When a question comes up, you jump in. Leaders are supposed to have all the answers. When a situation is unclear, you jump in. Leaders are supposed provide clarity and focus.When you're in charge and a problem occurs, you jump in. Leaders are supposed to fix problems.&nbsp;But do you always have the best answer?&nbsp;The perfect insight?&nbsp;The best solution?Usually not.

The status quo with leadership

Leadership

Rick Rubin, the former president of CBS Records, and a&nbsp;legendary music producer described&nbsp;how his problem-solving process evolved:In the old days, I would say, "OK, here's the problem, here's how we're going to fix it, let's fix it,"&nbsp;and we move on.Now, I'll say, "Here's the problem. What are we going to do?"

A legendary music producer‘s way to solve problems

"Nine times out of 10, the solution the artist comes up with is better than the solution I had. I usually have a solution in the background, just in case, but more often than not ... through discussion,&nbsp;a&nbsp;better decision&nbsp;comes up than my&nbsp;knee-jerk reaction."

And the results?

Rubin's approach is to simply present a problem, optimally in a sentence or two. You can too. For example:<ul><li>"We're struggling to meet ship dates. What do you think we should do differently?"</li><li>"Our error rate is up significantly. What do you think we should do to improve quality?"</li><li>"I don't feel like I'm connecting with certain people on my team. If you were me, what would you do?"</li></ul>

Rubin has a simple approach to solve problems

By asking a question and keeping your own ideas or opinions to yourself, you accomplish two things. One, you truly give other people the opportunity to be heard. Even if you don't go with their input, still: They walk away feeling they were able to contribute, and that their opinion is valued.

It leads to empowerment and inclusiveness

Bottom line?You already know what&nbsp;you&nbsp;know. What you need to know is what other people know.So describe a problem, ask for input, and then stay&nbsp;quiet and listen.You never know what you might learn.

The bottom line?

