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August 28, 2013 /PRNewswire/ -- Out of the 12 mega trends that will drive growth and innovation in the
United Kingdom, one of the most significant will be connectivity and convergence which is driving the prowess of UK's digital economy. By 2020, there will be 200 million connected devices (six for every household) in the country, which is already well on its way to becoming a digital economy with novel business models and digital innovation hubs.
According to Frost & Sullivan's latest analysis,
New Mega Trends in the United Kingdom, one of the major industries that will benefit from the proliferation of digital devices is retail. Online retail penetration is expected to reach over 26 percent by 2025 with one in four British citizens shopping online – the highest number in the world per capita. Over 80 percent of entertainment products will be sold online by 2025.
The New Mega Trends that will Shape the Future of
Britain will be presented in Frost & Sullivan's web conference, taking place on Tuesday 3rd September at
4:00 p.m. BST (
5:00 pm CET/
11:00 a.m. EDT). Team Lead and Senior Research Analyst
Archana Vidyasekar, Visionary Innovation Research Group, who worked on the analysis, will lead the briefing.
The bricks and clicks Mega Trend has influenced most British retailers to transition from a single or multiple channel to an integrated cross-channel model, merging the physical and virtual forms of retailing. These advanced retailing business models have opened up opportunities for allied industries such as logistics as well.
"The introduction of innovative last mile options such as click and collect will address challenges associated with urban deliveries, given the Mega Trend of urbanisation in
Britain," explains Archana Vidyasekar. "In fact, 81 percent of the country's people will be living in urban areas, and this rapid rate of urbanisation will influence companies to optimise their operations, creating a smarter UK."
The country will follow the global pattern of cities – not countries – to drive wealth creation in the future. Cities could unlock about
$1,097 billion in GDP contribution (
London accounted for 20 percent of UK's GDP in 2011 and could contribute about 25 percent in 2020) to meet the demand for smart city solutions such as integrated door-to-door systems, interoperable technology networks, and intelligent transport city solutions.
"Immense potential also exists in microsatellite manufacturing and its support services," explained
Archana Amarnath, Program Manager based in
London. "Another lucrative area is modern elderly care models such as assisted living home care as well as cutting-edge products with robotic technology and artificial intelligence, as the over-65s will represent one-fifth of the population and become one of the largest consumer groups for healthcare."
These new areas of growth in key industries will help economic development, boost private sector investment and promote partnerships with overseas companies.