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How new technologies could accelerate growth

How new technologies could accelerate growth

We take a view at how emerging technologies offer the promise of faster growth in productivity and incomes after a decade when weak ,productivity growth became part of the ‘new normal’.

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Yael Selfin - Chief Economist at KPMG in the UK.

Chief Economist

KPMG in the UK

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We explore the economic changes potentially prompted by these technologies and how different sectors might fare in what is sometimes referred to as the ‘second machine age’. We expect the greatest impacts to be felt in:

  • Transport and logistics, with the advent of electric and autonomous vehicles transforming automotive, transport and insurance.
  • Manufacturing, where 3D printing, the internet of things and industrial robotics will transform production.
  • Financial services, where artificial intelligence (AI), machine learning and digital business models offer new ways to provide financial services. We look in particular at five technologies we expect to have a significant impact on these sectors and the broader global economy.
  • The internet of things – the addition of sensors and internet connectivity to machines, warehouses and other physical infrastructure, enables tracking and automatic verification and responses.
  • Machine learning and AI – it is increasingly possible to automate decision making, as well as some of the tasks that are currently performed by humans; radiology and accounting1 are just a few examples of professions at risk of automation.
  • Industrial robotics – even more highly automated manufacturing will enhance both productivity and the flexibility of manufacturing.
  • 3D printing – objects built up from materials on site enable benefits such as local production of more complex part.
  • Autonomous vehicles – this is a specific but important application of machine learning.

Read our report - How new technologies could accelerate growth.

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