Top 10 Knowledge Economy Trends in 2024 Uncovered

Technology has connected various parts of the world that were not connected earlier. It has spread across multiple fields, such as Artificial intelligence, cloud computing, cyber security, etc. Everyone knows how technology has changed our daily lives. But few of us know the great effect on the global economy as well. Accordingly, this Internet economy (Technology) will contribute 12–13% of our country’s GDP by 2030, according to Google, Bain & Company, and Temasek. When Technology has such an effect on the economy, it becomes essential to know the Technology economy trends. Also known as Knowledge Economy trends, because technology comes under knowledge.

The term knowledge economy trends was born because of technologies such as Information cloud Technology, blockchain, and digital system competency. These technologies have a huge influence on the economy, and this gave rise to a new subject called knowledge economy.

Top 10 Knowledge Economy Trends

1. Automation

It is visible in front of our eyes. Automation has changed the Defense industry. Advanced tankers produced by countries can load ammunition. In the textile industry, printing fabrics is done by automation. Further, it is in the transportation industry, where automatic cars are under trial by large companies such as Tesla.

2. Information Cloud Technology

         The name ‘cloud’ was born because the services offered can be 

accessed remotely with an Internet connection. The services it offers are checking data, data storage, and retrieval, testing apps, and audio-video streaming. Cloud computing processes large amounts of data by sending it into cyberspace. This technology doesn’t just store and give knowledge whenever you need it. This itself is a piece of knowledge, as it stores big data. This is the reason it is one of the knowledge economy trends.

There are three types of services offered by cloud computing. 

• software-as-service (SaaS)
• Infrastructure-as-a-service (Iaas)
• platform-as-a-service (Paas)

The advantage is that software upgrades can be done easily through high-speed internet if the service provider provides it through the cloud.

3. Open Innovation and Science

Open Innovation means using technology, materials, skill sets, and other knowledge or working with other organizations. The pandemic gave a boost to open innovation. 

Here is an example: The entrepreneur residence program has permitted Cisco Webex to allow entrepreneurs to share ideas in return for joining their startup incubator Program.

There are two types of open innovation:

Inbound open Innovation

It means accessing knowledge and skilled professionals outside the organization. Then, take data from the market and check it to Zero in on an idea.

Outbound open Innovation

This comes under knowledge economy trends and entrepreneurship. Here, the products that are developed within the organization are let out to get feedback, either through sales or the media.

4. Cybersecurity

Everything comes with a price. We often hear this phrase. Though data digitization has made data accessible to everyone and everywhere, it is prone to cyberattacks. Many startups are working in this field, which has a major effect on the economy. Out of all the Industries under knowledge economy Trends, this Industry is growing year by year.

Ex: Hackers Era gives services such as blockchain solution security assessment, penetration testing, and application security. It also works with telecom companies (2G, 3 G, 4G, 5G) to provide telecom signaling for their customers, thereby increasing security further.

5. Digital System Competency

Using Digital technologies for sharing, creating, maintaining, and building without any help is digital system competency. A person and organizations can make use of this technology to come up with solutions to problems. Indeed, Businesses are making use of gamification to keep gamers engaged.

Accordingly, the companies that are working in this field make use of this technology in education, healthcare, etc. It offers a good experience.

6. Blockchain

It records business transactions in an unchangeable ledger. There are two types of assets: tangible Land and intangible cash and patents. The former comes under tangible The latter are classified as intangible Assets. Blockchain can store data in non-destructible form. Business, Education, and Health care use blockchain Technology. It is also a technology in the knowledge economy Trends that can be used in various industries.

Business always has secret information, so blockchain technology makes sure it reaches the specified person, and only he/she can access the data. Thus, reducing the risk of Information falling into the competitor’s hands.

7. Knowledge analytics

Knowledge analytics helps us to know how important knowledge management is. This knowledge management has an impact on business and helps us make good investment decisions.

It comes under Business analytics. Its intention is to show the importance of knowledge management and how knowledge management helps in making good investment decisions. It helps in making excellent decisions, identifying patterns, and preparing early, helping to grab business opportunities which Includes knowledge management.

8. Quantum computing

It is an Emerging technology; these computers work on the basis of quantum physics. This is faster than any supercomputer and has high computational power. Normal computers store data in 0s and 1s but quantum computers store in qubits also known as quantum bits. physical systems are used to manufacture qubits, physical systems can be in many different positions at a time, known as quantum superposition. Under Knowledge Economy Trends this is unique because in some areas classical computers do outperform quantum computers.

As said earlier, it can take various forms at once. Ex: you need to write about overlapping atomic orbitals, as five different students do in an exam. Quantum computers work very well. Quantum computers have disadvantages; they are sensitive to heat, electromagnetic fields, and air molecules.

9. Robotization

This automates processes that require critical thinking, creativity, etc. This is a device created to perform specific tasks and work based on pre-defined instructions. which is inserted through coding. The misunderstood part here is robots are not just physical machines but also chatbots, which means they could exist as software as well.

10. 5G Knowledge Network

This technology also uses radio frequencies, but the frequencies are higher. The millimeter waves are higher bands utilized by 5G however this is easily blocked by Physical objects.

To solve this problem, 5G has placed many input and output antennas, which are going to boost the signals. To make sure businesses are not affected by regular traffic separate network trails are undergoing.

Next Path

Knowing the growth of  Knowledge economy trends, one feels that one should learn any of these technologies. Why check for institutes that provide these courses when Henry Harvin itself provides them?

Henry Harvin courses

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