Artificial intelligence (AI), eCommerce, social networking, IoT, 5G, blockchain and many other emerging technologies are being leveraged to blur the lines between industries, creating new business models and converging sectors. For example, traditional automobiles are morphing into electrified, autonomous infotainment centres, while manufacturing facilities are transforming into computerised, robotic clean rooms. As the definition of a “technology company” evolves, many organisations are rebranding themselves as such and liberally using the descriptor in their corporate profiles, press releases and financial reports.
In a survey of over 740 technology industry business leaders globally, Amazon, Apple and Alibaba were named as the most disruptive companies that tech industry leaders worry most about disrupting their businesses. Other technology firms, such as DJI, Google, Netflix, Airbnb, Microsoft, Facebook and Baidu, round out the top 10 list (see the full list).
With Amazon being at the top of the disruptors list, unsurprisingly, eCommerce was ranked as the most disruptive business model. eCommerce continues to capture attention with its dramatic growth prospects. Global eCommerce spending is expected to increase from $3.5 trillion in 2019 to $6.5 trillion in 2023.
Social networking took the second position on the business models list. As well as eCommerce companies, social media platforms are striving to capture ever-larger shares of the consumer's attention and wallet, with new offerings like exclusive and original content, live sporting events, augmented/virtual reality and more.
The survey found some divergent views between millennials and tech industry leaders on emerging global technology innovation visionaries.
Tech business leaders named Sundar Pichai (CEO of Google), Elon Musk (co-founder and CEO of Tesla) and Jack Ma (co-founder and former CEO) as the top three visionaries. While tech industry millennials see Elon Musk (co-founder and CEO of Tesla) as the top innovation visionary, followed by Jack Ma (co-founder and former CEO) and Bill Gates (founder of Microsoft Corporation).
Google/Google Chrome, Facebook and Instagram dominated the top 3 positions on the list, followed by YouTube, Twitter and WhatsApp which were among the top five. This is consistent with social networking platforms ranking as a highly disruptive business model overall. It’s also reflective of today’s mobile society and the increasing scope, expanded offerings and influence that social media platforms have in our daily lives.
Download Disruptive companies and business models publication to explore more