Technological advancement is the generation of information and discovery of new knowledge that advances the scientific or human understanding. Therefore, technological advancement is the achievement of scientific progress as the overall innovation, invention, and diffusion of technology. Notwithstanding, technological advancement covers the commercialization of new inventions as an open source to societies around the world, characterized by the continuous improvement of the technologies. This research aims to analyze the rapid change of technology, recent trends and prospects, and when the advancement will slow down or stop in the foreseeable future.
The pace of technological growth is rapidly spreading, and most developing countries are narrowing the technological divide that lies between them and the developed nations (Eggers & Park, 2018). Nevertheless, technological growth particularly in the developed countries, has advanced significantly because of the speed of growth of new inventions and innovations. However, national progress and the spread of new technology is determined by the pace with which the existing technology is adapted and successfully applied throughout various economies around the globe (Eggers & Park, 2018; Liu, Guo, & Xiao, 2019). According to Martino (2018), technological advancement will not end any time soon. In fact, it will only progress further as people become more enlightened and innovative in the future. However, the pace of the spread of technology within a country is lengthy depending on the policies in operation.
The proliferation of technology occurs through interactions between individuals, firms, entrepreneurs and within governments. The forces behind rapid technological growth are equally contentious since mechanisms such as profits and capitalist institutions are essential for innovation to thrive. According to Eggers & Park (2018) innovativeness creates opportunities and rewards that impact on the demand for goods and services by determining the pool of potential innovators
Technological advancement also drives major economies, industries, improves people’s lives by making it more straightforward, and most of all increase business profits significantly. Additionally, financial markets play a critical role in the growth and pace of the spread of new technologies. For innovations to flourish, they have to get access to an adequate supply of capital and sufficient contracting to ensure that the primary investors and financiers get their ROI’s (Malecki, 2018). Therefore, the pace of the spread of technology primarily depends on both the mechanisms used to establish good governance and the availability of capital. Consequently, technological diffusion in the developing countries has benefited from the reorientation of the global production processes and adequate financing by international organizations. Notwithstanding, without the technological advancements, the critical dynamic knowledge-based economies of the world will experience slowed down development, and there would be a global skill shortage problem.
Technological advancement will not only grow in the future, but also benefit individuals and organizations significantly. Without the use of technology in the twenty-first century, it would be quite difficult for people and organizations to conduct business and communicate with ease. By and large, the benefits of technology outweigh the disadvantages. Similarly, technological diffusion has become more efficient through nationally and culturally linked groups and shared ethnicity. A set of complex factors drive innovativeness, which is financial support of technological development, intellectual property rights, and the supply of innovations. Individuals and corporations in the new global knowledge-based environment must realize that their success depends on their ability to implement and foster inventions and innovation as well as understand the new opportunities that are brought by technologies.
Eggers, J. P., & Park, K. F. (2018). Incumbent adaptation to technological change: The past, present, and future of research on heterogeneous incumbent response. Academy of Management Annals, 12(1), 357-389. https://journals.aom.org/doi/abs/10.5465/annals.2016.0051
Liu, D., Guo, X., & Xiao, B. (2019). What causes growth of global greenhouse gas emissions? Evidence from 40 countries. Science of The Total Environment. https://www.sciencedirect.com/science/article/pii/S0048969719302165
Malecki, E. J. (2018). Technological innovation and paths to regional economic growth. In Growth Policy in the Age of High Technology (pp. 97-126). Routledge. https://www.taylorfrancis.com/books/e/9781351121705/chapters/10.4324/9781351121712-5
Martino, J. P. (2018). Forecasting the progress of technology. In An introduction to technological forecasting (pp. 13-23). Routledge. https://www.taylorfrancis.com/books/9781351106450/chapters/10.4324%2F9781351106450-2