When We Look Past Industrial Technologies That Changed The ✓ Solved

When we look past industrial technologies that changed the world, the Printing press in the 15th century, Steam engine in the 18th century, Electricity in the 18th century, Telegraph in the 19th century and the Internet in the 20th century. It is noticeably evident that networks have drastically changed over the last 30 years and are still changing today. Within the next 5-10 years, networking, we know today, will be advanced, which will impact the global economy. Notable examples of such advancement in networking can be seen in the market penetration of 5G, “the network of networks.” According to a study by IHS Markit in conjunction with Dr. David Teece, 5G will propel mobile technology into General Purpose Technologies, creating more connections and over $10 trillion in economic benefits (Spoerl, 2019).

While this figure stands to be high, it only represents a fractional impact of the full capability of 5G technology. Other technological elements that will impact networking and the global economy in the next 5-10 years identify with Artificial Intelligence, Internet of Things, and Big Data in zettabytes. According to Cisco chief futurist Dave Evans, these networking technologies employ an exponential change rate, which will impact technology just as much as the global economy (Bort, 2011). By advancing computation power and capability, economic activities will be enhanced, and this will impact economics that identifies with industrial sectors, telecommunication sectors, and service sectors, among others.

Arguably, with the rise of networking technology, the era of splinternet will be at its full-blown peak, and this will alter the global economy indefinitely. And also, when we see and live in a connected future, cyber security needs to be more focused. When more and more devices are linked to the worldwide network, data can be uploaded and accessed through 5G connections, all of these connections have the risk for hacking, revealing confidential or even critical information to unauthorized individuals (Tăbușcă, 2019).

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The evolution of industrial technologies has always played a pivotal role in transforming society and the global economy. Notably, the advent of the printing press in the 15th century introduced mass communication, permanently altering the way information was disseminated. Subsequent innovations, such as the steam engine and electricity, paved the way for the Industrial Revolution and the emergence of new industries. However, the most substantial changes in recent decades stem from advancements in networking technologies, particularly in the realm of connectivity.

As we step into the next era of technological advancement, the rollout of 5G technology represents a significant milestone. Often referred to as “the network of networks,” 5G is expected to revolutionize how we connect devices and communicate. According to Spoerl (2019), the economic benefits of 5G could exceed $10 trillion due to the increased connectivity and efficiency it provides. This estimation, while staggering, only scratches the surface of 5G's potential impact on various sectors of the economy.

The implications of 5G extend beyond mere speed; its integration with technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and Big Data will usher in a new era of innovation. AI, which enhances computational power, will facilitate automation in industries, optimizing production processes and improving decision-making capabilities (Bort, 2011). Meanwhile, the IoT connects billions of devices across various platforms, transforming everyday objects into smart devices that can communicate with each other. This interconnectedness will drive new business models and revenue streams, thus significantly influencing the global economy.

The economic transformations driven by networking technologies are likely to affect various sectors, including telecommunications, healthcare, transportation, and manufacturing. For instance, in the healthcare sector, 5G will enable real-time data transmission from medical devices, facilitating remote surgeries and enhancing patient monitoring systems. Such advancements will lead to improved healthcare delivery and potentially lower costs (Tăbușcă, 2019).

However, as we navigate through this connected future, challenges will inevitably arise. One of the most pressing concerns is cybersecurity. With the proliferation of devices connected through 5G networks, the risk of cyberattacks increases, potentially exposing critical information and data (Tăbușcă & Tăbușcă, 2019). Organizations and governments must prioritize cybersecurity measures to protect against vulnerabilities that could result from increased connectivity.

Moreover, the concept of the "splinternet," or the fragmentation of the internet into different governance models, could further complicate the economic landscape. As nations adopt varying regulatory approaches to technology, the potential for conflict and economic disparity increases. This fragmentation could hinder the seamless functioning of global networks, impacting multinational businesses and collaboration (Spoerl, 2019).

Despite these challenges, the opportunities presented by advancements in networking are vast. The continued evolution of technologies such as AI, IoT, and Big Data in conjunction with 5G will be crucial in determining the trajectory of the global economy. Consider, for example, the data-driven insights that can be gleaned from the massive amounts of information generated by connected devices. Companies can utilize this data to improve customer experiences, develop new products, and create more efficient business practices.

In conclusion, as we look past the historical industrial technologies that have changed the world, the imminent advancements in networking technologies set to take place over the next few years will redefine our economic landscape. The integration of 5G, AI, IoT, and Big Data presents an unprecedented opportunity for innovation and growth. Nonetheless, addressing the accompanying challenges, particularly in cybersecurity and regulatory matters, will be essential for harnessing this potential effectively. By proactively engaging these advancements, we can work towards a connected future that is both economically vibrant and secure.

References

  • Bort, J. (2011). 10 Technologies That Will Change The World In The Next 10 Years. Network World.

  • Spoerl, B. (2019). 5G and the Impact It Will Have on Our Global Economy. Bazis Group | B2B Expert in Research.

  • Tăbușcă, A. & Tăbușcă, S.-M. (2019). Impact of 5G Technology in Global Economy. Cybersecurity and Legal Issues. Journal of Information Systems & Operations Management, 13(2), 177.

  • Evans, D. (2019). 5G’s Economic Impact: A Catalyst for Growth. Cisco.

  • IHS Markit. (2019). The Global Economic Impact of 5G Technology.

  • World Economic Forum. (2020). The Future of Jobs Report.

  • Gartner. (2021). Top Strategic Technology Trends for 2021.

  • McKinsey & Company. (2020). The State of AI in 2020: Accelerating Adoption.

  • OECD. (2021). Everything You Need to Know About 5G Technology.

  • Harvard Business Review. (2019). The Business Impact of 5G Technology.