E-commerce, social networking and digital payment platforms top the list of most disruptive business models, revealed a new KPMG survey on Wednesday.
In a survey of over 740 technology industry business leaders globally, Amazon, Apple and Alibaba emerged as the most disruptive companies while DJI, Google, Netflix, Airbnb, Microsoft, Facebook, and Baidu rounded out the top 10 list.
Maintaining its position on the list of most-disruptive business models over the next few years, e-commerce continues to capture attention with its dramatic growth prospects.
“The question is, can the companies on this list, and those seeking to join the list, run the gauntlet of evolving competition, regulation, and geopolitics while remaining innovative and nimble enough to retain their leadership positions and aspirations,” Tim Zanni, KPMG Global Technology Sector Leader, said in a statement.
Global e-commerce spending is expected to increase from $3.5 trillion in 2019 to $6.5 trillion in 2023, according to eMarketer.
Social networking was second on the business models list and, similar to e-commerce companies, social media firms are striving to capture ever-larger shares of the consumer’s attention and wallet, with new offerings like exclusive and original content, live sporting events, augmented/virtual reality, educational services, and cryptocurrencies.
“India is seeing a similar trend in technology disrupting business models. With over 1 billion mobile subscribers and more than 665 million internet subscriptions, India’s mobile first economy is shaping the contours of new business models in B2C and B2B businesses.
“E-commerce and social networking have changed consumer behaviour resulting in traditional business models to innovate and transform. Retail, financial services, and technology are the sectors likely to be most disrupted because of tech innovations,” said Satya Easwaran, Partner and Head-Telecom, Media and Technology sector, KPMG India.
The study found some divergent views between tech industry millennials and tech industry leaders on the topic of emerging global technology innovation visionaries.
Among tech business leaders, Google CEO Sundar Pichai topped the list, followed by Tesla and SpaceX CEO Elon Musk. Millennials also identified Huawei CEO Ren Zhengfei, Xiaomi CEO Lei Jun, and SoftBank CEO Masayoshi Son.
“Knowing who these visionaries are, their characteristics, and their leadership styles may help tech companies and other stakeholders to better understand the interests and expectations of the millennial workforce — tomorrow’s future leaders — who may have, or develop, similar interests and attributes,” Zanni added.