‘Intelligent shopping’ has the greatest potential to generate revenue over the next three years, technology business leaders believe.
A fifth (20%) of respondents to a survey carried out by KPMG said that the Internet of Things (where electronic devices communicate with other electronic devices) has the potential to be a real money-spinner for businesses.
Some 14% thought that home automation (electronic control of household features, activity and appliances) would drive revenue growth. Meanwhile, 12% suggested social interaction would have the same effect.
Business leaders identified digital currencies as one of the emerging technologies most likely to impact business between now and 2017. Interestingly, some 70% of Chinese respondents predicted that digital currencies would disrupt banking and payments over the next three years.
The survey found that there are a number of factors restricting technological innovation, however. Over a third of respondents (34%) identified restrictive regulatory policies as being an issue, while 29% cited consumer fatigue. Just over a quarter (27%) said the ability to successfully demonstrate return on investment was also a hindrance.
Survey respondents revealed that the top barriers preventing them from commercialising technology innovation were security (27%), technology complexity (22%) and customer adoption (21%).
Commenting on the survey findings, Tudor Aw, KPMG’s UK head of technology, said: “There is so much room for technology to drive growth and enable change. Yet while businesses across the globe are excited about the prospects that new tech-driven ideas can offer their bottom line, a hint of nervousness remains. The sectors and the businesses that will enjoy greatest success, however, will be those prepared to take a chance on something new.”
Sally Percy is editor of The Treasurer