The Rapid Growth of Technology

The history of technology dates back 2.5 million years when the first hunters began using axes to hunt and cut meat with sharp stones. These early hunters also used wood and bones for tools and fur for warmth. Around two million years ago, humans learned how to make fire. Not only did fire help them survive, but it also provided light and warmth. It also changed their diets. Eventually, people developed tools like hammers, chisels, and saws.

The rapid growth of technology means that organisations must adapt to these rapid changes, train employees, and create an environment that fosters innovation. Today, digital technology is integral to many business models. Mobile devices such as smartphones are gaining ground faster than organisations can keep up with them. According to Moore’s Law, the capacity of microprocessors doubles every 18 months, resulting in lower prices for products and services. This rapid adoption of technology is driving changes in business models and consumer behavior.

The rapid growth of technology is also accelerating. According to Moore’s Law, the number of transistors on integrated circuits doubles every two years. The number of transistors is directly related to the speed and cost of digital electronic devices. Moore’s Law applies to a broad range of technological measures such as processing speed, product price, memory capacity, and the number of pixels in digital cameras. In the past half century, this trend has been observed.

The development of technology has transformed society. Earlier, in the Neolithic era, farmers worked in the fields. But with the invention of the steam engine, society underwent the largest transformation since the Neolithic age. As a result, more people began working in factories. The Second Industrial Revolution spanned the last half of the nineteenth century and the early twentieth century, accelerating the rate of technological change. The widespread use of oil allowed the development of transportation.

The rapid growth of technology is affecting the future of every industry. The pace of technological change is outpacing the population’s ability to adopt it. A recent study predicted that technology would double every 18 months by 2022. However, this increase in productivity has fueled worries of global chip shortages in the future. With the advent of artificial intelligence and machine learning, artificial intelligence (AI) will play an increasingly important role in almost every industry.

While this growth has been accelerating at a rapid pace, we cannot deny its impact on society. According to the World Economic Forum, the world’s population will use more than $2.5 trillion of IT over the next two decades. It is estimated that 33% of this budget will go toward hardware, with the rest going towards apps and related software. In the next two decades, every consumer will have at least 15 connected devices. By 2025, the number of users of wearable artificial intelligence (AI) will grow to four billion.

The adoption of digital banking services by developing nations could result in the creation of 95 million jobs and a 3.7 trillion dollar GDP. In developing nations, more than 80% of adults own smartphones and five percent of them use a bank account. By 2025, mobile technology will empower people and provide them with financial access. By 2025, it is estimated that mobile sales will account for 72.9% of all eCommerce sales. In addition, a growing number of mobile devices are transforming the way people interact with one another.

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