khamush.com Lifestyle | Motivation | Poems
Technology has affected every industry in recent decades. Although the impact has ramped up considerably since the beginning of this century, these changes have had a profound effect for longer than many people think.
Not only has technology birthed multi-trillion-dollar companies over the last few decades, but it has been the final nail in the coffin for some companies that existed for centuries. Some stalwarts of American business failed to adapt or became outdated in the face of technology and its unbelievable innovation.
To highlight the scope of this innovation, we’ve focused on three industries where technology is in the cockpit, commanding the action and galvanizing innovation and competition.
The casino industry
As one of the few global industries with true mass appeal, the potential of online casino gaming has been evident from the earliest days of the internet. Some of the challenges that companies faced included an unbalanced legislative approach, with regulations ranging from liberal to draconian.
Meanwhile, at the beginning of the century, the internet and mobile phones were both considered luxury items with high running costs.
Over the last 20 years, there has been a significant shift in attitudes toward casino gaming, and the availability of mobile phones and digital connections has soared. The casino industry is one of the strongest examples of how to consistently adapt to a world that now operates 24/7.
Thanks to the internet, pokies in NZ, sports betting in the US, and online poker tournaments in Europe all fall into the same industry. The entire landscape of the industry has changed, and the most significant component has been technology.
Looking ahead to the future, analysts believe that virtual reality (VR) and artificial intelligence (AI) will play a pivotal role in determining the trajectory of the sector.
Some believe payment methods like cryptocurrency could become the next big factor in the industry, and with a watershed ETF recently approved, there could be a lot more eyes on this type of casino gaming moving into 2024 and beyond.
The mobile phone industry
Technology and mobile phone companies have worked in unison for decades, and the key innovations that have impacted both areas have benefitted hundreds of companies in the tech and mobile phone industry. Several significant changes and decisions have helped Apple’s staggering rise to the top, making it one of the best international investments of the 21st century.
One of the company’s most crucial decisions was to harbor technological innovations early and implement them into its mobile device designs.
We’re not just talking about the smartphone, which has been the critical product driving this change; several other profound innovations have generated billions in profit, ranging from the iPad to the iPod and AirPods.
By harnessing the best of what technology could offer, Apple pioneered touchscreen user interface technology, mobile internet connectivity, and an alternative way to listen to music that removed any need for physical ownership.
It’s safe to say that without such critical changes in the mobile phone industry that have come directly from technology, the industry would be nowhere near the size it is today.
The healthcare industry
With billions of dollars invested in the healthcare industry, technology drives the cleanest, quickest and most profitable outcomes. In healthcare, the priority is ensuring optimal health for every patient.
However, other factors invariably come into play, especially in countries that don’t have free healthcare for all of their citizens, like the United States. Pioneering technology like AI has been touted as the way to transform healthcare over the next decade.
Some technological experts believe we are not too far from AI bots being programmed with vast swathes of data, giving them the ability to perform surgery and diagnose patients more accurately than general practitioners can.
A decade ago, this idea would have been laughable. However, with tens of billions of dollars flowing into the research and development of AI, the changes it will enact will be revolutionary, and healthcare is set to become one of the industries that embraces it and fosters it to transform and streamline its collective service.
Conclusion
Although we’ve covered three big-hitting industries, you could randomly choose any industry and perform a similar breakdown.
Technology is driving such incredible ingenuity and profit across the global economy that it will be a while before any of these innovations stagnate or fail to have similarly seismic levels of impact.
Globally, we must be careful and respect the power of technology. With the increasing warnings about AI and its being on the cusp of regulation, some technological changes might take a different shape than initially predicted.
