Emerging Technology - Industry - Global Market, Share and Trends 2023-2028

Summary of Emerging Technology

Emerging technologies are disrupting industries and transforming our lives at an unprecedented pace. From artificial intelligence and robotics to blockchain, augmented reality and the Internet of Things – innovative applications of these technologies promise to deliver immense social and economic benefits in the coming years. The global emerging technology market is poised to move at a CAGR of 15.18% from $2360 Billion in 2023 to $5712.6 Billion in 2029.

However, their development also raises new challenges around jobs, skills, privacy and equitable access that need addressing. This report examines the current state of some of the most promising and disruptive technologies, as well as the opportunities and challenges they present for businesses, governments and society.

AI in particular has seen tremendous advances in machine learning and deep learning, enabling applications that range from intelligent virtual assistants to medical diagnostics to autonomous vehicles. Advancements in robotics have also increased their versatility and applications beyond industrial uses.

Blockchain’s decentralized nature is enabling novel applications beyond cryptocurrencies, in areas like supply chain management, digital identity and voting. Augmented and virtual reality are enhancing training and education while boosting entertainment. The growing network of internet-connected devices under IoT is improving efficiency in domains like smart cities and infrastructure.

Recent Trends and Insights

Global investment in emerging technologies surpassed $400 billion recently wherein North America & APAC emerging as major hubs of innovation. Venture capital funding for AI startups reached a record high. Our analysis on upcoming technology trends, recent investments and regional breakdowns indicate that global IT spending will reach $4.6 trillion in 2023, with spending on new technologies expected to hit $1.36 trillion in 2023.

Adoption of cloud computing and edge computing is enabling more powerful and affordable computing resources to develop new applications of technologies like AI and IoT. 5G networks are laying the groundwork for billions of connected devices.

While technologies like AI, robotics and 3D printing can potentially automate many jobs, they also create new job categories requiring specialized digital skills. Reskilling and upskilling workers is important to ensure an inclusive digital transformation. Additionally– over a trillion U.S. dollars have been spent on industrial digital transformation across a few sectors.

Issues around data privacy and security grow in importance as technologies become more pervasive in our lives. Regulatory frameworks need strengthening to build public trust without stifling innovation. International cooperation will be important to responsibly develop emerging technologies while mitigating risks from their misuse. Standards around issues like facial recognition need to be debated.

Product Insights

Explainable AI (XAI) is a collection of processes and techniques designed to ensure that people understand AI systems. Specifically– XAI works by building a surrogate of an AI model that approximates its inner workings. XAI can be applied to various domains, such as healthcare, finance, education and security.

Intelligent Agents (IAs) are software that can make decisions or perform a service based on its environment, user input and experiences. Similar to bots and robotic process automation (RPA) technologies, IAs can be deployed using a combination of RPA, digital process automation (DPA), business rules, machine learning (ML), natural language processing (NLP) and conversational AI. As such– IAs can support self-service and conversational virtual agents.

Privacy-Preserving Technologies (PPTs) include technologies such as privacy filtering for accessing personal data, security controls for data processing and use and controls to secure the environment where data processing happens. Advanced PPTs include homomorphic encryption, multi-party computation, confidential computing, de-identification, anonymization, pseudonymization, synthetic data, federated learning, data masking and runtime encryption.

Autonomous Vehicles (AVs) are robotic vehicles that are designed to travel between destinations without a human operator. For a vehicle to qualify as fully autonomous, it must be able to navigate without human intervention to a predetermined destination over roads that have not been adapted for its use.

Key Companies

Some major players within this vast domain of industry are

• Alibaba
• Ant Financial
• Samsung
• Huawei
• PayPal
• Blackboard
• Delivery Hero
• BYJU’S
• Enablon France SA
• GE Healthcare

Regional Analysis

North America is the largest and most advanced market for emerging technologies, with a market size of $578.2 billion and a CAGR of 17.49% for the period 2023-2028. The region is driven by the high adoption of cloud computing, artificial intelligence, blockchain, 5G and IoT across various industries, such as healthcare, finance, education and government. The region is also home to some of the leading players and innovators in the emerging technology market, such as Google, Microsoft, IBM, Amazon, and Tesla.

Europe is the second-largest and fastest-growing market for emerging technologies, with a market size of $495.6 and a CAGR of 17.73% for the period 2023-2028. The region is driven by the strong support and investment from the European Union and the national governments for the development and adoption of emerging technologies– especially in the areas of digital transformation, green economy and social inclusion. The region is also a hub for research and innovation in the emerging technology market, with some of the leading universities and institutes, such as ETH Zurich, Oxford and Fraunhofer.

Asia-Pacific is the third-largest and most diverse market for emerging technologies, with a market size of $1,087 billion and a CAGR of 12.63% for the period 2023-2028. The region is driven by the rapid growth and development of the emerging economies, such as China, India, Japan and South Korea– which are investing heavily in the emerging technologies to enhance their competitiveness and productivity. The region is also a source of demand and supply for the emerging technology market.

Market Segmentation

By Type:

• Information Technology
• Biotechnology
• Robotics and Automation
• Internet of Things (IoT)
• Nanotechnology

By End User:

• Healthcare and Life Sciences
• Finance and Banking
• Manufacturing
• Energy and Environment
• Transportation

By Sub-Sector:

• Startups and Innovators
• Corporate Enterprises
• Government and Public Sector
• Research and Development
• Consumer Electronics

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Our Methodology

We have offered a well-founded review of the global emerging technology industry along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.