<figure><picture><source media="(max-width:600px)" srcset="https://www.incimages.com/uploaded_files/image/970x450/GettyImages-869232848_458714.jpg"><source media="(min-width:601px)" srcset="https://www.incimages.com/uploaded_files/image/1920x1080/GettyImages-869232848_458714.jpg"><img src="https://www.incimages.com/uploaded_files/image/1920x1080/GettyImages-869232848_458714.jpg" alt="Rick Rubin." width="635" height="357"></picture><figcaption dir="auto">Rick Rubin.</figcaption></figure>When a question comes up, you jump in. Leaders are supposed to have all the answers. When a situation is unclear, you jump in. Leaders are supposed provide clarity and focus.When you're in charge and a problem occurs, you jump in. Leaders are supposed to fix problems.&nbsp;But do you always have the best answer?&nbsp;The perfect insight?&nbsp;The best solution?Usually not.Rick Rubin is the co-founder of Def Jam Recordings, the former president of CBS Records, and a&nbsp;legendary music producer who has worked with artists like the Beastie Boys, Run DMC, Tom Petty, Red Hot Chili Peppers, and Johnny Cash.In Brian Koppelman's (the co-creator of <a href="https://www.inc.com/jeff-haden/the-best-show-on-television-just-provided-the-best-definition-of-a-great-startup.html" dir="ltr">Billions</a>) podcast&nbsp;<a href="https://podcasts.apple.com/us/podcast/rick-rubin-01-19-21/id814550071?i=1000505758684" dir="ltr">The Moment</a>, Rubin described&nbsp;how his problem-solving process evolved:<BLOCKQUOTE>There&nbsp;will be a problem to solve, and usually I will come up with a solution to the problem. In the old days, I would say, "OK, here's the problem, here's how we're going to fix it, let's fix it,"&nbsp;and we move on.Now, I'll say, "Here's the problem. What are we going to do?"Nine times out of 10, the solution the artist comes up with is better than the solution I had. I usually have a solution in the background, just in case, but more often than not ... through discussion,&nbsp;a&nbsp;better decision&nbsp;comes up than my&nbsp;knee-jerk reaction.</BLOCKQUOTE><h2>How Do Great Leaders Solve Problems?</h2>Smart people are naturally better at constructing convincing arguments that support things they believe to be true.That's because smart people tend to be better at "gist reasoning,"&nbsp;using&nbsp;intuition, formed by&nbsp;experience, to sift through&nbsp;complicated details and get to the heart of a matter.&nbsp;Smart people also tend to be in charge. (Hopefully.)So for many&nbsp;people who are in&nbsp;charge and think they have the answer, wanting&nbsp;to jump in is natural. After all, jumping in is efficient and expedient.&nbsp;Time is always of the essence, and things&nbsp;need&nbsp;to get done or&nbsp;fixed.&nbsp;Now.&nbsp;Others take a slightly softer approach. They decide to ask for input.But, since they feel they already know the right answer, they ask limiting questions. They ask leading questions that assume a particular&nbsp;answer.&nbsp;Or they ask an either/or question that presupposes one of two answers -- and no other potential answers.I've definitely&nbsp;done that.&nbsp;Years ago, I came up with a plan to move two crews to a different shift rotation to get a better process flow.&nbsp;When I talked to an operator about my idea, I said,&nbsp;"I've run the numbers, and&nbsp;overall productivity&nbsp;should go up by at least 10&nbsp;percent. What do you think?"A month or so later, when we all realized my plan didn't work, he admitted he had reservations he didn't share. Even if he had, I might not have taken them seriously.It's easy to hear but not actually listen to other people's ideas or&nbsp;answers when&nbsp;you're too busy presuming you are&nbsp;right.<h2>They Ask a Different Question</h2>Rubin's approach is to simply present a problem, optimally in a sentence or two. You can too. For example:<UL><LI>"We're struggling to meet ship dates. What do you think we should do differently?"</LI><LI>"Our error rate is up significantly. What do you think we should do to improve quality?"</LI><LI>"I don't feel like I'm connecting with certain people on my team. If you were me, what would you do?"</LI></UL>By asking a question and keeping your own ideas or opinions to yourself, you accomplish two things.&nbsp;One, you truly give other people the opportunity to be heard. Even if you don't go with their input, still: They walk away feeling they were able to contribute, and that their opinion is valued.Two, you'll probably get better ideas or solutions than whatever you had in mind.Which means everyone wins: You, because you'll reach a better decision, and <a href="https://www.inc.com/marcel-schwantes/effective-managers-employee-retention.html?cid=search" dir="ltr">your employees</a>, because now you will get the opportunity to praise and recognize them for their creativity, judgment, and skill.Bottom line? You already know what&nbsp;you&nbsp;know. What you need to know is what other people know.So describe a problem, ask for input, and then stay&nbsp;quiet and listen.You never know what you might learn.<figcaption class="caption">Inc. helps entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today. <a href="https://inc.com/subscribe?cid=dan905:660:s00:CTA_&amp;utm_source=paidDisplayOn&amp;utm_medium=edit%20article%20footer&amp;utm_campaign=dan905:660:s00:CTA_" dir="ltr"> Subscribe here</a> for unlimited access.