The study presents over 80 growth opportunities arising from 21 risks, which will help policymakers, businesses and individuals take immediate tactical and strategic actions and draw plans to lower impact. Unpreparedness to address these challenges, which are looming across the globe, will adversely impact businesses, societies, economies, cultures, and personal lives.
“Risks are now increasingly interconnected, which, if amplified, can trigger a ripple effect across industries, regions, and diverse stakeholder groups. Therefore, mitigating them will involve measures to quantify relevant risks, estimate the probability of occurrence and the adoption of a cohesive, interdisciplinary, and multipronged approach,” said Murali Krishnan, Visionary Innovation Group Senior Industry Analyst at Frost & Sullivan.
Krishnan added: “With an estimated 200 billion connected devices by 2030, the risk of sophisticated cyberattacks will escalate. Therefore, companies should invest in future-casting tools that help identify the impact of such risks to their business, thereby detecting vulnerabilities and avoiding disruptions.”
Speaking on Middle East, Krishnan said: “Risk of protracted low oil prices due to muted global demand, a decline in non-oil economic activity due to the lockdown, combined with risks arising from geo-political dynamics impacts the middle east region. Governments and businesses should comprehend the interconnected nature of such risks and adopt futurecasting tools and an agile strategy in confronting the same.”
To tap into growth opportunities emerging from the short-, mid- and long-term risks, organizations across the globe can focus on the following areas:
- Privacy and disinformation risks: Organizations must adopt a “privacy-by-design” approach, which goes beyond accepted privacy standards and assumes global regulatory compliance.
- Rise of infectious diseases: Advanced technologies such as next-generation sequencing (NGS) and CRISPR-based diagnostics will enable new approaches in the treatment of infectious diseases.
- Water crisis: Innovation in agricultural practices such as vertical farming and optimized crop selection can play an important role in reducing the ongoing water crisis.
- Urbanization: Urbanization stress will trigger the demand for smart solutions such as intelligent grid control and electrification, smart buildings, and smart storage solutions.
- Climate change risks: Organizations will emphasize investments in buildings with net-zero energy consumption, and greenhouse gas emissions will increase minimally.
- Artificial intelligence (AI) as a threat: AI can be a strong reason for the polarization of jobs across the world, but investing in collaborative computational capabilities can help allocate an ideal division of tasks between humans and robots based on their distinct capabilities and deployment costs.
- National identity crisis: Great business opportunities exist in providing digital authentication of eGovernment services such as digitization of birth, marriage, and death certificates, passports, and driving licenses.
Global Future Risks—Future-proofing Your Strategies, 2030 is the latest addition to Frost & Sullivan’s Visionary Innovation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.