environmental impact is set become the key regulatory factor across all industries. Extreme weather, resulting in catastrophic events like the Australian bushfires will lead to some businesses being forced to change the way they operate – and, more fundamentally, their business model and strategy.
Another expected trend is the emergence of augmented humans, driven by developments in areas such as Brain Computer Interfaces (BCI) and exoskeleton technology. This fundamental change in how technology supports human performance and health will see many industries profoundly disrupted – from superannuation to insurance.
National Leader of KPMG Innovate, James Mabbott commented: “Changes in our environment, coupled with advances in technology will reshape our world over the next 20 years. In 1990, a mobile phone was a novelty, today we carry mini-computers that enable access to unlimited knowledge and information in our pocket.”
“In a world where corporate leaders are often forced to focus on short-term objectives, this report aims to start conversations amongst business leaders, to foster the blue sky thinking Australian businesses need if they are to successfully navigate the challenges of the future,” he added.
Other predictions for the next 20 years include that a film written and created by Artificial Intelligence and Computer-Generated Imagery will win an Oscar, that some countries will roll out a Universal Basic Income, and that there will be an agricultural revolution that will see technology completely re-invent how food is farmed and produced.
0411 020 680
©2021 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.