</figcaption><div>Jan 28, 2021</div><figcaption class="caption" dir="ltr">Like this column? Sign up to <a href="http://www.jeffhaden.net/" title="Subscribe to this Inc. author's newsletter for more great content" rel="noreferrer noopener" dir="ltr">subscribe to email alerts</a> and you'll never miss a post.</figcaption><figcaption class="caption">The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.</figcaption><div>Read Next</div><header>Taking Care</header><header dir="ltr"><h2 dir="ltr">The 6 Emerging Tech Trends That You Need to Know About Now</h2><h3 dir="ltr">Expect rapid advancements in artificial intelligence and augmented reality, as well as big tech diving further into health care and consumer finance. Don't get left behind.</h3></header><figure><picture><source media="(max-width:600px)" srcset="https://www.incimages.com/uploaded_files/image/970x450/amy_463798.jpg"><source media="(min-width:601px)" srcset="https://www.incimages.com/uploaded_files/image/1920x1080/amy_463798.jpg"><img src="https://www.incimages.com/uploaded_files/image/1920x1080/amy_463798.jpg" alt="The 6 Emerging Tech Trends That You Need to Know About Now" width="635" height="357"></picture></figure>Thanks to the Covid-19 pandemic, 2020 saw a decade of digital transformation in the span of a few months. Don't expect the pace of change&nbsp;to end any time soon, says futurist <a href="http://www.inc.com/author/amy-webb" dir="ltr">Amy Webb</a>."There were tremendous aftershocks that started to reverberate and change many different segments of the economy," says&nbsp;Webb, who presented&nbsp;<a href="http://futuretodayinstitute.com/" dir="ltr">Future Today Institute's 14th annual Tech Trends Report</a>&nbsp;at SXSW this week. At roughly 500 pages, this year's edition is the bulkiest yet. Webb says&nbsp;that the length primarily was due to the impact of Covid-19 as barriers to the widespread adoption of remote work, digital payments, and artificial intelligence seemed to disappear nearly overnight. The report&nbsp;highlights nearly 500 new trends, up from 406 last year.So, what's on deck&nbsp;for 2021 and beyond? You can expect further advancements in <a href="https://www.inc.com/magazine/201703/coeli-carr/getting-real-with-ai.html" dir="ltr">artificial intelligence</a>, including for health care applications like drug discovery and improving patient outcomes, but also in forms of creative expression, like in the visual arts or music. The move toward&nbsp;<a href="https://www.inc.com/eric-mack/a-cryptocurrency-is-about-to-be-used-around-world-its-not-bitcoin.html" dir="ltr">cryptocurrencies</a> and decentralized finance will continue, and the demand for digital collectibles such as <a href="https://www.inc.com/jeff-haden/what-are-nfts-why-one-nft-recently-sold-for-66-million.html" dir="ltr">nonfungible tokens (NFTs)</a>&nbsp;will boom&nbsp;this year. As more nations switch to 5G, a wealth of new technologies such as robots, drones, holograms, and augmented reality displays will show up in our everyday environment, from shopping malls to sports arenas.&nbsp;What's more, algorithms will continue to score and rank areas of our life, from our sleep to our fitness to our "social credit score,"&nbsp;which measures your online activity. In other words, the videos, the pictures, the links, nearly everything you post online will continue to be measured by big tech.&nbsp;"Everyone alive today is being scored," wrote the authors of the report.&nbsp;Here is a look at some of the most notable predictions for 2021.<h2>1. Smartphones will be a thing of the past.</h2>The pandemic hit the smartphone industry especially hard, with global smartphone shipments <a href="https://techcrunch.com/2021/02/03/global-smartphones-shipments-expected-to-rebound-11-this-year/" dir="ltr">declining</a> in 2020 as both demand and supply took a nosedive. While smartphone sales will likely rebound in 2021, they will also have to compete with a new breed of smart eyewear and wearables that are entering the market. These include Apple's yet-to-be-released smartglasses, virtual reality&nbsp;headsets such as Facebook's Oculus Quest 2 and Microsoft's HoloLens, and a growing industry of wearables and "hearables" like the Apple AirPods.&nbsp;Webb notes&nbsp;that people are holding on to their old smartphones for longer, and are less excited by new features.&nbsp;"There are&nbsp;just not a lot of compelling new features or functionality that are coming and are all in one smartphone device. So we're transitioning away from that. It's a different paradigm, from a single phone to a new constellation of devices that we will either wear or embed," says&nbsp;Webb, who is a former Inc. columnist.<h2>2. The tech exodus and newly remote workforces aren't temporary.</h2>While Silicon Valley isn't going anywhere, there will be an impact as companies like Facebook, Shopify, Twitter, Square, and Slack <a href="https://www.inc.com/justin-bariso/this-ceo-just-brilliantly-explained-how-remote-work-will-change-world-by-2030-its-next-level.html" dir="ltr">promise</a> to let their workers continue to work from home past the pandemic's end. Startups and smaller companies will likely follow suit. This will result in a high-skilled tech workforce now being more equally distributed across the United States, instead of just the Bay Area and New York City.