In the past few years, technology witnessed a quick advancement in many directions driving the global economy. Many of the new technologies are disruptive and are changing how people live and work with the introduction of new products and services. A good understanding of the technology helps implement them correctly to gain a competitive advantage and boost economic development. Furthermore, thanks to technology, it is possible to work in a way that requires less input but provides more output.
Technological advancement and its economic impact often go hand-in-hand. Here is a list of five technologies that will transform the global economy in the coming years.
1. Mobile Internet
Currently, more than 1.1 billion across the globe have access to tablets and smartphones, and this accessibility is further increasing. With a mobile internet connection to these devices, it is possible to carry out almost all the work, including buying Kerala State Lottery tickets online. The greater the connectivity with mobile internet, the greater its potential to boost the economy.
In addition, the newer 5G technology increases the data speed to guarantee a seamless transition between different devices. Also, most mobile devices are packed with software and apps that are put to a variety of uses. With this development, mobile internet has the potential to contribute up to $10.8 trillion to the global economy by 2025.
2. Knowledge Work Automation
It involves an advanced natural user interface, machine learning and computational speed. Computers are becoming influential in understanding and interpreting human speech, intention and action. This feature is highly beneficial for the knowledge worker as it can help them automate the work. With the commercialization of knowledge work automation in the future, humans will have the power to offload many tedious tasks. For instance, it is possible to automate checking Lottery Sambad results to remove the manual burden.
Currently, automation of knowledge work is employed in manufacturing and transaction work. However, management change, process redesign, technical installation, and employee training are necessary to extract their full potential.
3. Cloud Technology
In recent words, cloud technology has become a buzzword, especially in the corporate world. However, it is beneficial not only for the businesses but also for the customers too. Thanks to cloud technology, companies are now managing their IT sector better. Cloud technology has the potential to become a disruptive technology by giving rise to flexible, asset-light and highly mobile businesses.
With the power of cloud technology, it is possible to work remotely and deliver the work remotely. It, in turn, reduces the requirement for the high processing power of local computers and storage.
In the next few years, cloud technology will deliver many services. It is also expected to be a significant driver of smartphone use. The economic impact of cloud technology will be around $6.2 million annually in 2025.
4. Autonomous Vehicles
Autonomous vehicles have the potential to function with little or no human intervention. Currently, most commercial aircraft can work on autopilot, reducing the pressure on the pilot, who only needs to intervene mainly during takeoff and landing. This function will soon extend to most vehicles running on the road. Autonomous vehicles can help in reducing carbon dioxide emissions and vehicle accidents.
Also, it provides the driver with free time to work on other jobs while driving. If approved, autonomous vehicles on roadways can have an economic impact of $1.9 trillion by 2025. The key to autonomous vehicles lies in machine vision. Both partial and fully autonomous vehicles will significantly impact the economy shortly.
5. 3D Printing
It has the potential to bring the next big industrial revolution. The current adoption of low 3D printing is low; however, with widespread adoption, the potential is limitless. 3D, however, can have a profound economic impact only when used on a wide scale by everyday consumers. Nowadays, 3D printing is widely used in the aircraft and healthcare sectors. It is expected to be extensively used to improve design quality and create better-personalized products. The barriers include low building speeds and high material costs. An improvement in both can help in its wide-scale adoption.
Other technologies that will help drive the global economy include the Internet of Things, advanced robotics, next-generation genome and renewable energy. However, to increase the economic impact of these technologies, the different barriers need to be addressed.