Technology and Economics are inseparable. Technological innovation increases the efficiency and productivity of the economy, which in turn leads to long-term economic growth and prosperity. The competitive landscape of technology today is characterized by intense competition, disruptions of existing technologies that are temporary; and then commoditization because of low cost barriers. These are five examples of recent emerging technology trends.
The stock markets of the world have become highly volatile due to the speed with which information is processed. Market players do not have enough time to react to understand the depth of fundamentals. It takes longer to understand the fundamentals of stock stocks than it does to absorb instantaneous messages that are delivered in fractions of seconds. This media hype and a plethora of messages has caused volatility in the Capital Markets of the world.
The exponential growth in mammoth data is a key factor in determining the competitive landscape and future growth paths of companies. Conventionally, data was limited to sales and inventory. This did not give a holistic view of a company’s performance. The trend is to embrace Big Data. This includes Social Media and Business Intelligence. Cloud-compatible solutions are needed to address the huge demand for housing.
Crowd-funding, another trend supported by online technologies, is another. It could disrupt the traditional venture capitalist model if it is successful. This model presents few problems from a technology perspective. But, regulations pose formidable challenges, especially for conservative regulatory regimes such as Canada.
It is becoming a trend to connect everything to the internet via mobile technology. Ultra-integration will require data intensive processes, telecommunications, and all of this rolled onto the new world of cloud computing. This technology utopia of ultraintegration comes with three major challenges. First, data security in cloud computing is a huge challenge. However, companies such as Blackberry claim to have viable solutions. Telecommunication costs limit the possibilities for a cost-effective solution. It is difficult to find a sustainable, lean model that does not overload with unnecessary information.
Technology is playing an increasingly uncertain, but vital role in shaping our contemporary world. This has huge economic implications for both the macro and micro level. The key message is that disruptive technologies become increasingly commoditized by a glut of new entrants. This complicates the rapidly changing landscape of emerging technologies and their ability to meet consumer needs.