The world is witnessing an increasing confluence of rapidly advancing technologiesas we head deeper into the 21st century. There is considerable and growing interest in the emergence of various advanced technological possibilities. Emerging Technologies are radically novel and relatively fast-growing with the potential to exert a considerable impact on the socio-economic domains.Emerging Technologies have assumed increasing relevance for their perceived ability to change our lives. Emerging Technologies will change the way we work, we live, and we communicate. Emerging Technologies affect the economy and the politics, improve medicine, or influence the culture of human community.The use of modern technological advancements has become a cornerstone of human social life. Human societies are experiencing significant and rapid development due to these technologies. Under the highly globalized and competitive world economy conditions, technology-oriented competitiveness strategy is vital for organizations to attain sustainable long-run growth.Keeping in view the above, inclusion of “Emerging Technologies”as a course in the curriculum of management education would be highly desirable. With the world moving towards fulfilling the demands of the Industry 4.0 Standard, to make the next generation business managers abreast of the forthcoming technological trend would be essential.
Researchers at University of Sussex, UK defines Emerging Technology as “a radically novel and relatively fast growing technology characterised by a certain degree of coherence persisting over time and with the potential to exert a considerable impact on the socio-economic domain(s) which is observed in terms of the composition of actors, institutions and patterns of interactions among those, along with the associated knowledge production processes. Its most prominent impact, however, lies in the future and so in the emergence phase is still somewhat uncertain and ambiguous”(Working Paper Series SWPS 2015-06). Whether it is the first use of fire by man or the space mission to another planet in the universe, innovations are the major catalysts behind the success of the mankind. Innovations expand the human intellectand its creative and expressive capabilities. Over centuries, innovative methods and new technologies have been developed. In recent years, the world is witnessing the rapidly advancing science and its embodiment in Emerging Technologies. This has resulted into extensive global diffusion of knowledge.
The term "Industry 4.0" was initially coined by the German government which describes a set of technological changes in manufacturing and sets out a policy framework with the purpose of maintaining the global competitiveness of German industry.Generally, Industry 4.0 refers to the means of automation in manufacturing technologies including artificial intelligence, Cyber-physical systems, Internet of Things (IoT), big data and analytics, augmented reality, additive manufacturing, simulation, autonomous robots, and cloud computing.It serves as a role to help integrate the intelligent machines, human actors, physical objects, manufacturing lines and processes across organizational stages to build new types of technical data, systematic, and high-agility value chains.
The Emerging Technologies generally identifies three technology trends that appear to be of great importance for organizations facing rapidly accelerating business innovation. These are:
Transparently immersive experiences: Technology will continue to become more human-centric to the point where it will introduce transparency between people, businesses, and things. This relationship will become more entwined as the evolution of technology becomes increasingly adaptive, contextual and fluid within the workplace, at home, and interacting with businesses and other people. Some of the Emerging Technologies that can be considered for this experience are - Brain-Computer Interface and Human Augmentation, Connected Home, Nanotube Electronics, and Augmented Reality and Virtual Reality.
The perceptual smart machine age: Smart machine technologies are likely to be the most disruptive class of technologies over the next 10 years. This is due to radical computational power, near-endless volume of data, and unprecedented advances in deep neural networks that will allow organizations with technologies to harness data in order to adapt to new situations and solve problems that people did not encounter previously. Some of the technologies are - Machine Learning, Virtual Personal Assistants, Smart Data Discovery, Smart Workspace, Smart Robots, Drones, and Autonomous Vehicles.
The platform revolution: Emerging Technologies are revolutionizing the concepts of how platforms are re-defined and used. The shift from technical infrastructure to ecosystem-enabling platforms is laying the foundations for entirely new business models that are forming the bridge between humans and technology. Some key platform-enabling technologies to track are – Quantum Computing, Blockchain, IoT Platform, and Software-Defined Security.
The Emerging Technology course can be designed to give a wide exposure to various Emerging Technologies, where some of them are already in use and many are at different stages of development. Impact of Emerging Technologies can be discussed in the light of international, political, social, economic, and cultural factors.Some of the Emerging Technologies that can be covered depending on the area of specialization of students are Artificial Intelligence and Robotics, Driverless Vehicles, Drones, Big Data, Blockchain, Internet of Things (IoT), Botnet of Things, Virtual Reality (VR) and Augmented Reality (AR), 3D Printing, Machine Learning, Pay by Phase, 360 Degree Cameras, Space Technology, Nanomaterials and Nanosensors, Hot Solar Cells, Pervoskite Solar Cells, Cloud computing, Quantum Computing, Serversless Computing, Edge Computing, 5G Networks, Biotechnology, Neurotechnology, Reverse paralysis, Gene Therapy, Human Cell Atlas, Optogenetics, and Organ-on-Chips.