The fiscal services giant says inwards its report, Transforming World – The Next 5 Years, that the “the 5 virtually influential themes that should shape our public over the adjacent 5 years” are big information too artificial intelligence; the rising of electrical vehicles; demographics; climate change; too privacy too cyber threats.
With the amount of information doubling every 2 to 3 years, computing mightiness becoming every cheaper too the public becoming ever-more connected, Big Data too AI volition work “vast opportunities that bridge multiple sectors”, the depository fiscal establishment says. “The amount of global information stored too analysed could swell from 1% today to 37% past times 2025, implying upward to US$5 trillion inwards annual benefits.
“These trends, enabled past times 5G every bit the bedrock platform, volition hasten the rollout of next-gen technologies (autonomous vehicles, augmented reality etc),” the written report adds.
BofAML says 5G volition mightiness the 4th industrial revolution, “support a ubiquitous connected public too accelerate the digitization of businesses”. By 2025, at that topographic point volition hold upward to a greater extent than than 30bn connected devices past times 2025 too “5G volition hold upward the telephone substitution enabler too influencer inwards a transforming world”.
These changes volition boost the prospects of sectors such every bit technology, e-commerce too payments, along amongst upper-case alphabetic character goods too consumer durables, patch the apparel, retail too former media sectors volition aspect upward meaning headwinds, along amongst the release energy industry.
“We believe the public volition transform at its fastest footstep inwards human history over the adjacent 5 years,” the depository fiscal establishment adds, amongst disruption coming from products too services every bit various every bit blockchain, big data, medical marijuana too esports.
“The even of the adjacent few years volition hold upward data,” the bank’s thematic investing squad writes. By 2030, autonomous vehicles (AVs) could generate to a greater extent than information than the earth's entire population does today. And ane smart metropolis volition generate fifty-fifty to a greater extent than information than all the AVs combined. But electrical flow mobile networks cannot back upward this. 5G has the potential to hold upward the platform that this information needs, making it a cornerstone of our transforming world.
Big information too AI buy the farm paw inwards hand, the depository fiscal establishment believes. “Together, they are laid upward to enable many time to come technologies such every bit autonomous cars too majority customisation of products,” helped past times drivers such every bit the network of things, the growth of on-demand services, cloud computing, e-commerce too virtual/augmented reality. However, they are every bit good probable to atomic number 82 to an growth inwards inequality.
And every bit the give away of IoT devices rises from seven billion today to an estimated 21.5 billion inwards 2025, too the growth inwards smartphones, tablets too other devices continues, the public volition buy the farm to a greater extent than connected, enabled past times 5G. This “will convey substantial benefits every bit good every bit inherent risks”, the written report says.
Material cyber too privacy risks volition come upward from major vulnerabilities inwards IoT devices (there has been a 600% growth inwards IoT attacks inwards only ane year); the rising of vocalization engineering (half of all searches to hold upward past times vocalization past times 2020); the introduction of surveillance into homes (one inwards 5 U.S. homes select smart speakers); too the increasing give away of computers communicating betwixt themselves.
The cost of cybercrime is laid upward to grow to to a greater extent than or less $6 trillion past times 2021, compared to 3 trillion inwards 2015, according to Cybersecurity Ventures every bit to a greater extent than people come upward online, assail threats buy the farm to a greater extent than sophisticated too online is integrated farther into people's lives too daily activities. “Cybersecurity volition play a vital component subdivision inwards protecting the global digital economy, amongst companies probable to aspect upward greater endangerment too compliance costs (breaches, regulation),” the depository fiscal establishment says.
The shift from the internal combustion engine to electrical vehicles volition select effects far beyond the automotive sector to fields such every bit oil, utilities, mining, software too upper-case alphabetic character goods. BofAML says that past times 2025, a 5th of cars sold globally volition hold upward EVs, too past times 2030 EVs volition concern human relationship for 42% of sales. But at the same time, the sector volition every bit good hold upward affected past times the rising of ride-hailing, car-sharing, vehicle autonomy too multi-modal travel. This volition atomic number 82 to, for example, changes inwards existent estate every bit infinite is freed upward past times the demise of filling stations too auto parks.
Demographics volition shape markets inwards the adjacent few years cheers to the ageing population, the rising of millennials, Generation Z starting to go inwards the workforce, too the shift of billions of emerging marketplace position consumers into the global middle class.
“The rising of the ‘Bottom Billions’ is driving incremental demand for consumer durables & services, go & tourism, entertainment, health, education, too transport,” the written report states.
At the same time, the reckon of 'peak ownership' too novel tech-driven Sharing Economy models volition transform too disrupt the condition quo for consumer-oriented companies, it adds.
With the evidence that climate alter is happening too starting to select severe impacts, the global release energy transition towards renewables too release energy efficiency is inwards total swing, every bit engineering improvements select brought costs down.
Over the adjacent 5 years, renewables volition attain grid parity with, or buy the farm cheaper than, fossil fuels inwards virtually of the world. Other drivers away from fossil fuels including higher carbon prices inwards Europe, improvements inwards release energy storage, stricter authorities policies too a shift inwards corporate cultures towards sustainability.
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