&nbsp;<h2>3. Health care is the next battleground for big tech.</h2>The tech giants will make further advances in <a href="https://www.beckershospitalreview.com/digital-transformation/11-recent-big-tech-partnerships-in-healthcare.html" dir="ltr">health care</a>, including through wearables such as smart glasses and wristbands, and the growing smart fitness industry. There's already been ample evidence of this in recent months, including Apple <a href="https://www.imore.com/apple-fitness-plus-review" dir="ltr">unveiling</a> its Fitness+ service, Amazon launching a <a href="https://www.theverge.com/2020/8/27/21402493/amazon-halo-band-health-fitness-body-scan-tone-emotion-activity-sleep" dir="ltr">Halo band fitness tracking wearable</a>, and Google's acquisition of Fitbit. Webb predicts that big tech is influential enough to force established pharmaceutical companies and the health insurance industry to evolve. These changes are already in the making; for example, major insurers are already offering to reimburse wearables like the Apple Watch.&nbsp;Covid-19 accelerated the adoption of telehealth and smart fitness, so expect more advancements in this space from both big tech and startups. Also in the pipeline are&nbsp;further growth of at-home lab testing and remote patient monitoring tools.<h2>4. The "home of things"&nbsp;industry is expanding.</h2>The rising popularity of smart home devices and <a href="https://www.pcmag.com/picks/the-best-smart-home-security-systems" dir="ltr">home surveillance systems</a> such as Amazon Ring and Google Nest has created a new "home of things," or HoT, industry. Google, Amazon, and Apple will be the major players in this space. But also forthcoming are a growing number of connected smart&nbsp;home appliances and devices, from vacuums to drink makers to a trash can that can detect an empty milk carton or box of cereal and automatically order a replacement.&nbsp;<h2>5. Antitrust action may fail to keep up with big tech's moves.</h2>The Biden administration is expected to ramp up <a href="https://www.inc.com/amrita-khalid/antitrust-tech-amazon-google-facebook.html" dir="ltr">antitrust enforcement</a> of big tech. But the report notes the ever-changing business landscape may be too fast for regulators to keep up with. Also, it's unclear whether some of big tech's most consequential actions (such as Facebook's <a href="https://dealbook.nytimes.com/2012/04/09/facebook-buys-instagram-for-1-billion/" dir="ltr">acquisition</a> of Instagram, or Amazon's acquisition of <a href="https://www.toledoblade.com/business/development/2021/03/13/amazon-quietly-began-building-a-grocery-chain-during-pandemic/stories/20210313012" dir="ltr">Whole Foods</a>&nbsp;or its moves to build out a digital payments, logistics, and delivery infrastructure) are illegal from an antitrust standpoint.&nbsp;"No U.S. laws prohibit being really, really smart," write&nbsp;the report's authors.&nbsp;<h2>6. Cryptocurrency and social payments will gain mainstream acceptance.</h2>The blockchain and digital currency made significant headway in 2020. Just this month, J.P. Morgan released a <a href="https://www.coindesk.com/jpmorgan-to-launch-cryptocurrency-exposure-basket-of-bitcoin-proxy-stocks" dir="ltr">report</a> warning that Wall Street is at risk of falling behind in digital finance, and also released a new debt instrument geared toward&nbsp;cryptocurrency companies. For 2021 and beyond, the report predicts that more governments and central banks will seriously explore cryptocurrency. Countries such as Ecuador, China, Singapore, and Senegal have already issued their own digital coins, and a number of other countries, including Japan and Sweden, are actively exploring the <a href="https://www.coindesk.com/sweden-considering-whether-to-switch-to-the-e-krona" dir="ltr">adoption</a> of a centralized bank e-currency.&nbsp;The pandemic encouraged more people to use Venmo, Apple Pay, Google Pay, and other contactless peer-to-peer payment services. The growing popularity of online shopping has prompted a rise in "buy now, pay later," or BNPL, platforms like <a href="https://www.businessinsider.com/affirm-earnings-show-its-boost-from-bnpl-boom-2021-2" dir="ltr">Affirm</a>. Not only are people now more likely to shop or pay for things with their phones, they're also more likely to trust big tech with their finances. Big tech has already stepped up to the plate. Google last year partnered with Citi to launch mobile bank accounts and plans to add more partner institutions next year. Expect big tech to dive further into consumer finance, from offering loans to cryptocurrency.&nbsp;<div>Mar 17, 2021</div><div>Events</div><h1>Inc. Vision Summit: Future-Proof Strategies to Thrive in 2021 and Beyond</h1><div>A Virtual Event</div><h3>March 24 &amp; 25</h3>This gathering of entrepreneurial thought leaders will seek to help founders and C-suite executives from fast-growth companies looking for answers to today’s most pressing business challenges.

