The Impact of New Technologies on Industry and the Economy

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 the Internet economy evolves over the next ten years, fueled 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 survey respondent in North America noted, “Losing control of your data is catastrophic today. Tomorrow, it could mean the death of your business”.