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Lux’s report shows the real impact of COVID-19 on tech innovation

Lux’s report shows the real impact of COVID-19 on tech innovation 

Lux Research, a team that is dedicated to uncovering untapped opportunity and boldly calling attention to areas where enthusiasm outweighs evidence, released a report that highlights five key trends that will show how businesses across industries will change after the COVID-19 pandemic. These include infection prevention, remote commerce, improving resiliency, greater agility, and macroeconomic impacts.

“The methodology focuses on three primary parts: identifying the major trends shaping the future after the pandemic, assessing the impact on technology, and prioritizing the actions that need to be taken based on trends and tech impacts,” said Michael Holman, Ph.D., Vice President of Research at Lux Research and co-author of the report.

The research firm says that increased resilience and agility will be the main driver of long-term positive change for materials innovation.

Lux predicts that increased agility and resilience will drive long-term positive change for materials innovation. “Materials informatics will also see a medium-term positive impact thanks to increased efficiency and agility in R&D. We expect a positive effect on plastic waste recycling and synthetic biology, as more people are gravitating to single-use plastics to stay safe, and synbio can allow more agile and flexible production,” explains Holman. 

The energy sector will also be experiencing some changes with increased agility and resiliency. There will be more investments in clean energy, resulting in energy transition. Synthetic and bio-based fuels will be hard-hit by macroeconomic funding constraints and low oil prices. With more people staying at home, home energy management is also predicted to have a positive medium-term impact.

The digital world will also undergo acceleration adoption of technologies like telemedicine which is also because of increases in remote commerce and the growing need for infection prevention as explained by Kevin See, Ph.D., Vice President of Research and co-author of the report. “Wearables will also see a positive near-term lift as they aid in infection prevention and reopening efforts. There will be an upward trend in robotics due to the need for infection prevention and improving resiliency. COVID-19 will push major manufacturing and logistics operations to assess the potential of robotics moving forward.”

The health and agri-food industry will also see growth in omics, a powerful suite of technologies for battling COVID-19. Ingredient informatics and plant-based proteins will also be a big thing for the food industry as they promote increased resilience and agility in the food value chain.

The automobile industry’s future will be more varied. Autonomous transportation will have long-term positive impact due to physical distancing preferences but can be delayed because of the disruption of development and pilots. Ride-hailing businesses may experience near term negative impact because of shared mobility. However, micromobility may be the alternative to better suit physical distancing.

By using this framework, organizations and innovators can identify and plot their next move for technologies that they’ve invested in or considering to invest in for various industries. 

For more information, you can download the report’s executive summary here.

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