TECHNOLOGICAL TRENDS AS A KEY FACTOR IN INNOVATIVE DEVELOPMENT: ANALYSIS OF CURRENT TRENDS
Abstract
The article explores the significant impact of modern technological trends such as artificial intelligence, cloud computing, renewable energy sources, and intelligent automation on the innovative development of the global economy. These technologies are critical drivers of economic growth, enhancing productivity, creating new markets, and generating jobs across various sectors. AI, particularly in its generative and applied forms, is revolutionizing industries by enabling vast data analysis, automating complex processes, and improving decision-making. Generative AI holds immense potential for content creation and application development, affecting marketing, creative industries, and healthcare. Applied AI streamlines operations, optimizes logistics, and enhances customer service, boosting overall business efficiency. Cloud computing plays a crucial role in digital transformation, offering flexibility, scalability, and cost-efficiency, especially for small and medium-sized enterprises. The increasing adoption of cloud services, such as Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS), drives innovation and supports agile business models that quickly adapt to changing market conditions. Renewable energy is essential for sustainable economic development, reducing reliance on fossil fuels, and mitigating climate change impacts. This transition is economically beneficial, creating jobs, enhancing productivity, and driving technological innovation. However, the rapid adoption of these technologies presents challenges, including the risk of exacerbating social inequalities, data security concerns, and the complexities of navigating a dynamic regulatory environment. The article concludes with strategic recommendations for businesses and governments, emphasizing the importance of cybersecurity, workforce retraining, and the establishment of supportive regulatory frameworks to balance the benefits of technological innovation with managing associated risks, ensuring sustainable economic growth amid rapid technological change.
References
Yee L., Chui M. & Roberts R. (2024) McKinsey technology trends outlook 2024, McKinsey & Company. Available at: https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-top-trends-in-tech#tech-trends-2024 (accessed August 7, 2024).
Feuerriegel S., Hartmann J., Janiesch C., & Zschech P. (2023) Generative AI. Business & Information Systems Engineering, vol. 66(1), pp. 111–126. DOI: https://doi.org/10.1007/s12599-023-00834-7 (accessed August 17, 2024).
Silverglate H. P. (May 6, 2024) 2024 technology industry outlook. Deloitte. Available at: https://www.deloitte.com/cbc/en/Industries/tmt/analysis/technology-industry-outlook.html (accessed August 15, 2024).
Al-Mutawa B., & Mubarak M. (2023) Impact of cloud computing as a digital technology on SMEs sustainability. Competitiveness Review an International Business Journal Incorporating Journal of Global Competitiveness, vol. 34(1), pp. 72–91. DOI: https://doi.org/10.1108/cr-09-2022-0142 (accessed August 5, 2024).
Gammelgaard B., & Nowicka K. (2023) Next generation supply chain management: the impact of cloud computing. Journal of Enterprise Information Management, vol. 37(4), pp. 1140–1160. DOI: https://doi.org/10.1108/jeim-09-2022-0317 (accessed August 13, 2024).
Akram H., Li J., Anser M., Irfan M. & Watto W. (2023) Assessing the impact of human capital, renewable energy, population growth, economic growth, and climate change policies on achieving the sustainable development goals. Environmental Science and Pollution Research, vol. 30(56), pp. 119285–119296. DOI: https://doi.org/10.1007/s11356-023-30649-8 (accessed August 14, 2024).
Osman A., Chen L., Yang M., Msigwa G., Farghali M., Fawzy S., Rooney D. & Yap P. (2022) Cost, environmental impact, and resilience of renewable energy under a changing climate: a review. Environmental Chemistry Letters, vol. 21(2), pp. 741–764. DOI: https://doi.org/10.1007/s10311-022-01532-8 (accessed August 14, 2024).
Glover E. (November 16, 2023) What is intelligent Automation (IA)? Built In. Available at: https://builtin.com/artificial-intelligence/intelligent-automation (accessed August 12, 2024).
Generative AI could raise global GDP by 7% (April 5, 2023) Goldman Sachs. Available at: https://www.goldmansachs.com/insights/articles/generative-ai-could-raise-global-gdp-by-7-percent (accessed August 14, 2024).
Chui M., Hazan E., Roberts R., Singla A., Smaje K., Sukharevsky A., Yee L. & Zemmel R. (2023) The economic potential of generative AI: The next productivity frontier. In McKinsey & Company. Available at: https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-AI-the-next-productivity-frontier#/ (accessed August 12, 2024).
Research P. (June 23, 2023) Intelligent Process Automation Market Report 2023-2032. Available at: https://www.precedenceresearch.com/intelligent-process-automation-market (accessed August 20, 2024).
IEA (2024) Clean energy is boosting economic growth. IEA, Paris. Available at: https://www.iea.org/commentaries/clean-energy-is-boosting-economic-growth (accessed August 21, 2024).
Schuett J. (2023) Risk management in the Artificial Intelligence Act. European Journal of Risk Regulation, pp. 1–19. DOI: https://doi.org/10.1017/err.2023.1 (accessed August 23, 2024).
Skadden (December 13, 2023) AI in 2024: Monitoring New Regulation and Staying in Compliance With Existing Laws. Insights: Skadden, Arps, Slate, Meagher & Flom LLP. Available at: https://www.skadden.com/insights/publications/2023/12/2024-insights/other-regulatory-developments/ai-in-2024 (accessed August 20, 2024).
Shende J. (March 14, 2023) Top risks and rewards of moving to the cloud. ISACA Now Blog. Available at: https://www.isaca.org/resources/news-and-trends/isaca-now-blog/2023/top-risks-and-rewards-of-moving-to-the-cloud (accessed August 11, 2024).
Smartbridge (2023) 2023 automation trends: Unlock the future of intelligent automation. Smartbridge. Available at: https://smartbridge.com/2023-automation-trends-unlock-the-future-of-intelligent-automation/ (accessed August 10, 2024).
