Technological convergence like AI & Quantum tech to reshape industries and unlock new growth: WEF Report

India Gazette

2 days ago

New Delhi [India], June 4 (ANI): As multiple foundational technologies reach maturity simultaneously, a report by the World Economic Forum emphasised a critical shift in how this innovation is evolving.
The report mentioned that individual breakthroughs are no longer sufficient. The new frontier of innovation lies in the combination, convergence, and compounding of technologies, a process WEF captures in its 3C Framework.
The report said, 'While technology combination creates capability advantage, convergence translates this advantage into revenue growth by reshaping value chains and opening new market opportunities'.
The report identified eight advanced technology domains at the heart of this transformation. These include Artificial Intelligence (AI), Omni Computing, Engineering Biology, Robotics, Advanced Materials, Spatial Intelligence, Quantum Technologies, and Next-Generation Energy.
It says the domains are not just progressing in isolation but are increasingly blending to form integrated solutions capable of solving complex, real-world problems that were once thought to be impossible.
The 3C Framework of WEF consists of three interconnected stages. The first stage, Combination, involves merging technologies at different maturity levels to unlock new capabilities. An example is the combination of AI and quantum computing, which enables advanced atom-level simulation and molecular analysis that would not be possible through either technology alone.
The second stage, Convergence, is when these combined technologies begin to transform industry value chains and open up new business opportunities. A notable example is Blue Ocean Robotics, which integrated AI and spatial computing into its operations to transition from a hardware supplier to an innovation partner, greatly expanding its revenue potential and service offerings.
The third stage, Compounding, represents the point at which these converged technologies scale widely, leading to greater efficiency, cost reduction, and ecosystem formation.
The report highlighted that companies like NVIDIA have demonstrated how sustained innovation and timely combinations can fuel exponential growth and sustained market leadership. The WEF report offered a positive strategic outlook for businesses and policymakers who embrace technological convergence.
It highlighted the emergence of new business models, such as humanoid robots developed by Chinese firms leveraging their expertise in consumer electronics and autonomous systems.
Companies that align themselves with shifting value chains and deliver integrated, cross-domain solutions stand to gain a significant competitive advantage.
The report stated that governments, too, are encouraged to play a proactive role by ensuring regulatory clarity, investing in research and development, and promoting collaboration across sectors to foster innovation.
As convergence continues to gain momentum, industries such as healthcare, energy, and manufacturing are expected to undergo rapid transformation. This will include advances like personalised medicine, AI-driven industrial automation, and sustainable energy systems.
Ultimately, the report highlighted that those who understand and act on the synergies between technologies will be best positioned to lead in the decade ahead.
The report said, 'Multiple foundational technologies are maturing simultaneously, creating unprecedented opportunities for those who understand their combined potential'. (ANI)