Adapt or Disappear: The Rapid Evolution of Technology and the Future of Jobs

Remember Kodak? Kodak employed nearly 170,000 people and commanded around 85% of the global photography market. Yet, within a few short years, Kodak crumbled. The rise of digital cameras and smartphones rendered its film-based business model obsolete, leading to bankruptcy and mass layoffs.

This story is far from unique. Several once-dominant companies faced similar fates:

• HMT (watches)
• Bajaj (scooters)
• Dynora (TVs)
• Murphy (radios)
• Nokia (mobile phones)
• Rajdoot (bikes)
• Ambassador (cars)

These companies didn’t fail because their products were inferior. They failed because they couldn’t keep pace with evolving technology and shifting consumer demands.

Here we are in 2024, and the pace of change has only accelerated. The Fourth Industrial Revolution is in full swing, driven by artificial intelligence, automation, and digital platforms. It’s predicted that over the next decade, up to 70-90% of today's jobs could either be replaced or drastically reshaped by new technologies. The business models of yesterday are being replaced by agile, tech-driven systems.

Let’s look at the companies shaping today’s landscape:

• Uber: A global taxi service that owns no cars.
• Airbnb: The largest provider of accommodations, despite not owning any property.

These examples show how digital platforms have become the backbone of modern commerce, displacing traditional models that relied on physical assets. Companies like Paytm, Ola, and OYO thrive by leveraging technology and minimizing infrastructure.

Even professional sectors are not exempt from this transformation. In the U.S., many new lawyers are facing job displacement as AI systems, such as IBM Watson, can conduct legal research faster and more accurately than junior attorneys. By 2034, it’s estimated that 40% of jobs in law, finance, and healthcare will be automated, with only a small percentage of highly skilled professionals remaining in demand.

Healthcare is undergoing similar disruption. AI-driven diagnostics can now detect diseases like cancer more accurately than human doctors. By 2030, AI is expected to surpass human intelligence in many areas of medicine, with platforms like Watson providing precision diagnostics and treatment plans.

The automotive industry is also transforming at breakneck speed. By 2035, over 60% of cars are expected to be electric, with driverless cars from companies like Tesla, Waymo, and Apple set to dominate the roads. This shift not only promotes cleaner transportation but also poses a significant threat to oil-dependent economies as gasoline consumption declines.

Car ownership itself may soon become obsolete. Imagine hailing a ride on Uber or Lyft, and an autonomous, electric car arrives at your doorstep. As ride-sharing becomes more affordable and convenient, owning a car could lose its financial appeal for many.

This transformation will ripple across various industries. Fewer accidents from autonomous vehicles may make car insurance obsolete, while the demand for traffic police and parking attendants could drastically diminish as self-driving cars reduce traffic and parking needs.

Think back a decade or two when STD/ISD booths were everywhere. The rise of mobile phones led to their disappearance, pushing those businesses to pivot into mobile recharge shops. But even that wasn’t enough, as online recharge services rendered them redundant. Today, many of these shops now sell and repair phones, but with platforms like Amazon and Flipkart dominating the market, even these businesses face growing pressure.

Money, too, is undergoing a transformation. Physical cash has given way to plastic cards, and even that is being replaced. In 2024, mobile payments and digital wallets, such as Google Pay, Apple Pay, and UPI, have become the norm. The rise of blockchain technology and cryptocurrencies is further redefining money and finance, making the future of physical cash uncertain.

The pace of change is only increasing. As we progress deeper into this technological revolution, adaptability will be the key to survival. Many jobs and industries that seem secure today could disappear within the next decade, replaced by innovations we can barely imagine. The question remains: will you be ready to adapt, or will you be left behind, like so many once-great companies?

Disclaimer: The views and opinions expressed in this article are entirely my own, drawn from personal experience and observations. They do not reflect the views, policies, or positions of my current or former employers.