Convergence will generate more than a trillion dollars in revenue between now and the end of the decade, according to a report released this week by consulting firm Deloitte.
"People thought that convergence would take off during the dotcom boom. It didn't," said Peter Williams, CEO of Eclipse, Deloitte's digital media division. "That wasn't because their predictions were wrong, it was because their predictions were too early."
The report states three underlying trends are driving convergence: proliferation of data, widespread connectivity and continual advancements in technology.
Williams said even though Australia was not enjoying the same connectivity speeds as other countries, the boost in delivery and availability of data has greatly pushed the convergence market to the forefront.
With the higher adoption of broadband services, advancements in technology and greater interoperability between data and devices, convergence is set to dominate and re-mould conventional business models, Williams said.
"The organizations that win here will be those that create open points of connection. If you make yourself easy to clip on to, you will forge new hybrid opportunities for convergence," he said.
Williams added success in this market was not exclusive domain of the current giants Sony, Microsoft and Apple.
"Every so often a company will stop following the swarm and resist change. If you take your eye off what the customers are doing and resist the inevitability of change, you create a gap where someone can come in, create a foothold and establish themselves," he said.
Williams noted the importance of different and intuitive business models that incorporate new technologies with better uses for customers.
"Success in convergence will not be waged by those who have the biggest and best technology, but by whoever applies it best to their customers."