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By Willow Aliento
April 1, 2018
Just twenty years ago, using a drone and a laptop to oversee a construction site in Sydney while sitting on a beach in Bali would have been the stuff of daydreams. Now it’s entirely possible. So what’s next in terms of disruptive innovations?
A new report from the CSIRO might give you some hints.
A study emerging from CSIRO’s Data61 project, the Sunrise Industries report was launched to coincide with the ASEAN [Association of Southeast Asian Nations] Special Summit in Australia in March.
It has identified the top seven emerging industries that are expected to fuel regional economic growth, job creation and new areas for international collaboration.
Some of them are already changing the briefs for design and construction, such as next generation energy storage and distribution.
Putting the trends in the context of the bigger economic picture for the ASEAN region, CSIRO noted that the world's economic “centre of gravity” appears to be shifting eastwards.
The 10 countries that comprise the ASEAN region have collectively generated average GDP growth of 4.6 percent in 2016, compared to a global average of 3.2 percent. The region could actually be the world’s fourth largest combined economy by 2030, according to Dr Larry Marshall, CSIRO's Chief Executive.
"That's a tremendous market pull for Australian innovation in One Health, precision agriculture, industry 4.0, and the evolution to society 5.0," Dr Marshall said.
"Each of these opportunities is strongly supported by breakthrough Australian science, giving the potential for enormous economic benefit as we help ASEAN countries make this transition.”
Dr Marshall said that as part of CSIRO’s own Strategy 2030, the organisation will be increasing its focus on global partnerships that will drive Australian innovation across the region.
Chief Executive of Data61, Adrian Turner, said the region is moving towards “industry 4.0”, which is characterised by the connection of physical assets to the digital world and the convergence of industries underpinned by data and technology.
"With breakthroughs in machine learning and artificial intelligence, cybersecurity and privacy preserving data sharing applied to financial services, personalised health and nutrition and energy storage, there are a set of emerging industries that will generate new economic activity between Australian and ASEAN businesses," Mr Turner said.
The top Sunrise Industries identified in the report range from data-driven innovations to the wellbeing of people. All of them will touch on the actual design, delivery and operation of built assets, and the lives of those working in the construction sector and allied industries.
Mr Turner said every one of these rising sectors is underpinned by digital infrastructure. This makes quality regional broadband access crucial for ensuring they can develop successfully across the entire ASEAN region.
Here are the bright new kids CSIRO has spotted on the industry block:
Artificial intelligence and autonomous systems. Made up of large and small companies which design, construct, implement and operate automated systems, this industry emerges as a result of the increasing capabilities of automation and artificial intelligence to deliver benefits at lower costs.
Financial and regulatory services technology. Enabled by technology and growing demand for innovative financial services, the FinTech and RegTech sector is made up of companies that provide digitally enabled financial and regulatory products and services.
High value nutrition. Growing incomes, rates of chronic diseases and concerns about food safety and provenance have driven demand for healthy, traceable and trustworthy food products that are sustainably and ethically produced, giving rise to an industry focused on high value nutrition.
Next generation energy storage and distribution. Improvements in the affordability and capability of batteries, other technological innovations, and consumer demand for clean energy solutions are fuelling demand for companies (both big and small) in the energy storage and distribution market.
Cyber-physical systems security. While cyber-physical systems (i.e. systems which have intertwined software and physical components) are becoming increasingly widespread, they can be vulnerable to hacking, creating new opportunities for the cyber-physical systems security industry.
Personal health and ageing. Rapidly aging populations are creating demand for products and services related to personal health and ageing (e.g. apps, wearable devices and mobile/telehealth services) along with personalised health and aged care.
Digital infrastructure and connectivity. While the wider Asia Pacific region has some of the world's most digitally advanced nations, digital infrastructure is still lacking for many ASEAN members, creating opportunities for the digital infrastructure industry to respond to the growing connectivity demand.
Download the full report here
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