Connectivity and convergence a key mega trend affecting businesses
Connectivity and convergence a key mega trend affecting businesses
Connectivity and convergence is one of the ‘mega trends’ that will affect businesses and the UK over the coming years, new analysis has said.
The New Mega Trends in the UK report by Frost & Sullivan predicts that there will be 200 million 'connected devices' in the UK by 2020, representing six for every household. This trend will see Britain become a digital economy, the report says, leading to a wave of new digital business models and innovation hubs.
Retail is one of the industries that is especially benefiting from the digital boom. The industry is changing rapidly, moving from bricks and mortar shops on the high street to virtual shops, online commerce and a blending of ‘bricks and clicks’.
The analysis reveals that by 2025 the UK will have the highest penetration of online retailers in the world, with 26 per cent of all retail sales taking place on the internet.
The report states, "Over 80 per cent of entertainment products will be sold online by 2025. New retailing business models in the UK have also opened up new commercial opportunities for allied industries such as logistics. We are witnessing the introduction of innovative last mile options such as click and collect, addressing challenges associated with making urban deliveries, given the mega trend of urbanisation in Britain."
Frost & Sullivan Partner, Sarwant Singh, said, "These are new areas of growth in key industries that will help economic development, boost private sector investment and promote partnerships with overseas companies."
The report argues that the UK is at a key development stage, with many of these mega trends offering multiple micro opportunities, such as investment in smart infrastructure and the development of innovative new products.
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