A new report highlights technology’s potential to create new market opportunities worth US$15 trillion, while driving sustainable development and helping to create a secure and better future for all.
The estimated US$15 trillion potential opportunity spans multiple development pathways, including inclusive digitisation, clean energy and food systems, each offering multi-trillion-dollar opportunities. However, creating these opportunities requires countries to embrace more open and transparent markets to attract and implement scaled transformative solutions, noted the report from Force For Good.
UNLOCKING POTENTIAL MARKETS
The report, entitled “Technology as a Force for Good: Catalyzing New Markets Globally”, highlights nine “big ideas” – proven, scalable solutions drawn from public, private and non-profit sectors aligning with global development objectives – as the key to unlocking new markets, particularly across the Global South. Here are some of the key findings:
- Nine “big ideas”: Innovative, technology-enabled solutions can drive United Nations Sustainable Development Goals (SDG) progress to nearly 90% from the current 66%, addressing the annual US$14-17 trillion funding gap.
- Massive economic opportunity: Deploying these solutions globally can unlock a US$15 trillion annual market opportunity, creating opportunities exceeding US$100 billion each in 30 countries.
- Digital inclusion: Universal technology access could digitally empower over 4.4 billion people worldwide, breaking structural barriers and enabling participation in the digital economy.
- 19 core technologies: Emerging, rapidly scaling technologies, including Artificial Intelligence, Renewables and IoT, are projected to generate US$61 trillion in economic value by 2030, shaping the future of economies and societies.
- Geopolitical rivalries: The global race for technological dominance, particularly between the US and China, will determine the balance of power and the trajectory of the future, highlighting the importance of collaboration over competition.
INTERNATIONAL COLLABORATION IN TECH
Technological leadership also emerges as a critical geopolitical factor. While US companies currently lead across nearly all the most critical technologies, China and the EU are intensifying their focus. With the transition to the Information Age posing significant economic and geopolitical risk, international collaboration rather than competitive rivalry is needed to manage this transition peacefully and equitably.
“This report offers a roadmap for transforming global challenges into opportunities. By rolling-out scalable solutions and leveraging technology, we can create a sustainable, secure, and superior future that leaves no one behind. To do so, governments around the world need to turn implement policies that turn unmet needs into attractive opportunities,” concluded Ketan Patel, Chair of the Advisory Council for Force for Good, which is on a mission to mobilise capital, resources and ideas to drive positive global change for a more secure, sustainable and superior future for all.
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