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The Demand for Evolving Technologies in the Global Economy
Market Insights
December 8, 2022

The Demand for Evolving Technologies in the Global Economy

Once upon a time, the world’s largest economies were fueled by coal and steel. The Age of Industry, as it was then called, was powered by steam engines. The centers of commerce were large, smoky factories where hundreds of workers labored to build the latest innovations at the time. Fast forward some 200 years later, and the scenario has completely changed. Instead of coal and steam, the new age is now powered by an endless line of sophisticated computers and machines.

Of course, hardly any of these innovations would have occurred without the efforts of Charles Babbage and the brilliant minds that came after. However, what truly launched this new Digital Age, as it soon came to be called, was another invention – the World Wide Web (WWW). In time, this newly invented internet would form the basis for what would be later jointly termed “evolving technologies.”

The Driving Force Behind Global Economic Growth

Ever since Tim-Berners Lee invented the World Wide Web in the 1990s, computer scientists have fiercely competed with each other to release the next big update in the industry. 

Web 1.0 was a read-only platform. That is to say that users could not communicate with web pages. Examples of popular websites at the time were MySpace and LiveJournal. 

However, change was coming!

Web 2.0 ushered in the age of social media, with various platforms where users could interact with other internet users in a read-write situation. Facebook, Twitter, and several other platforms were the result of this innovation. 

Today, Web 3.0 is fast gaining widespread adoption. Although it is still very much in the works, the success of evolving technologies like the Metaverse, NFTs, and Blockchain point to big things to come soon. Evolving technologies in artificial intelligence, automobile manufacturing, media content creation, data analysis, and decentralized finance are spurred by a parallel advance in web technology.

The Global Economy and Evolving Technologies

Here are some economic insights that highlight economic growth spurred by technological advances: 

These stats indicate the overwhelming demand for evolving technologies, given their significant contribution to global economic growth.

Additionally, statistics have shown that the private sector is the primary driver of technology and innovation, accounting for almost two-thirds of total R&D (research and development) expenditure in the USA alone. As such, it is crucial in job creation, workforce upskilling, and economic value creation. 

Today, evolving technologies in artificial intelligence, automobile manufacturing, media content creation, data analysis, and decentralized finance are spurred by a parallel advance in web technology. To understand the demand for evolving technologies related to global economic growth, let’s examine some of the driving factors in real-world economic niches.

Digital Financial Services

Since 2020 and the onset of the global coronavirus pandemic, the digital payment industry has grown immensely, with digital finance becoming a mainstay in the economies of countries like Brazil, Kenya, and Singapore. 

For instance, a coalition of the Bill and Melinda Gates Foundation and the Africa Digital Inclusion Facility (ADFI) have invested heavily in financial service startups across the continent through loans and grants. 

Additionally, the need for decentralized financial services is growing. This is evidenced by the fact that the number of DeFi wallets grew to over 4 million unique addresses in February 2022.

Again, the reason for this is clear as day – the need for alternative and efficient sources of financial services.

Telecommunications

The telecommunications industry’s market size is expected to be worth about $4 trillion by 2026. Businesses, manufacturing, and transportation companies globally need efficient telecommunication services to scale their business. This demand (otherwise referred to as the Internet of Things adoption) is spurring growth in the industry. 

For instance, the demands for larger bandwidths and quicker browsing speeds spurred the entry of internet connection into a fifth generation (5G).

Automobile industry 

Although fuel-based automobiles continue to be popular today, they’re slowly giving way to electric vehicles. To put this into better context, electric vehicle sales account for nearly 6% of the auto market in Q2 2022. 

The driving force is obvious – rising global carbon emissions and fuel prices. 

Software Development

This, perhaps, is the most competitive of all the technological fields. For context, about 48% of small businesses in 2022 have a mobile app. As such, it is this overwhelming utility that drives software development today. New software seeks to provide solutions in advertising, business, finance, commerce, logistics, etc.

The driving force for mobile app development in major industries is the need for improved products and services, better reach, and improved customer service.

Technology trends in computing power, smart devices, datafication, AI, and Machine Learning are all driven by the need for improved services. Without progress and the constant need to evolve, human civilization would fall into decay. 

The future is bright and ripe with opportunities for innovation. As the global economy grows, commerce, banking, finance, logistics, manufacturing, and other industries will continue to demand these evolving technologies. 

Disclaimer:

This blog is for educational purposes only. The information we offer does not constitute investment advice. Please always do your own research before investing. Any views expressed in this blog and by BOTS do not constitute a recommendation that any particular cryptocurrency (or cryptocurrency token/asset/index), portfolio of cryptocurrencies, transaction, or investment strategy is suitable for any specific person.

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