How to determine the technology trends affecting an industry?

Technology brings innovative products to market, redefining industries and investments. Business priorities and investment strategies must adapt to change with confidence.

In order to determine the technology trends affecting an industry, one should analyze the following aspects and their impact:

Compare the cost curves of various technologies

Compare alternative production processes or technologies to optimize long-term production planning. Deploy production technology that facilitates producing the required output at the least cost to benefit from economies of scale.

Research the technology roadmaps of leading industry players

Research the integration of technological considerations into business and product planning by major industry players. Study the purpose and format of their technology roadmap integrating technological issues into business decision-making.

Develop a view of how the technology would evolve and time frame

Build a vision of the technological evolution and timeframe to accurately forecast the future state of an organization or an industry. Examining baseline data and scenario forecasts can explain the evolutionary time frame for future development, shaping long-term goals and objectives of technological growth.

Understand the history of technology trends in the industry

Technology evolution defines the scope of innovation that drives the technology forward. Assessing and forecasting the future prospects of an industry requires examining its historic technology trends. Creation of better technological solutions attracts investments, opening profitability avenues (for e.g., the industrial revolution merging technology with the industry).

Interview manufacturing partners, customers, analysts, others, etc.

Interview original equipment manufacturers (OEMs), original design manufacturers (ODMs), and other stakeholders. ODMs can give vital product customization and functionality advancement insights. Customers and analysts can offer market-side feedback to develop and capitalize on technological competitiveness boosting investment avenues.

Map the impact of technology trends on future market sizes of various segments

Assess how technology trends are strategically leveraged to increase future market sizes across technology and geographical segments. Do this to develop better business models, forecast future market share and growth drivers across economies.

Research technologies that could threaten the company’s business

Analyze all relevant technologies that may be at different stages of evolution and how these could impact the company. Technologies like Industry 5.0 (humans connecting with smart systems) are set to disrupt industries and businesses. Understanding new technologies that can impact your business in advance is essential.

Interview competitors and understand their different strategies

Investigate and analyze competitors’ strategies by interviewing them to build a better understanding of their competitive advantage. Try getting details on new products, productivity insights, and resource utilization of competitors.

Knowing the technology trends affecting an industry are essential for you to analyze the strength and competitive advantage of your own technology and business.