The Impact of New Technologies on Industry and the Economy

Feb 22 2018

In a hyper connected world, no sector of the economy will be untouched by technology and only those who adapt quickly to technological change will be successful, as analysed by The Internet Society 2017 report- Paths to our Digital Future.

As the Internet economy evolves over the next ten years, fuelled by innovations in technology and business models,  advances such as the Internet of Things (IoT), Artificial Intelligence (AI), and blockchain could bring about an industrial and technological “renaissance”, and only those who adapt quickly to technological change will be successful. The pace of this technological change will dramatically accelerate as IoT, AI, and blockchain technologies are fully deployed. Governments will need to increase spending on training programs to help workers impacted by technological displacement. The growth of IoT will effectively make all companies technology companies. This shift to greater dependency on technology will be accompanied by new security concerns. As one Internet Society survey respondent in North America noted, “Losing control of your data is catastrophic today. Tomorrow, it could mean the death of your business”.

The impact technical advancements can have on traditional economies is a question as old as the age of technical innovation itself. There is a similar widespread concern currently fuelled by the potential disruptions of hyper-connected world and AI. Measures should be taken for general human civilization and economy to adapt to this technical renaissance.

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