As Technology Expands, Industry Definitions Get Murky

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With the advent of technology and disrupted business models, facilitating well-connected ecosystems of partners and innovators, many companies are jumping across NAICS classifications not only into adjacent industries, but outside their core sectors all together.

of 200 global fintech and bank executives from Chubb finds. An example would be shipping insurance offered with online product purchases. At this time, a majority report that up to 10% of their revenues come from insurance — a level that is expected to double over the next three years.

The hybridization of industry groups is now seen across the spectrum. “We operate across 19 industries at Accenture and often help our clients cross into adjacent industries,” says Ashraf. “There has been a sharp rise in ecosystem deals – where acquirers look to gain access to assets from outside of their core businesses.”

Both “physical and digital technologies are accelerating this trend,” says Ashraf. “On the digital side, technologies like generative AI are fundamentally changing the ways we work across industries. AI will enable gains in customer experience, productivity, capital efficiency and business resilience. In other instances, it will introduce new business models and ways of collaborating that can increase crossover in industries.

Regulatory and legal challenges are also a potential issue. “Different industries may have distinct regulations, standards and compliance requirements,” says Collura. “Privacy and security concerns come to mind as the integration of technologies from different industries can increase the potential for data breaches, cyberattacks and privacy violations.”

 

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