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The advent of the Fourth Industrial Revolution has led to wide-ranging opportunities from advanced technologies for business and government. In recent decades these technologies have often failed to deliver the promised game-changing results for the benefit of society, but there is growing evidence that dynamic governments and purpose-driven businesses are willing to shape a new era of public- private cooperation. A proactive approach and greater strategic planning are now required in order to create the “markets of tomorrow” that meet key societal needs.
Governments have the potential to serve as “investors of first resort” to crowd in wider private- sector interest and investment in technologies and sectors with the highest potential to build the markets of tomorrow. This kind of process could be seen during the pandemic, but there is a growing need to build on these ad hoc moves with more strategic, rather than crisis-driven, investment and incentives to build new markets.
To develop a more nuanced overview of the technologies and sectors that are set to shape the markets of tomorrow, this report draws on more than 12,000 responses to the World Economic Forum’s Executive Opinion Survey. Carried out in more than 120 economies, the survey asked respondents about three key aspects of the markets of tomorrow: Which technologies are the strategic priority? Which sectors are most likely to generate new markets? What are the main obstacles to the growth of new markets?
Globally, agricultural technologies were viewed as the most important strategic priority, followed by education and workforce development technologies, and then power storage and generation. When asked about the sectors where their chosen technologies might unleash new markets, respondents cited information and technology services first, reflecting the central importance of the Fourth Industrial Revolution to the markets of tomorrow. The agriculture sector came second, and the energy sector third. Finally, respondents were asked to select the three most frequently cited market bottlenecks, they answered with: skills and talent, infrastructure and initiative from the public sector.
These findings can be interpreted as a strong signal that the private sector would welcome a proactive public sector and that closer alignment on long-term strategic goals could unlock untapped potential for market creation. Recent policy developments suggest this kind of public-sector dynamism may already be on an upswing. This bodes well for the co-creation of new markets, which ultimately rest on a shift towards dialogue and symbiotic public-private partnership, fuelled by the need to solve the most pressing problems. It is hoped that this report can serve to encourage some of that much-needed dialogue and partnership.
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