The technological industry is one of the largest and fastest-growing sectors of the global economy. Innovation and novelty within this field have been evident for decades now, as technology is gradually becoming an inseparable part of our daily lives. Our daily activities are almost unimaginable without gadgets and the internet. Everything nowadays is interconnected and technological solutions are substituting a growing number of traditional products and services.
In the modern economy, every industry is being changed on a daily basis. The technological sphere is one of the most profitable and important ones. Yes, it is absolutely enormous on its own with hundreds of mega-corporations working solely in the field of technology. However, the biggest impact it has on us is its influence over other industries that have been changing along with technological developments.
For instance, a good example of how technology is fostering growth through other industries would be the financial sector. Over the past few decades, this industry has gone through an unprecedented transformation, supported by technological advancement and innovation. Within a very short period of time, almost all parts of this sector were effectively digitalized to become what it is today.
Almost all commercial banks and other financial institutions come with eBanking platforms these days. Whether it is mobile banking or a web platform, a soaring number of people across the globe are choosing to use them over some more traditional means. It is quite natural and unsurprising as performing a financial transaction through a mobile application does not require leaving the house and wasting some valuable time. This is something that would not have been possible just a few years ago but now is a completely tangible reality.
Some nations are even striving towards becoming cashless in the nearest future. Sweden, the northern European country, wants to showcase itself as the first cashless society on earth. It has quite some potential since the nordic nation already has the lowest number of cash users in the world.
All of these obviously are great. Our lives are becoming easier with more convenient solutions and innovative gadgets. Yet, this major change and the entire process would have been impossible without the presence of particular geographical areas that are leading the way in technological innovation and novelty. The most notable, obviously is Silicon Valley in California, United States. This land in the southern part of the San Francisco Bay has become the global game-changer in terms of technology and innovation.
More international technology companies are based here than anywhere else in the world. Every big name in the industry we’ve heard of from Microsoft to Facebook and Amazon is headquartered and adequately represented in this small area south of San Francisco. This most certainly makes the area, the state of California and the United States, a global technological superpower.
Silicon Valley is obviously not the only area on earth with notable levels of innovation and big numbers of tech businesses. Such places are located all across the globe, but mainly in fast-developing or highly developed nations. Some of the most significant areas are concentrated in Europe. Yet, unlike the United States, the vast majority are well-integrated into major cities. Silicon Docks in Dublin or a number of areas in London and Berlin are commonly referred to as some of the most dynamic technological hubs in the world.
Emerging Africa: will it become the next global tech hub?
The African continent is now one of the fastest-growing regions globally. Countries across the continent are investing more-than-ever-before in smart technologies, innovative solutions, and the education of future generations. On this note, nations like South Africa and Ethiopia are putting their best efforts in trying to better their educational systems while offering a growing number of courses in STEM(Science, Technology, Engineering, and Mathematics) at different universities.
This most certainly is starting to pay back as the newly acquired knowledge is helping thousands in getting new jobs and starting careers. One of the best examples of this comprehensive process is Forex trading and its popularity in some of the African countries. South African government has been trying to increase access to the internet while providing knowledge and information about online markets to its citizens. As a result, the South African Forex brokers list is now growing incredibly fast. Even more, the country’s Forex market is one of the most sophisticated and future-oriented on earth.
Although Forex trading is a great added benefit, it simply is not enough to help the nation’s economy at a larger scale. This exactly is what Africa needs to bolster its place on the global map and better living conditions for tens of millions.
Fortunately, the efforts are seen and acknowledged by some of the leading corporations in the industry. South Africa, as well as countries like Ethiopia, Kenya, and Egypt, are gradually becoming top destinations for technology, STEM education, and research. The International Business Machines Corporation (IBM), one of the world’s largest computer hardware companies made a decision to open machine learning research centers in Africa. Their African hubs are now present in South Africa and Kenya. This is an enormous resource for the continent as a whole to develop and transform.
Moreover, countries are taking measures at the national level in an effort to attract businesses and discover talent, while giving a chance to startup companies to flourish without leaving the nation. Therefore, a number of nations have set up science and research centers to support ideas and their development. Konza Technology City in Kenya was created in 2013 and now is one of the leading on the continent. South Africa is also significant with Silicon Cape and Western Cape near Cape Town, as well as a globally acknowledged Technopark Stellenbosch.
The African continent is undoubtedly the most promising region in terms of sustainable, technology-driven economic development. Many of the countries there are starting development just now, without any critical infrastructure or essential resources, and have a chance to shape their green, innovative future today. It is hard to tell in what form the continent will replicate Silicon Valley of California, but the fact is that it will certainly become a global hub for innovation and technology.