As digital technologies emerge, their integration into existing product categories, services and business models is what makes them stick. Transforming whole industries, digitalisation fundamentally changes the ways in which our markets act, which results in cultural changes within business and societies alike.
Despite all the progress for industrial and consumer use cases, we are still at the very beginning of exploring the use of AI systems. The dynamic of innovation within AI is unique for a technology that so quickly has become the underlying framework of our daily digital lives.
The 5G standard allows for real-time data transmission which is required by most IoT technologies. Sensors for Connected Mobility, Smart Grids and many more rely on the power of 5G. IoT platforms are a key driver of Industry 4.0 and other digital business models.
In the Industry 4.0, people, machines and systems connect and form new types of value creation networks. This ensures resource conservation, efficiency gains and emission reductions. Industry 4.0 can leverage Europe's position in the manufacturing sector.
Improving the efficiency of business processes, better implementing compliance guidelines and increasing customer satisfaction are all effects of the Robotics industry. Hardware robots help reliably with service or manufacturing, while software robots ensure efficiency through Robotic Process Automation.
Using data to create value lies at the core of most digital business models. In the Data Economy, data sharing is an enabler for vastly improved products and services across industries, or even impactful new technologies.
Europe has the potential to establish itself as a sovereign region for financial technology and thus drive forward the digitalisation of the financial and insurance sectors. Digitalising these sectors increases potential for innovation, security and transparency.