Facebook’s abuse of personal data has brought mega tech companies under the spot light of regulators keen to bring them to book and recover more tax revenue from them. While regulators consider their moves to further protect consumers, Amazon Prime has just attracted more than 100 million subscribers; Netflix boasts 125million subscribers and Google posted a 73% rise in Q1 profits.
The mega tech companies with their vast resources and customer base are now looking to spread their influence and impact upon other market sectors that are prime for disruption. Amazon, Apple and Google are looking at more sophisticated ways of payment, money transfer and banking. Amazon and Apple are looking at opportunities in the healthcare market. Apple has also been working on electric cars, while Amazon is experimenting with delivery drones.
Voice recognition technology has advanced and it is becoming common for smart speakers using voice recognition to integrate with smart devices. Consumers can order through voice command and their deliveries will arrive the same day.
Politicians may be thinking about imposing stricter rules and taxing the tech giants more but consumers like what new technology brings, better services at lower cost. No one will be giving up Google, Amazon or for that matter Facebook in great numbers. Profits in this sector can be expected to rise at the expense of older industries.