Source: McKinsey Global Institute

Technology Trends – Economic Impact

Technology Trends – Economic Impact

In this Washington Post article,  the author suggests that short-term economic indicators (e.g., jobs report, Feds latest policy meeting) don’t really impact our lifestyle and standard of living.  Instead,  it is innovation that impacts us.

The temptation for futurists is to identify the new and exciting technologies.  Associates from the McKinsey Global Institute have attempted to predict those innovative technologies  that will impact the U.S. economy most significantly.

Some of the exciting new technologies such as 3D printing and renewable energy are not anticipated to have a large economic impact by the year 2025.  Below are highlights from the list that the McKinsey associates came up with:

  1. Mobile Technologies
  2. Automation of Knowledge Work (e.g., computerized voices that handle many customer service calls)
  3. Internet of Things:   embedding sensors to monitor the flow of products through a production line
  4. Cloud
  5. Advanced Robotics
  6. Autonomous Vehicles
  7. Next Generation Genomics
  8. Energy Storage
  9. 3D Printing
  10. Advanced Materials
  11. Advanced Oil and Gas Exploration and Recovery
  12. Renewable Energy
These 12 technologies will drive our economic futureMost of the writing you see about the economy speaks to narrow questions: What will growth be this year? When will the unemployment rate get back to normal? And so on. But the things that will determine standards of living a generation from now have almost nothing to do with this month’s jobs report or the Federal Reserve’s latest policy meeting. Those determinants, instead, depend on companies’ innovations – in particular, whether those innovations turn out to have major economic consequences. Researchers at the McKinsey Global Institute, the in-house think tank of the giant consulting firm, have a new study in which they have taken their best shot at predicting exactly that. They have scoured the range of potential disruptive technologies and done their best to estimate how transformative each might be for the U.S. economy. Their results are hardly definitive – we can’t know what the future holds – but represent a serious effort by some smart people to quantify what appear to be some major forces shaping our technological future. And the results have some important implications for how we think about innovation.

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