Business leaders, entrepreneurs, policymakers, and scholars have identified artificial intelligence as one of the important emerging trends for digital platforms.
The past decade has seen the gradual rise of digital platforms, whether it’s Media sharing platforms like Vimeo and Spotify or Social media platforms like Twitter, Facebook, etc. The emergence of these platforms has disrupted conventional business models and ultimately revolutionised how people communicate, interact and conduct businesses.
What More Does The Future Hold for Platform Businesses?
During this year’s MIT Platform Strategy Summit, business leaders, policymakers, and many other experts gathered to discuss the future of the platform economy. They identified AI technology among five key trends that will impact the platform ecosystem going forward.
Since the start of the year, there has been rapid adoption of AI technology across different sectors and a similar trend is expected in the platform market. Experts foresee more platform companies becoming major providers of AI services while some become major users.
With AI algorithms, digital platforms could better analyze data, personalize user experiences, and automate processes for more efficient and effective personalized content and service delivery to users. However, the technology itself is not without some concerns that need to be addressed.
More Expansion of the Platform Companies
Besides AI, the experts believe there will be continued expansion of platforms into new markets with the rise of social commerce, influencer marketing, and collaborations with brands. “As more people gain access to the internet and mobile devices, digital platforms are transforming how people buy, sell and interact around the world,” the report reads.
Digital platforms have become an important force in the global economy, and going forward, experts foresee these platforms driving more growth in the circular economy. Given the ability to discover, match and transact at scale, the experts asserted that platforms could power circular economy opportunities in areas like product reuse, recycling, recovery, and waste reduction.
The experts also acknowledged that the platform market may attract new regulatory oversight in the future, which may constrain platform growth and operations.
