Top 7 Technologies to Transform the Global Economy

Technologies to Transform

Do you think the people living in the 1600s had ever imagined that there would be such a technology that would enable them to communicate with people from around the world? Or would they have imagined that they could fly from one country to another in less than half the time it would take for them to go via land? Probably not! But both mobile phones and airplanes are so common nowadays that people can’t even envision how the olden generations survived without them. Plus, there are different Cox internet deals available which you can opt for to better connect with your loved ones no matter where they are.

7 Technologies that will transform the Global Economy

Here’s the big reveal, the fourth industrial revolution is arriving soon. But who knows if the present generation would be able to witness it or not. To give you a glimpse of what the future of technology holds, here is a list of 7 anticipated technologies that will transform the global economy with their emergence:

#1. Artificial Intelligence

The Artificial Intelligence industry has a market of $40.17 billion now, and forecasters bet that it will ascend to $171.02 billion by 2025. All the sectors of AI and ML, including speech, facial and gesture recognition, will undergo a massive renaissance, increasing efficiency and automation and decreasing manual intervention as they go.

#2. Advanced Robotics

Wherever there is a debate on Artificial Intelligence, there is always a hint of the involvement of robotics, and this article is no exception. While robotics has caused a significant turnaround to many industries, a few others, like healthcare and social sciences, remain largely untouched by this $27.2 billion industry. But will the situation be the same five years from now? Sizhen Wang, CEO of Genetron Health, thinks not! He says that the technology will treat fatal diseases such as cancer like any other curable, chronic disease in the world of tomorrow.

#3. 3D Printing

Do your children use those 3D pens for their arts and crafts? Guess what. You can use a similar technology too; well, not necessarily for arts and crafts, but for business purposes. 3D printed designs are expected to bring drastic changes, not only in the manufacturing industry but also in supply chains and mass customization. And the best part is that this technology alone will potentially impact the global economy by $230 to $550 billion annually.

#4. Blockchain

The crypto industry has undergone a massive boost in the past few years, its market size increasing from 2 billion USD to 6 billion USD from 2019 to 2021. Fun fact, the growth of this particular industry is not ceasing any time soon. Blockchain technology will boost faster than ever in the upcoming years and establish a market size of around $56.7 billion until 2026.

#5. Biometric Technology

Can you imagine an industry already occupying 27.3% of the global market, increasing its acceptance any further? Well, yes, ladies and gentlemen! New Biometric Technology is currently under development and testing. Everyone knows about using fingers, eyes, voice, and face in biometric systems, but did you ever imagine that your pulse rate and earlobe shape can give rise to innovative authorization services?

#6. Virtual and Augmented Reality

Here’s good news for all the gamers out there, the Virtual Reality market is expecting a boost in the upcoming years! Goldman Sachs predicts that the industry of Virtual and Augmented Reality will undergo massive advancement, which will result in an increase in its market size to $80 billion in 2025 from its current value of $7 billion.

#7. 5G Technology

Can human needs ever be satisfied? Possibly not! As if Wi-Fi wasn’t doing a good enough job at meeting human demands up until now, leading companies have decided to invest in 5G Technology to satisfy the increasing demands of complete automation. This includes developing self-driving safe vehicles, product manufacturing and telemedicine technology in the years to come. And the term ‘in the years that come’ implies in its literal sense, proof of which can be found in the world-famous Apple Company’s statement of launching self-driving cars in the course of three to six years.

Conclusion

It is indeed thrilling to see the world of technology change right before one’s very eyes. While most of the current leading technologies contribute to solving the world’s pressing problems, such as those of poverty and health, they have a significant adverse effect on the climate. Will the benefits that future technology will impose, overshadow its side effects? You will have to wait for a few years to find out!

 

 

 

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