Economic growth and future technology

Economic growth and future technology

Technology advancement has become a daily event. Economic growth and future technologies go hand in hand when looking at opportunities created by continuous developments. Future technologies do provide an indispensible opportunity to bring new economic growth ideas to fruition. With the continuous flow of emerging technologies each of which tagged as ‘the next big thing’ it has become a challenge for some individuals, organisations and whole industries to keep up with developments.

Making the right strategic choices with respect to emerging technologies is imperative to ensure that aspects related to resources availability and utilisation are capitalized on. Such strategic choices are an important determing factor when considering elements of economic sustainability and viability. Whereas it is desirable to develop expertise in the widest array of technology options available, lack of focus due to widely spread resource specialisation can result in diminishing returns within the context of an open digital economy.

The folllowing are the leading technologies that are shaping up the digital markets at the moment:

Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Internet of Things (IoT), Drones, 3D printing, and Virtual Reality (VR) and Augmented Reality (AR). Developing the human capital in sufficient numbers to master the right set of competences is essential for Malta to secure a market edge in the context of a more open digital environment. Offering the right opportunities to access further knowledge and training assumes added importance because of the significant investment required to establish oneself as a leader in the context of the globalised digital market. Making the right sustainable choices is key to developing revenue and profit generating activities that justify a return on skills investment.

When investigating the trends around emerging technologies, it becomes evident that investing in just one technology is no longer enough to stay ahead of the curve. These key emerging technologies are coming together to create the next wave of innovation.

Extract from National eSkills Strategy 2019-2021