Andrew Bolwell is the Global Head of Technology Vision and HP Tech Ventures. In this role he is responsible for driving HP’s long-term innovation and technology vision for HP, as well as for HP's venture activities, working across start-up and venture capital communities to identify, source, commercialize and invest in early-stage disruptive technologies. Liaising with HP Labs, business groups, customers and partners, Andrew is defining new market segments, products and business models that will help shape HP’s future growth.
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Today we’re sharing Part 3 of a five-part series discussing HP’s future technology vision, and how key global forces known as Megatrends are being used to shape that vision and our future. Megatrends are global socio-economic, demographic and technological forces that will have a sustained and transformative impact on businesses, societies, economies, cultures and our personal lives in unimaginable ways in the years to come.
One of the megatrends that will dramatically shift the tapestry of our society is Changing Demographics. We sat down with Andrew to learn more about this trend and how it will impact our future.
Q. How would you describe Changing Demographics?
A. On one hand, we have a new generation that is beginning to enter the workforce, a generation known as Generation Z (Gen Z). This is the generation born between 1995 and 2010, and numbers 2.6bn globally. Gen Z comprises about a quarter of the US population and will account for 40% of all consumers by 2020. By 2020, Gen Z will make up 36% of the GLOBAL workforce. [Source: US Consensus Bureau]
This is the first generation that has never known a world without the Internet and who were practically born with a smart phone in their hands. Having never spent a day of their lives offline, they are acutely aware of the issues and global challenges happening in the world around them. As a result, they are 54% more likely to say they want to have an impact on the world as compared to millennials. [Source: Sparks & Honey, Millennial Branding, Salt]
Yet at the same time more countries are becoming super-aged, which means more than 20 percent of their population is over the age of 65. By 2030, we’ll have twice as many people over age 65—nearly one billion.