FUTURE FORCES
SPECIAL SECTION
Internet of Things and Enhanced Connectivity
5 BILLION
5 BILLION GIGABYTES
Number of people predicted to be using the internet by next year - half of them by mobile devices
Amount of data the world uses every two days - roughly the same amount used during the 6,000 years before 2003
We can expect:
Advancements in materials science, connectivity and computer design platforms are helping to accelerate automation, artificial intelligence and 3D printing beyond industrial uses and into people’s daily lives. This trend will substantially change all supportive sectors of the industrial economy and nearly every portion of the consumer market worldwide. Everything from clothing to commercial office buildings will be able to be, in whole or in part, 3D printed and automated. Machine learning will be able to identify usage patterns and adjust to demand in real time. Automated vehicles already exist and rapid advancements are occuring that will substantially change how people, goods and services are moved. All of these innovations are built on artificial intelligence and machine learning, pillars of the 4th Industrial Revolution.
Automation, Artificial Intelligence and 3D Printing
We can expect:
20%
of the global workforce will need to change occupations by 2030
CHANGING DEMOGRAPHICS
Advances in medical technologies will help everyone understand our bodies and how they can be modified to live longer, healthier lives.
Living Longer
We can expect:
79-80 Years
Is the life expectancy in the region today. Some predict that the people entering the workforce today will be likely to live into their 90s and 100s
Diversification
The Lehigh Valley and nation have been becoming more diverse for decades. The Lehigh Valley minority population has more than doubled since 1990. People from a variety of cultures, backgrounds and identities will continue to join the Lehigh Valley family.
We can expect:
RISE OF THE SHARED AND ON-DEMAND ECONOMY
Smart phones, social media and the internet have rapidly evolved the notion of the peer-to-peer platform over the last decade. Airbnb, Uber, Lyft, Peapod, Grubhub, Amazon, Spotify, Hulu and the millions of other time-saving, cost-saving, enhanced-access and experience companies that deliver bigger, faster, smarter, less stressful products and services have changed the nature of consumption. These and other effects of the shared and on-demand economy will grow exponentially and have wide-reaching impacts on nearly every sector of the economy, especially consumer-facing industries like retail and restaurants.
$3.5 BILLION
14.3%
Amount of money internet/app-based shared economy added into pockets of individuals
Percentage of online retail sales in America in 2018, almost doubling in the last decade
We can expect:
$15 BILLION
$335 BILLION
Sharing economy in 2014
What the sharing economy is projected to grow to by 2025
Dr. Andrew Ward, Management Professor at Lehigh University, describes blockchain as a “decentralized database that stores an encrypted registry of assets and transactions”. Bitcoin is the most widely known creation utilizing blockchain technology today. The potential for an ultra-secure, highly versatile way of verifying ownership, transactions and other information will revolutionize everything from supply chains to the way we vote.
NASDAQ has identified six real world applications of blockchain that could disrupt the business sector, including decentralized financial systems and cloud information storage, more secure digital identity, supply chain authentication, automated “smart” contracts and digital voting.
BLOCKCHAIN
6
Number of real world applications of blockchain that could disrupt the business sector identified by NASDAQ
We can expect:
In the Lehigh Valley, we have seen the move back to the cities and even an increase in building, business and population density in suburban and exurban areas. The World Bank predicts that over 80% of the global population will live in urbanized areas by 2030.
The Lehigh Valley population has grown more than 4,000 people a year since the 1950s. As a result, developable land has declined, values have increased and will continue to increase. The need to densify and more efficiently use land will grow.
RAPID URBANIZATION AND REGENERATION
We can expect:
83%
Percentage of the global population that the World Bank predicts will live in urbanized areas by 2030
More intense storms, higher rainfall amounts, less snow and rising temperatures have impacted the Lehigh Valley over the last decade. US Government agencies, like the National Aeronautics and Space Administration and the National Oceanic and Atmospheric Administration, agree that climate change is causing significant changes in our environment. The specific effects on the Lehigh Valley are addressed in the later special section of this plan, however, climate change and adaptation affects nearly every aspect of the economy, society and environment—in the region and world.
CLIMATE CHANGE
We can expect:
Existing structures will need to be rebuilt, redeveloped and retrofit to be more resilient to the impacts of climate change
Electricity is a foundational element of society. Without it, we don’t function. We will consume more as we become more technologically advanced, connected and interconnected. In the US, electricity generation and distribution is privately controlled, with few exceptions. However, in recent decades, significant focus has been paid to the vulnerabilities and age of the electric generation and distribution system. New efficiencies, and especially technologies, are helping to overcome challenges and will be significant economic drivers in the global, national and regional economy in the 21st century.
ENERGY DIVERSIFICATION
We can expect:
Air Products is developing technology that will make hydrogen-fueled vehicles a reality
The LANTA fleet is now largely electric or compressed natural
gas-fueled
Audi, Acura, BMW,
Chevrolet, Dodge, Fiat, Ford, Honda, Hyundai, Infinity, Kia, Mercedes, Nissan, Porsche, Subaru, Tesla, Toyota and Volkswagon all have
commercially
available electric vehicles in the market today.