Further automation and digitization will continue to phase out industries which no longer suit the growing technology. Here is a list of companies that are set to be completely phased out by the tech disruption;
- Motor insurers
The company will totally be phased out by the increased use of driverless cars that will ensure there are fewer collisions on the roads. Imagine some few years from now a city with cars that are moving quietly and carefully with less road dramas. This acts as a big threat to the insurance industry which has been known to generate a lot of premiums and profits from the major global insurers.
- Car repair garages
The emergence of electric cars has had drivers switching from fuel cars to lower the maintenance costs. Electric cars are cheaper and cleaner to run as compared to diesel and petrol cars. Most of them contain no moving parts other than the wheels; they have fewer parts to go wrong under the bonnet. This requires less of car repairs which will render the car garages jobless and eventually being wiped out. An estimate of over 40,000 after sale businesses that deal with car parts will be greatly affected.
- Financial advisers
The invention and growth of automated Robo adviser’s websites have provided tougher regulations which will over the years face being wiped out by the usurped algorithms. The increased rates charged by the financial advisers led to the increased use of robo web site advisers which have greatly grown over the years. The robo adviser’s websites recommend portfolio of funds which provide answers for questionnaires that are based online as opposed to face to face advising. In the next decade, robo-advisers will dominate the nimble financial technology companies.
- Component manufacturers and distributors
The invention and explosion of 3D printers in the market is expected to shake up the entire supply chains that will see an end to the small components manufactures and distributors in the market. The 3D printer has eased up the process to make products and batches in manufacturing which has made a huge difference. It has aided the making of more quality products and eased the development process for prototypes which has made an influx of new products in the market faster.
- Travel Agents
The business is heading to a transformation as more travellers are booking their flights online. The number of agents working for travel industries has drastically gone down with more expected to close because of less customers turn out. It has become a crisis that has jeopardized the survival of the travel agents with customers having to shift to buying travel deals online which has necessitated the companies to operate online and offer online air fleet and hotels through online booking.
The future seems bright and more innovative. Different companies need to cross over and embrace the growing market changes for them to thrive. The development will not only ease up the speed for more products and service but will also give more profit to the businesses.
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