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March 2005

Virtual Assisting a $130 Billion Industry by 2008

Sharon Williams, president, The 24 Hour Secretary
Sharon Williams
by Sharon Williams

Virtual Assistants -- A Mainstream Technology by 2008

According to the "George Washington University Forecast of Emerging Technology" (January 2000) revolutionary innovation is now occurring widely in all scientific and technological fields. This phenomenon has been brought about by the IT revolution which is being used as a tool to spread and accelerate scientific and technological advances across a much wider spectrum than previously imagined. As a result over the next 20 to 30 years a broad array of new technologies will emerge in what many now call the coming “technological revolution”.

The report goes on to say that "...the virtual assisting industry is growing rapidly and is expected to be a $130 billion industry by 2008, but it could be larger."

 Chronology of Emerging Technologies

Year

Technology

Year Technology
2003 Portable IT Devices 2007 Mass Customization
2003 Electronic Banking 2008 Virtual Assistants
2003 Electronic Commerce 2008 Genetically Designed Species
2004 Entertainment on Demand 2008 Information Appliances
2006 Fuel Cell Cars 2008 Modular Software
2006 Distant Learning 2009 Computerized Healthcare
2006 Human PC Interface 2010 Fuel Cells
2006 Online Publishing 2010 Computer Translation
2006 Hybrid Autos 2010 Teleworking

Sources: George Washington University Forecast of Emerging Technology, January 2000, Highlights from the George Washington University Forecast of Emerging Technology, Dr. William Halal, December 2000, Technology: A Prism for Learning (Emerging Technologies 2001-2030), Thomas Gaylord Phd., April 2001.

Furthermore, the report documents that by 2008, experienced Virtual Assistants, "highly skilled and knowledgeable office professionals who provide administrative support and specialized business services from an outside location", will be accepted as viable mainstream business alternatives.

Top-ten Breakthroughs by 2010

Dr. William Halal and his colleagues of George Washington University's Forecast of Technology and Strategy have for the past decade systematically surveyed a broad range of technologies that are emerging from R&D laboratories worldwide. Based on a Delphi survey comprising 65 leading researchers and consultants George Washington has identified these 10 technologies as breakthrough advance by 2010.

  Technology/Technological Outcome Mainstream Entry Probability Level Market Demand
  Portable Information Devices 2003 83% 118b
  Fuel Cell Cars 2005 70% 69b
  Mass Customization 2007 77% 258b
  Virtual Assistants 2008 63% 127b
  Geneticall Modified Species 2008 43% 101b
  Computerized Health Care 2008 63% 117b
  Optical Computers 2009 58% 120b
  Teleliving 2010 60% 349b
  Precision Farming 2010 66% 155b
  Smart Robots 2010 70% 89b

Source: Highlights from the George Washington University Forecast of Emerging Technology, Dr. William Halal, July 2000.

2010 is right around the corner. The scientific and academic communities are acknowledging and validating the virtual assisting industry and its potential financial impact. Mainstream colleges, worldwide, are offering accredited courses and certificate programs. Their efforts, along with promotional campaigns spearheaded by VA industry organizations, leaders and practitioners can drive virtual assisting as a wider accepted alternative for mainstream business and entrepreneurs.

Are you ready?

Excerpts were provided by Marubeni Corporation Economic Research Institute. The complete report can be found at: http://www.marubeni.co.jp/research/eindex/0212-2/

About the Author

Sharon Williams is a Master Virtual Assistant and president of The 24 Hour Secretary. She is also the Chairperson of The Alliance for Virtual Businesses, whose mission is to promote the VA industry, worldwide. Subscribe to Smart Business = Success, The 24 Hour Secretary's free monthly ezine that provides up-to-the-minute tips that support your continued success. She is the author of Marketing Your VA Practice: It’s Not About Money, It's About Having the Right Strategy. For more information about how she can save you time and money contact her by email at info@the24hoursecretary.com.