Suffice to say, AI isn’t the technology of the future; it’s already here. The company behind the ChatGPT chatbot and the still-image generator DALL-E...
According to a report by Goldman Sachs, the VR and AR market in real estate is expected to reach $2.6 billion by 2025, with the XR market expected to grow even faster. This growth is being driven by a range of factors, including the increasing availability and affordability of VR and AR devices as well as the exploding demand for more immersive and interactive experiences - online and on site. The emergence of XR in PropTech has dramatically expanded the hiring scope at top commercial real estate firms, where executives are suddenly debating how to effectively scale new tech skills like digital twin engineers, AR designers, and VR developers.
In October of last year the $2.3 billion Las Vegas Sphere opened for business, ushering in a new type of stadium experience and a new era of demand for virtual reality and augmented reality experiences as well as the talented individuals who create them. We can all expect to see more of these immersive digital experiences popping up around the country. For example, artist Roy Nachum is opening an immersive museum in New York. The Leonardo opened a new immersive exhibit in Salt Lake City called “Into the mind of AI.” Estimates for the sector range up to $7 billion annually by 2030. Using gaming technology and GenAI, there will be an exploding demand for motion designers and animation professionals, among others.
Companies like Floored, Homestyler, and Giraffe360 are already way out in front with a big lead as the next wave of aspiring PropTech unicorns inspire a reticent field of traditional real estate firms to acquire talent from entirely unfamiliar fields: UX design, product management, generative AI, and AR just to list a handful. As younger generations bring their expectations to the marketplace and companies continue to attempt to lure employees back to the office with more carrots than sticks, the world of PropTech takes center stage. For instance, Resonai predicted that 90% of commercial property tours will be virtual by the end of this year.
Ernst & Young recently released their annual Pulse of the Industry report — which provides a comprehensive analysis of the MedTech field, at large — finding the industry as well as the global economy is in a state of flux. Transitioning from a surge of post-pandemic investment, the MedTech sector continues to grow with an increasing focus on AI, wearables, and robotics. While investment to the sector has slowed, there is no deficit of product, sales, marketing, and developer work needed in MedTech, especially around security, AI functions of all stripes (operational, relational, and beyond) and even innovative uses of blockchain.
The management consulting market has been worth an estimated $300 billion annually for the last several years, it's forecasted to grow 10% each year over the next decade. A 2021 survey from Clutch found 24% of small businesses in the United States plan to hire a financial consultant or advisor. The survey also suggests a significantly larger percentage – around 70% to 80% – of companies have situations where management consultants could be beneficial. Shifts in the business model at top consulting firms exacerbated this gap, there is still a solution for companies between the F100 and SMBs, it's just not common yet.
Estimates suggest that generative AI could contribute up to $4.4 trillion in annual global productivity. More specifically to our targeted analysis, marketing and sales is one of four functional groups that could reap an estimated 75 percent of that value. At present, a full 71% of consumers say they expect personalization with their online content. Let’s examine how a brand like Michaels is working with Persado to achieve a high level of AI-derived personalization, Instacart's new AI offerings, and how brands as diverse as Hot Wheels, CarMax and L’Oréal all utilize AI to win sales and engage targeted consumer audiences.
More than 90% of S&P 500 companies and approximately 70% of Russell 1000 companies now publish ESG reports in some form. Organizations have been steadily allocating more of their resources toward improving ESG. The rising profile of ESG has also been plainly evident in investments - inflows into sustainable funds, for example, rose from $5 billion in 2018 to more than $50 billion in 2020—and then to nearly $70 billion in 2021. But the communications results, and the common perception of ESG still have a ways to go. In hiring the next ESG executive, it might be time the world's biggest firms take a cue from today's innovative startups.
