An App for Everything
While Facebook and Twitter were released pre-2010, they blew up in popularity and also released mobile application versions of their platform. Additionally, there was the launch of many other social platforms: Pinterest, Instagram, Snapchat, WeChat, FaceTime, Tinder. Apps were even launched and shut down within the last decade such as: Google Plus and Vine.
Whether you have to travel, buy groceries, order food, communicate, or perform a banking transaction, there is an app for everything. There are around 7 million apps in both Google’s Play Store and Apple’s App Store.
This trend has had a major impact on technology and businesses. Applications aren’t simply time wasters on our phones, they have been one of the catalysts for changing the world. Whether it is communication, user experience, entertainment, access to information, and more.
Explosion of Connectivity
A continuation of the previous trend is the proliferation of smartphones and increased access to the internet. In 2010, the rollout of 4G networks began, and the result has been an advanced computer in everyone’s pocket. Our smartphones have a GPS, advanced media capability, access to cloud computing, vitally unlimited storage and an endless stream of apps. This saturation of connected smartphones gave rise to new and disruptive approaches to business. Companies now have the capabilities of knowing who someone is, where they are, what they want to do, and how they might pay for it has created new business strategies.
Our being always plugged in does not end with smartphones. We now have the “Internet of Things” (IOT). This is the interconnection via the Internet of devices embedded in everyday objects. From smart lights, wearables, home assistants, thermostats, door bells, and more.
Payments is an area we have seen a lot of changes in the last decade. How often do you use cash today compared to 2010? Did you used to visit the ATM on a weekly basis; and now do you even go once a month? According to a 2018 RBR report, ATM installations fell 1% worldwide, impacted by brand closures and the rise in popularity of mobile payments. With advancements in payment security and smartphone technology like NFC and 4G, this has enabled the creation of virtual wallets.
In Canada, the main difference between 2010 and 2020 is the remarkable transition away from paper-based payments to electronic payments. In total, electronic payments transactions accounted for ~80 per cent of the total payments volume and >~60 per cent of the total payments value. Since the early 2010’s, electronic payments volume has captured an additional 18 per cent of the total payments market volume, annually. This can be largely attributed to the increased adoption of emerging payment channels, including contactless, e-commerce and P2P payments, that Canadians find great convenience in.
What’s Instore For The Next Decade
We have seen a number of industries get disrupted between 2010-2019. Transportation by Uber, Hotels by AirBnb, Blockbuster by Netflix, Retail by Amazon, the list goes on. This will continue into the next decade. Massive industries and experiences will be reimagined. Additionally, we have entered the 4th Industrial Revolution. The fourth Industrial Revolution refers to the fusion of technologies in the physical, digital and biological/human domains. Fusion that is leading to the creation of new technologies that will usher in a new industrial era characterized by exponential growth, inter – connectedness, increased human productivity and the blurring of the lines between man and machine.