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When we look past industrial technologies that changed the world, the Printing press in the 15th century, Steam engine in the 18th century, Electricity in the 18th century, Telegraph in the 19th century and the Internet int the 20th century. It is noticeably evident that networks have drastically changed over the last 30 years and are still changing today. Within the next 5-10 years, networking, we know today, will be advanced, which will impact the global economy. Notable examples of such advancement in networking can be seen in the market penetration of 5G, “the network of networks”. According to a study by IHS Markit in conjunction with Dr. David Teecethe, 5G will propel mobile technology into General Purpose Technologies, creating more connections and over $10 trillion in economic benefits (Spoerl, 2019). While this figure stands to be high, it only represents a fractional impact of the full capability of 5G technology.

Other technological elements that will impact networking and the global economy in the next 5-10 years identify with Artificial Intelligence, Internet of Things, and Big Data in zettabytes. According to Cisco chief futurist Dave Evans, these networking technologies employ an exponential change rate, which will impact technology just as much as the global economy (Bort, 2011). By advancing computation power and capability, economic activities will be enhanced, and this will impact economics that identifies with industrial sectors, telecommunication sectors, and service sectors, among others. Arguably, with the rise of networking technology, the era of splinternet will be at its full-blown peak, and this will alter the global economy indefinitely.

And also, when we see and live in a connected future, cyber security needs to be more focused. When more and more devices are linked to the worldwide network, data can be uploaded and accessed through 5 G connections, all of these connections have the risk for hacking, revealing confidential or even critical information to unauthorized individuals (TĂBUȘCĂ, 2019).

Reference:

Bort, J. (2011). 10 technologies that will change the world in the next 10 years. Network World. https://www.networkworld.com/article/2179278/10-technologies-that-will-change-the-world-in-the-next-10- years.html

TĂBUȘCĂ, A., & TĂBUȘCĂ, S.-M. (2019). Impact of 5G Technology in Global Economy. Cybersecurity and Legal Issues. Journal of Information Systems & Operations Management, 13(2), 177.

Spoerl, B. (2019). 5G and the impact it will have on our global economy. Bazis Group | B2B EXPERT IN RESEARCH. https://bazisgroup.com/5g-and-the-impact-it-will-have-on-our-global-economy/