Euromonitor International predicts that the global economy will pick up slightly in 2020, with annual real growth of 3.2%. We offer key insights from economy, finance and trade; cities; industrial; and sustainability perspectives. For example, 5G internet will spur connected cars capable of vehicle to everything (V2X) communication; blockchain will be used by manufacturing companies to trace their supply chain; and 2020 will be a defining year for countries’ renewable energy targets.
As thefourth industrial revolution (Industry 4.0) accelerates, manufacturers areexpected to increase investments in distributed factories. New technologiesenable small-scale and flexible production close to end consumers, which help toreduce transportation, time costs, as well as environmental impact. Distributedfactories are expected to primarily appear in economies with developedinfrastructure and large consumer markets.
AI isgradually moving into business operations, as companies look for new ways toboost productivity. However, high development costs of the technology and broadscope of current AI platforms (such as Google or Amazon) have prevented AIadoption. 2020 is expected to be a breakthrough year, as specialised AIplatforms for specific needs are emerging, in turn easing the adoption andcosts for companies.
Blockchaintechnology is already used in the financial and technology industries; however,manufacturing companies are also expected to start using this technology in2020. Blockchain could help manufacturers to trace their entire supply chain,and help to ensure quality and transparency of the production process. Thetechnology is expected to be primarily applied in the pharmaceuticals or miningindustries, where quality control and transparency are most important.
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