Emerging Technologies Group

Emerging technologies are the buzzwords for the day, but top execs need to focus on relevant upskilling and clear messaging to bridge the gap between a fad and mission-critical technology. Learn about a few emerging technologies that are poised to recast all industries.

Managing the impact of new technology trends is complicated. This article outlines five attributes of emergence that help operationalise the concept.

What is an Emerging Technology?

Emerging technologies are the newest technological advancements that have significant potential to create change and progress in multiple markets and industries. Their development and practical application is often still a work in progress.

However, despite the growing interest in emerging technologies from both academic and policy-making perspectives, there remains no consensus on what qualifies as an emergent technology. This paper aims to fill this gap by developing a definition of emerging technologies and linking it with a framework for their detection and analysis. The definition of emerging technologies is based on the emergence concept and includes five key attributes: radical novelty, relatively fast growth, coherence, prominent impact, and uncertainty and ambiguity. The paper also reviews existing methodologies for detecting and analysing emerging technologies, and provides suggestions for future research in this area.

What are the Benefits of an Emerging Technology?

Incorporating emerging technologies into marketing strategies can lead to a more personalized experience for customers, improved targeting through big data, more effective engagement using chatbots and voice assistants, and more efficient execution of campaigns with artificial intelligence and marketing automation. However, it’s important to remember that a successful implementation requires both technical expertise and an understanding of the impact on the end customer.

Moreover, emerging technology can improve our quality of life in many ways. For example, some emerging technologies allow us to communicate with people far away instantly (Twitter or Dropbox). Others enable more advanced medical procedures and diagnoses, such as positron emission tomography in cancer patients.

In addition, some emerging technologies can even help us save our environment by reducing pollution and lowering the use of fossil fuels. For instance, scientists are developing eco-friendly light bulbs and beauty products to reduce carbon emissions. And, some researchers are also working on creating more efficient ways to make low-emission biofuels.

What are the Challenges of an Emerging Technology?

In an era where technological progress is incredibly rapid, it can be difficult for companies to keep up with new digital trends. 3D printing, augmented reality and virtual reality, biotechnology, blockchain, IoT, 5G and robotics are just some of the innovative developments that have the potential to change the world.

These technologies can have significant societal impacts, but they can also present unique challenges for regulatory bodies. As these technologies evolve, they may move between categories and classifications, such as when a ride-hailing service moves into food delivery and becomes subject to health regulation or when a drone company expands into passenger transport services and is regulated by aviation regulators.

Keeping up with emerging technology trends can be challenging, especially for businesses that must continually update their products and processes to stay competitive. However, those that fail to do so risk being left behind by their competitors. To overcome this challenge, businesses should look for solutions that reduce manual tasks and automate data collection and management.

What are the Opportunities of an Emerging Technology?

There are many opportunities associated with emerging technologies. These include the ability to create new business models, improve productivity, and disrupt industry norms. However, the potential for negative impacts also exists. Emerging technologies are often interdisciplinary and combine different disciplines, creating innovative solutions that can have a significant impact across industries and society. Some examples of emerging technologies include Artificial Intelligence, the Internet of Things, blockchain, and virtual reality (VR).

Keeping up with these technology trends is challenging, but it is important for companies to stay ahead of the curve to remain competitive. This can be done by embracing digital transformation and adopting emerging technologies into their processes. By doing so, they can unlock new revenue streams and enhance customer experience. In addition, they can also help to reduce costs by increasing efficiency and accuracy. However, it is important to note that these technologies are still in their early stages and have a high level of uncertainty.

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