The Wants Of The Rising Tech Economic system
Addressing the needs of the emerging tech economy
There is currently a growing threat to the further development and growth of the world economy, technology sectors, and nearly all organizations in general. There is currently no solution to these critical shortcomings. The sum of emerging technologies is poised to disruptively change virtually every aspect of the world in which we live and work. Organizations and individuals have begun to wonder if they are ready for the near future? This has many forward-thinking individuals and organizations beginning to plan their way forward, given the impact this will have on all of us. It seems that many are optimistic about the future, although concerns about critical deficits are growing. This is surprising in that there are no quick and easy answers to these expected deficits.
The critical shortcomings
The transition to the digital economy is underway. This presents a number of challenges. One of them is the growing recognition of the increasing demand for raw materials, which will play an essential role in the future. It has been reported that the consumption of critical rare earth elements in high-tech industries is unsustainable. Many rare earth elements are used in the design and manufacture of semiconductors / microprocessors. Part of the general concern is that the availability of a number of these raw materials is becoming highly concentrated in a handful of countries, including China and Russia. It should be noted that while there are a few other countries with these critical elements, they have been widely reported to have a number of highly questionable practices. The concentration of these elements could raise prices and put pressure on governments and organizations. All of this has led to a number of research and development initiatives to increase the availability of critical minerals and rare earth elements in the supply chains of several other nations.
Currently, the high-tech economies of several countries are facing an increasingly critical shortage of semiconductors. Think of the growing demand for computers, game consoles, smartphones, and other high-demand consumer electronics. According to the latest estimates, the global consumer electronics market will be around $ 415 billion in 2021. The implications are clearly far-reaching. At the moment, the automotive industry appears to be one of the hardest hit areas. The automotive industry has already been forced to temporarily close product manufacturing facilities due to this problem. The global auto industry is projected to reach $ 80 billion in 2021. One has to wonder how high that number could be if this problem doesn’t exist.
There is a far greater shortcoming. The greatest critical deficit is undoubtedly the availability of a skilled workforce. A study by management consultancy Korn Ferry found that “by 2030, there could be more than 85 million vacancies because there are not enough skilled workers to take them on.” They went further and predicted that the economic impact of this talent shortage would be $ 8.5 trillion will be. That is more than the gross domestic product (GDP) of any country in the world except for China and the United States. Consider the added impact of not making advances in robotic and artificial intelligence and their ability to perform some of the current tasks!
All of the shortcomings discussed here require appropriately skilled human talent to meet the demand, and that demand will increase. It is clear that there are a number of additional critical shortfalls that will have global implications. For example, the trillions of dollars of new technology that will be deployed will require additional talent with new skills that are specific to each of them. This is what makes the lack of educators / teachers so critical. In 2019, the Economic Policy Institute said, “The teacher shortage is real, big and growing and worse than we thought.” The shortage is and growing in K-12, colleges and universities, technical training organizations. This shortage will have serious consequences for the future high-tech economy of the world.