Digital industries represent a huge growth opportunity and are set to outpace physical industries in the coming decade.
This is according to Fuad Siddiqui from Nokia Bell Labs, who was speaking at the 2019 MyBroadband Conference.
Siddiqui focussed on “innovating to socio-economic prosperity” in his presentation, which will be driven by the ICT sector.
Quoting Paul Krugman, who stated that “productivity isn’t everything, but in the long run it is almost everything”, Siddiqui detailed how technology can create huge efficiencies in how companies work.
This is not lost on companies, and ICT investments represent 70% of total investments by businesses.
Digital industries will also outgrow physical industries by a large margin the coming years, he stated.
According to The Technology CEO Council, the 15-year average annual growth rate of the industries will be:
- Physical Industries – 0.7%
- Digital Industries – 2.7%
This is thanks to segments like IoT, which has a predicted 2025 value of $3.8 trillion to $11 trillion – making up to 11% of the global economy.
Siddiqui also spoke about transhumanism – where there is a move to fundamentally improve the human condition through applied reason.
This includes the development of technologies to eliminate aging and enhance human intellectual, physical, and psychological capabilities.
Augmented intelligent thinking systems, hyperspectral sensory devices, digital nervous systems, and physical actuation systems are several of the components which are key to this drive.
The augmented digital human network will require capacity (more spectrum), reliability (channel redundancy and robust modulation), and good latency (a shorter path) to succeed, said Siddiqui.