The massive upheaval that is taking place is only getting started. Industries will burn to the ground like moths fleeing a flame. Even the legendary Walmart is not being spared by Amazon and the onslaught of the internet.
The modern world is evolving at an unprecedented pace, driven by technological advancements and changing consumer preferences. As a result, numerous industries that once thrived are now facing extinction. This article explores nine industries that are disappearing due to various factors, including technological disruption, shifting market dynamics, and evolving societal trends. Understanding these transformations is essential to navigating the ever-changing economic landscape.
During the industrial revolution, creative destruction took place as machinery and advancements in the manufacturing process, such the assembly line, drove away handicraft and artisan output.
Even while the economy as a whole profited from these advancements, the jobs of the craftsmen who were displaced were destroyed and would never be restored.
According to mainstream economic theory, the industries that replace those that are displaced by technology will create new employment that they can fill while the sectors that replace them will see their businesses destroyed.
Consider how the development of the automobile led to the demise of the horse and equine transportation business. Notwithstanding the loss of work for buggy builders and horse trainers, many more new positions were added in the automobile industry, the building of roads and bridges, and other sectors. The so-called Luddites, who believed that the future was bleak for labour, instigated riots in the 19th century when textile workers lost their jobs to mechanical looms.
The topic of whether employment and industries may disappear has once again been raised by the recent information revolution and technologies like computing, the internet, mobile telephone, and information technology. There are currently economists who disagree with conventional wisdom. They argue that the destructive element may overshadow the creation this time around. We might even witness a new surge of “Luddites” in response.
Sectors That Could Be Affected
The danger is that many of the workers losing their jobs won’t be able to find new employment in the IT economy because technology is developing at a record-breaking rate.
The industries that will or already have been impacted by this most recent phase of creative destruction are listed below, but it is not an exhaustive list. It provides as an example of only a few sectors that are vulnerable to upheaval.
1. Print Media
Newspaper circulation has steadily decreased as blogs and internet media have taken over. More and more news stories are being created by computer software, particularly local news and sports outcomes.
Translation The demand for human translators is declining as language translation technology improves. Similar rules apply to dictation and proofreading.
2. Office Helpers
Enterprise software, automated telephone systems, and mobile apps are replacing secretaries, phone operators, and executive assistants.
Brick-and-mortar book businesses have had to permanently close their doors as a result of online retailers like Amazon. Furthermore, the availability of self-publishing and e-book distribution is hurting publishers and printers.
4. Financial Consultants
Financial experts like stockbrokers and advisors have seen a decline in business as a result of robot-advisers like Betterment and online trading platforms like E*TRADE.
Due to the fact that Robinhood is a free online brokerage service, established online brokers are losing clients to Robinhood.
Several banks now allow consumers to deposit checks via mobile apps or straight at ATMs, which eliminates the need for physical bank tellers. Even getting physical currency is unnecessary with the help of payment systems like Apple Pay and PayPal.
Websites like LinkedIn, Indeed, and Monster have displaced job recruiters. While websites like Craigslist have replaced traditional types of classifieds, similar sites have also displaced print classified advertisements.
6. Services for Delivery
Amazon is working to make the potential use of drone technology for goods delivery a reality. Drones may also replace pilots in a number of specialisations including those pilots in the film, crop-dusting, traffic monitoring, and law enforcement sectors. On countless military operations throughout the years, drones have taken the place of fighter pilots.
The use of 3D printing is expanding quickly, and the technology is improving. A vast range of products could be produced on demand and at home in a few years. This will destabilise the manufacturing business and lessen the necessity of logistics and inventory management. Transporting goods internationally won’t be necessary anymore. Industrial robots have already largely replaced assembly line employees.
8. Postal Service
The growing use of email has caused a decrease in the volume of regular mail, which was the first bad news for postal workers. More positions in the postal office will be eliminated by sophisticated mail sorting equipment.
9. DJs on Radio
The days of commercial radio DJs are essentially gone. Today, software picks the majority of the music played, places advertisements, and even reads the news.
These are a handful that immediately came to mind. I’m sure I’ve overlooked a lot of others. Could you please add any sectors that I missed that you think will soon go extinct or nearly so? Moreover, if you disagree with anything on the preceding list for any reason.
The disappearance of these industries underscores the transformative power of technology and changing consumer behaviours. As newer, more efficient alternatives emerge, traditional industries must adapt or face extinction. While these shifts may lead to nostalgia for some, they also open the door to new opportunities and innovations. As the business landscape continues to evolve, staying informed about these changes is crucial for both consumers and entrepreneurs seeking to thrive in the modern world.