Legendary music producer Rick Rubin's approach to solving problems is one every leader should embrace.

Meaningful Work

When a question comes up, you jump in. Leaders are supposed to have all the answers. When a situation is unclear, you jump in. Leaders are supposed provide clarity and focus.

When you're in charge and a problem occurs, you jump in. Leaders are supposed to fix problems.

But do you always have the best answer? The perfect insight? The best solution?

Rick Rubin is the co-founder of Def Jam Recordings, the former president of CBS Records, and a legendary music producer who has worked with artists like the Beastie Boys, Run DMC, Tom Petty, Red Hot Chili Peppers, and Johnny Cash.

In Brian Koppelman's (the co-creator of <a dir="ltr" href="https://www.inc.com/jeff-haden/the-best-show-on-television-just-provided-the-best-definition-of-a-great-startup.html">Billions </a>) podcast <a dir="ltr" href="https://podcasts.apple.com/us/podcast/rick-rubin-01-19-21/id814550071?i=1000505758684">The Moment </a>, Rubin described how his problem-solving process evolved:

There will be a problem to solve, and usually I will come up with a solution to the problem. In the old days, I would say, "OK, here's the problem, here's how we're going to fix it, let's fix it," and we move on.

Now, I'll say, "Here's the problem. What are we going to do?"

Nine times out of 10, the solution the artist comes up with is better than the solution I had. I usually have a solution in the background, just in case, but more often than not ... through discussion, a better decision comes up than my knee-jerk reaction.

Smart people are naturally better at constructing convincing arguments that support things they believe to be true.

That's because smart people tend to be better at "gist reasoning," using intuition, formed by experience, to sift through complicated details and get to the heart of a matter.

Smart people also tend to be in charge. (Hopefully.)

So for many people who are in charge and think they have the answer, wanting to jump in is natural. After all, jumping in is efficient and expedient. Time is always of the essence, and things need to get done or fixed. Now .

Others take a slightly softer approach. They decide to ask for input.

But, since they feel they already know the right answer, they ask limiting questions. They ask leading questions that assume a particular answer. Or they ask an either/or question that presupposes one of two answers -- and no other potential answers.

I've definitely done that. Years ago, I came up with a plan to move two crews to a different shift rotation to get a better process flow. When I talked to an operator about my idea, I said, "I've run the numbers, and overall productivity should go up by at least 10 percent. What do you think?"

A month or so later, when we all realized my plan didn't work, he admitted he had reservations he didn't share. Even if he had, I might not have taken them seriously.

It's easy to hear but not actually listen to other people's ideas or answers when you're too busy presuming you are right.

Rubin's approach is to simply present a problem, optimally in a sentence or two. You can too. For example:

<ul><li>"We're struggling to meet ship dates. What do you think we should do differently?" </li><li>"Our error rate is up significantly. What do you think we should do to improve quality?" </li><li>"I don't feel like I'm connecting with certain people on my team. If you were me, what would you do?" </li> </ul>

By asking a question and keeping your own ideas or opinions to yourself, you accomplish two things. One, you truly give other people the opportunity to be heard. Even if you don't go with their input, still: They walk away feeling they were able to contribute, and that their opinion is valued.

Two, you'll probably get better ideas or solutions than whatever you had in mind.

Which means everyone wins: You, because you'll reach a better decision, and <a dir="ltr" href="https://www.inc.com/marcel-schwantes/effective-managers-employee-retention.html?cid=search">your employees </a>, because now you will get the opportunity to praise and recognize them for their creativity, judgment, and skill.

Bottom line? You already know what you  know. What you need to know is what other people know.

So describe a problem, ask for input, and then stay quiet and listen.

You never know what you might learn.

