That’s according to Will Hawkley, director of KPMG’s Leisure Advisory Group, who says most of the industry developments in 2014 will be driven by interactive technological advancements.

“Seventy years ago, the average life span of a company in the S&P 500 index was 75 years, today that has fallen to 15 years and in 2025 the expected life span will be five years. The winning companies of today could be losers very quickly if they fail to keep pace with the changes around them, no matter what industry or sector they are operating in.

Hawkley believes pub and restaurant operators need to adapt business models for the coming 12 months, identifying five key areas businesses need to look at – social media and mobile apps, Big data, mobile payments, wearable technologies and funding.

“Operators who can generate and analyse their customer data most effectively will be able to generate long-term relationships with their customers to drive repeat visits, increased spend and higher net promoter scores.

“As consumers become increasingly comfortable with cashless payment such as Oyster, people will wish to pay via their mobile devices without having to use an app to do so.  The major mobile phone companies have joined together to develop a universal mobile payment platform and the major banks will be launching their mobile payment platform, Zapp , in 2014.

“Consumers are now wearing technology and using apps that measure everything that they do on a daily basis producing huge amounts of data.”