Sensors and Robotics are two exponential technologies that will disrupt a multitude of billion-dollar industries.
This blog (Part 3 of 4) is a quick look at how three industries – Transportation, Agriculture, and Healthcare/Eldercare – will change this decade.
Before I dive into each of these industries, it's important I mention that it's the explosion of Sensors that is fundamentally enabling much of what I describe below.
We forget that we are heading towards a trillion-sensor global ecosystem. Cheap, powerful, microscopic sensors are ubiquitously entering every aspect of our lives, allowing us (and our robots) to know anything we want, anywhere, anytime.
Okay, let's dive in…
Today, the automotive industry pulls in close to $2 trillion in revenue each year.
It's a big, inefficient, wasteful and, frankly, dangerous industry. According to Singularity University's Brad Templeton, here's how the annual numbers stack up for the U.S.:
So what's coming?
Obviously, autonomous cars are coming fast.
Google is leading the way, but Apple, Tesla, Uber and every major car company are following. Today, Google's self-driving cars have driven far more than 1.5 million miles, safely and fully autonomously.
Google's car (and all others) are made possible because of their suite of Sensors. One in particular is a 64-beam Velodyne LIDAR sensor (Laser Imaging Radar) that, combined with cameras, sonar and GPS, is collecting and analyzing 750 Mb of data per second. The car knows everything that's happening within 100 meters of the sensor.
So what is the impact? By 2035 there will be more than 54 million autonomous cars on the road, and this will change everything:
Best of all, you can call any kind of car you need. Need a nap? Order a car with a bed. Want to party? Order one with a fully-stocked bar. Need a business meeting? Up drives a conference room on wheels.
In 2012, US farms alone sold close to $395 billion worth of crops and livestock.
Globally, agriculture is a 2+ trillion dollar industry, humanity's largest endeavor.
Agriculture is a remarkably fragmented, complicated, and old-school industry.
Stakeholders are resistant to change, and many farmers are struggling to produce enough yield to maintain their own livelihoods, much less feed a growing global population.
Two revolutions are in play. The first is synthetic biology (I'll save that for a later blog). The second is the impact of sensors and robotics – a combination that is yielding the dramatic improvements in the following ways.
Elderly care is projected to be a $319 billion market in the US by 2016.
Today the average annual cost of a nursing home is more than $75,000. Elderly care is expensive, degrading and inefficient. And it's ripe for disruption.
But what if robots and sensors could allow an elderly person to continue living on their own, in the dignity of their own home?
In the general arena of healthcare, dozens of wearable and implantable biometric sensors will make us all the 'CEOs of our own health' within the next decade.
Companies like Google Health, Apple and Samsung (to name a few) are investing billions to develop this tech.
Plus, next year I expect the winner of the $10M Qualcomm Tricorder XPRIZE will give birth to sensor-packed devices (i.e. the Star Trek Tricorder) that allow you, the consumer, to self-diagnose, anytime, anywhere.
On the robotics front, expect robots to become the surgeon of choice for all conditions.
Need bypass surgery? An appendectomy? Which would you prefer: the surgeon who slept too little… drank too much coffee… fought with their spouse… or the Robot Operating System that has performed that exact surgery perfectly 100,000 times?
If you are an entrepreneur, I encourage you to try to tackle problems in these industries that are ripe for disruption.
Remember, the world's biggest problems, are the world's biggest business opportunities.
This is the sort of conversation we discuss at my 250-person executive mastermind group called Abundance 360.
The program is highly selective and currently full. If you'd like to be considered for the waitlist, we are looking for a few last CEOs and entrepreneurs who want to change the world. We imagine a few spots will open up over the next few months. You can apply here.
Share this with your friends, especially if they are interested in any of the areas outlined above.
P.S. Every week I send out a "Tech Blog" like this one. If you want to sign up, go to Diamandis.com and sign up for this and Abundance Insider.
P.P.S. I've just released a podcast with my dear friend Dan Sullivan called Exponential Wisdom. Our conversations focus on the exponential technologies creating abundance, the human-technology collaboration, and entrepreneurship. Head here to listen and subscribe: a360.com/podcast