Inc. helps entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today. <a dir="ltr" href="https://inc.com/subscribe?cid=dan905:660:s00:CTA_&amp;utm_source=paidDisplayOn&amp;utm_medium=edit%20article%20footer&amp;utm_campaign=dan905:660:s00:CTA_">Subscribe here </a>for unlimited access.

The 6 Emerging Tech Trends That You Need to Know About Now

Expect rapid advancements in artificial intelligence and augmented reality, as well as big tech diving further into health care and consumer finance. Don't get left behind.

Thanks to the Covid-19 pandemic, 2020 saw a decade of digital transformation in the span of a few months. Don't expect the pace of change to end any time soon, says futurist <a dir="ltr" href="http://www.inc.com/author/amy-webb">Amy Webb </a>.

"There were tremendous aftershocks that started to reverberate and change many different segments of the economy," says Webb, who presented <a dir="ltr" href="http://futuretodayinstitute.com/">Future Today Institute's 14th annual Tech Trends Report </a> at SXSW this week. At roughly 500 pages, this year's edition is the bulkiest yet. Webb says that the length primarily was due to the impact of Covid-19 as barriers to the widespread adoption of remote work, digital payments, and artificial intelligence seemed to disappear nearly overnight. The report highlights nearly 500 new trends, up from 406 last year.

So, what's on deck for 2021 and beyond? You can expect further advancements in <a dir="ltr" href="https://www.inc.com/magazine/201703/coeli-carr/getting-real-with-ai.html">artificial intelligence </a>, including for health care applications like drug discovery and improving patient outcomes, but also in forms of creative expression, like in the visual arts or music. The move toward <a dir="ltr" href="https://www.inc.com/eric-mack/a-cryptocurrency-is-about-to-be-used-around-world-its-not-bitcoin.html">cryptocurrencies </a>and decentralized finance will continue, and the demand for digital collectibles such as <a dir="ltr" href="https://www.inc.com/jeff-haden/what-are-nfts-why-one-nft-recently-sold-for-66-million.html">nonfungible tokens (NFTs) </a> will boom this year. As more nations switch to 5G, a wealth of new technologies such as robots, drones, holograms, and augmented reality displays will show up in our everyday environment, from shopping malls to sports arenas.

What's more, algorithms will continue to score and rank areas of our life, from our sleep to our fitness to our "social credit score," which measures your online activity. In other words, the videos, the pictures, the links, nearly everything you post online will continue to be measured by big tech.

"Everyone alive today is being scored," wrote the authors of the report.

Here is a look at some of the most notable predictions for 2021.

1. Smartphones will be a thing of the past.

The pandemic hit the smartphone industry especially hard, with global smartphone shipments <a dir="ltr" href="https://techcrunch.com/2021/02/03/global-smartphones-shipments-expected-to-rebound-11-this-year/">declining </a>in 2020 as both demand and supply took a nosedive. While smartphone sales will likely rebound in 2021, they will also have to compete with a new breed of smart eyewear and wearables that are entering the market. These include Apple's yet-to-be-released smartglasses, virtual reality headsets such as Facebook's Oculus Quest 2 and Microsoft's HoloLens, and a growing industry of wearables and "hearables" like the Apple AirPods.

Webb notes that people are holding on to their old smartphones for longer, and are less excited by new features.

"There are just not a lot of compelling new features or functionality that are coming and are all in one smartphone device. So we're transitioning away from that. It's a different paradigm, from a single phone to a new constellation of devices that we will either wear or embed," says Webb, who is a former Inc. columnist.

2. The tech exodus and newly remote workforces aren't temporary.

While Silicon Valley isn't going anywhere, there will be an impact as companies like Facebook, Shopify, Twitter, Square, and Slack <a dir="ltr" href="https://www.inc.com/justin-bariso/this-ceo-just-brilliantly-explained-how-remote-work-will-change-world-by-2030-its-next-level.html">promise </a>to let their workers continue to work from home past the pandemic's end. Startups and smaller companies will likely follow suit. This will result in a high-skilled tech workforce now being more equally distributed across the United States, instead of just the Bay Area and New York City.

