The recently released Precision Consumer 2030 explores the many ways in which precision technologies and data – and the deep personalization potential that comes with it – will shift our society and business at large, giving business leaders a view into the opportunities, challenges and long-term implications for their organizations.
According to the report, precision data will have significant scientific and consumer impact over the next decade. Today, the scientific term “precision” is mainly associated with the health industry, a thriving market: the precision medicine industry will reach $96.6 billion by 2024, but it is also permeating many other industries.
Four key sectors were identified, whereby precision data is rapidly emerging, leading consumer change in Wellbeing, Commerce, Collective Spaces and Human Performance. The report details the disruption within each of these spaces and their business implications.
“For this report, we followed a data-driven and expert-informed approach to illuminate 34 growth areas in the precision landscape. Our research is centered on analyzing category innovation indicators like patent volume and VC investment, as well as leading indicators of cultural energy like consumer mentions in social media, press coverage, and others.
“This approach helps us visualize how precision technologies are reshaping markets across categories and well beyond the expected sectors, presenting important opportunities for every business leader,” said Camilo La Cruz, sparks & honey Chief Strategy Officer.
“Victor Penev, CEO and Founder of EDAMAM and one of the report contributors, put it best, ‘Biology is becoming the technology of the 21st century.’ Precision data will be an essential part of remaining competitive in any industry moving forward,” La Cruz said.
As part of the research, sparks & honey explored why precision data should be a C-Suite priority today with highlights, including:
- Deep Personalization is Business Critical: People are willing to pay up to a 20% premium on DNA-based products and services, a desire that will eventually put market pressure on all products and services to become more deeply personalized.
- Learn to Read Emotions: Emotion recognition is expected to grow to a $24 billion dollar industry by 2024, and it’s primed to upend retail design, services and experiences into the hyper-personalized realm.
- Wellbeing is your Business: Wellness in the collective is everyone’s business priority, from work spaces to public infrastructure, precision is dynamically adapting and manipulating our environments in response to the individuals that move through them.
- Data Rights is a Key Corporate Mission: In the U.S., Congress introduced a bill to protect the dissemination of biological data. Biodata is becoming a commodity, and consumers’ shifting sentiment around data privacy will escalate the need for progressive policies and standards of precision data.
With regulation infrastructure lagging behind the technology, sparks & honey also worked with the Future of Consumption platform at the World Economic Forum on the critical questions associated with precision data, including the definition of a ‘Biodata Bill of Rights,’ a proposed set of universal principles outlining the rights and ownership of individual biological data and its dissemination among third parties and beyond. The ‘Bill of Rights’ touches on consumer ownership, data portability, consent and guaranteed anonymity, among other things.
This report was developed with the company’s proprietary methodology, Disruption Compass, a data-driven and expert-informed approach that makes change visible and actionable, and its technology platform, Q, which brings together a wide range of public data sources as well as intelligence from the consultancy’s Advisory Board and Scout Network.
The research included an analysis of over 32 million cultural signals from sparks & honey’s cultural intelligence system Q, and over 63 million media mentions, 50 thousand patents, and exclusive interviews with thought leaders across the medical, nutrition, science, wellness and technology spaces like Dr. Fiona Kerr, CEO and Founder, The NeuroTech Institute; Robin Farmanfarmaian, CEO and Co-Founder, ArO; and Sunita and Dr. Noel Maclaren, Co-Founders of Metakura.
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