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Most innovation is directly or indirectly driven by new technology — even business model innovation and changed consumer behaviors — and the way new technology transforms our world and various markets. In this way then, an understanding of new technology and its impact is a prerequisite to be able to innovate, and to do it constantly. So, how are emerging technologies, such as 5G, artificial intelligence, and virtual and augmented reality contributing to innovation? They do it mainly in three overall ways:. New technology has a huge impact on markets and market dynamics.

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The notion was that motor racing technology would sooner or later trickle down to the road car world. While that was certainly the case for some innovations and inventions, it was not necessarily true on a large scale. The challenges of Formula One were often too specific or the cost for industrial-scale production too high to introduce certain technologies in production vehicles. This, however, has changed in recent years. Since the introduction of full hybrid powertrains, F1 technology has become more relevant for road cars than it has ever been before.

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Finding the insights hidden in oceans of data can transform entire industries, from personalized cancer therapy to helping virtual personal assistants converse naturally and predicting the next big hurricane. Data scientists, researchers, and engineers can now spend less time optimizing memory usage and more time designing the next AI breakthrough. From recognizing speech to training virtual personal assistants and teaching autonomous cars to drive, data scientists are taking on increasingly complex challenges with AI.

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