3. Health care is the next battleground for big tech.

The tech giants will make further advances in <a dir="ltr" href="https://www.beckershospitalreview.com/digital-transformation/11-recent-big-tech-partnerships-in-healthcare.html">health care </a>, including through wearables such as smart glasses and wristbands, and the growing smart fitness industry. There's already been ample evidence of this in recent months, including Apple <a dir="ltr" href="https://www.imore.com/apple-fitness-plus-review">unveiling </a>its Fitness+ service, Amazon launching a <a dir="ltr" href="https://www.theverge.com/2020/8/27/21402493/amazon-halo-band-health-fitness-body-scan-tone-emotion-activity-sleep">Halo band fitness tracking wearable </a>, and Google's acquisition of Fitbit. Webb predicts that big tech is influential enough to force established pharmaceutical companies and the health insurance industry to evolve. These changes are already in the making; for example, major insurers are already offering to reimburse wearables like the Apple Watch.

Covid-19 accelerated the adoption of telehealth and smart fitness, so expect more advancements in this space from both big tech and startups. Also in the pipeline are further growth of at-home lab testing and remote patient monitoring tools.

4. The "home of things" industry is expanding.

The rising popularity of smart home devices and <a dir="ltr" href="https://www.pcmag.com/picks/the-best-smart-home-security-systems">home surveillance systems </a>such as Amazon Ring and Google Nest has created a new "home of things," or HoT, industry. Google, Amazon, and Apple will be the major players in this space. But also forthcoming are a growing number of connected smart home appliances and devices, from vacuums to drink makers to a trash can that can detect an empty milk carton or box of cereal and automatically order a replacement.

5. Antitrust action may fail to keep up with big tech's moves.

The Biden administration is expected to ramp up <a dir="ltr" href="https://www.inc.com/amrita-khalid/antitrust-tech-amazon-google-facebook.html">antitrust enforcement </a>of big tech. But the report notes the ever-changing business landscape may be too fast for regulators to keep up with. Also, it's unclear whether some of big tech's most consequential actions (such as Facebook's <a dir="ltr" href="https://dealbook.nytimes.com/2012/04/09/facebook-buys-instagram-for-1-billion/">acquisition </a>of Instagram, or Amazon's acquisition of <a dir="ltr" href="https://www.toledoblade.com/business/development/2021/03/13/amazon-quietly-began-building-a-grocery-chain-during-pandemic/stories/20210313012">Whole Foods </a> or its moves to build out a digital payments, logistics, and delivery infrastructure) are illegal from an antitrust standpoint.

"No U.S. laws prohibit being really, really smart," write the report's authors.

6. Cryptocurrency and social payments will gain mainstream acceptance.

The blockchain and digital currency made significant headway in 2020. Just this month, J.P. Morgan released a <a dir="ltr" href="https://www.coindesk.com/jpmorgan-to-launch-cryptocurrency-exposure-basket-of-bitcoin-proxy-stocks">report </a>warning that Wall Street is at risk of falling behind in digital finance, and also released a new debt instrument geared toward cryptocurrency companies. For 2021 and beyond, the report predicts that more governments and central banks will seriously explore cryptocurrency. Countries such as Ecuador, China, Singapore, and Senegal have already issued their own digital coins, and a number of other countries, including Japan and Sweden, are actively exploring the <a dir="ltr" href="https://www.coindesk.com/sweden-considering-whether-to-switch-to-the-e-krona">adoption </a>of a centralized bank e-currency.

The pandemic encouraged more people to use Venmo, Apple Pay, Google Pay, and other contactless peer-to-peer payment services. The growing popularity of online shopping has prompted a rise in "buy now, pay later," or BNPL, platforms like <a dir="ltr" href="https://www.businessinsider.com/affirm-earnings-show-its-boost-from-bnpl-boom-2021-2">Affirm </a>. Not only are people now more likely to shop or pay for things with their phones, they're also more likely to trust big tech with their finances. Big tech has already stepped up to the plate. Google last year partnered with Citi to launch mobile bank accounts and plans to add more partner institutions next year. Expect big tech to dive further into consumer finance, from offering loans to cryptocurrency.

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