IDC predicts future of industry ecosystems, as next phase of DT
International Data Corporation (IDC) announced its Future of Industry Ecosystems predictions for 2023 and beyond.
Organisations are looking to expand their industry ecosystems as the next phase of digital transformation, building upon the investments that they have made in recent years, IDC states.
According to the analysts, they realise that opportunities, disruptions, and delivering upon customer needs quickly with a high level of quality are complex pursuits. And that having a flexible industry ecosystem of partners - an on-demand set of talent, resources, and capabilities - is an important element of the digital-first organisation and necessary to support the resource-constrained organisation.
Global survey data shows that CEOs and executive leadership recognise the critical supporting role that industry ecosystem partners play in ensuring the growth and stability of their businesses.
Examples of shared data and insight, shared applications, and shared operations and expertise will continue to abound across every industry to facilitate innovation, ensure safety and quality, and engage more closely with customers, consumers, citizens, and patients so that needs are met quickly.
The first steps have been taken by many organisations to expand their industry ecosystems, establishing a network of capability, capacity, support, expertise, and knowledge that can be scaled up and down as required.
Jeffrey Hojlo, Research Vice President, Future of Industry Ecosystems, IDC, says, "Extending and opening innovation, collaboration, and operation with partners across an ecosystem inside and outside any given industry has become a critical strategy for executives and their organisations.
"The world and each industry landscape are too complex, dynamic, and disruptive for any one organisation to address on its own - the pace of innovation makes it difficult for organisations to keep up.
"As such, every organisation needs an external source of data, insights, applications, operations, and expertise to complement and grow their business. Expansion, collaboration, and innovation with industry ecosystems has become the next phase of digital transformation for every organisation."
Here are IDC's top 10 predictions for the future of industry ecosystems:
Prediction 1: By the end of 2023, organisations that share data, applications, or operations with their ecosystem partners through joint ventures will increase profitability by 5 percentage points.
Prediction 2: By 2028, consortium-based DAOs will be the de facto standard for complex industry ecosystem ventures that involve a combination of process, application, and data sharing for new revenue growth.
Prediction 3: By 2025, 60% of intercompany shared applications available on industry clouds will be built on blockchain technology, enabling a robust Web3 foundation for industry ecosystem activities.
Prediction 4: By 2024, although 80% of global organisations will leverage on-demand resources in industry ecosystems to improve supply chain logistics, only 40% will improve profitability.
Prediction 5: By the end of 2026, 40% of G20 governments will promote the global data economy through funding of technology infrastructure, enablement of legal provision, and active participation in data spaces.
Prediction 6: By 2025, 60% of G2000 organizations will form cross-ecosystem ESG teams that are accountable for sharing of data, applications, operations, and expertise that facilitates sustainable ecosystem practices.
Prediction 7: By 2023, only 20% of metaverse experiments for industry ecosystems will succeed, as organisations continue to evolve their ability to deliver products and services in a blended physical and digital way.
Prediction 8: By 2025, 25% of organisations that do not share operations and expertise across their industry ecosystems to address talent shortages will struggle to remain viable or be acquired.
Prediction 9: By 2027, 60% of industry ecosystems will be driven by regulations for data, IP, and cloud that require standards to be collectively adopted to ensure digital sovereignty and reduce cross-border risk.
Prediction 10: By 2024, organisations that automate IT processes for data model and application development as well as sharing across their industry ecosystems will deliver products and services 30% faster.