“Digital Transformation Europe.” What would it be like with Europe? The digital transformation of Europe’s economies and societies is accelerating. And now it is entering the next phase fusing in technologies.
This in turn gradually blurs the lines between physical, digital, and biological spheres. And at the same time, pushing the frontier of what computers are capable of doing so.
The Impact Of Emerging Technologies On Europe’s Economy And Society
A broad set of technologies fuels digital transformation. This ranges from mobile phones, personal computers as well as the infrastructure and connectivity. And up to the cutting-edge solutions. That open up previously unimaginable possibilities of what machines and human can do together.
Also, most of these technologies share advanced data processing and applications as a common theme. While others through digital applications represent a new business model and reinvent value chains.
AI and AI applications, such as autonomous vehicles have a high potential for social and economic impact. Advanced robotics,3D printing, and advanced materials unlock the potential for growth. Especially to industrial sectors where the EU has been traditionally strong.
Moreover, cloud computing, digital platforms, and related infrastructure tech have disrupted the technology business model. Aside from that, Smart Cities technologies translate digital technologies into better public services for citizens.
Starting Point For Digital Transformation Europe
To harness these technologies and reap benefits, Europe needs to leverage its strength as a large, well-educated industrial block.
But, still, in some areas, Europe is still lagging behind other leading regions. And also, large differences remain within and between EU member states.
So, as a solution, the Commission started addressing this with Digital Single Market initiatives. It’s also well-positioned to build on the foundation it has created. To take the next important step into the digital age.
Underlying Structural Strengths And Weaknesses
Europe has many strengths to build on to succeed. Aside from that, it has a large set of strong incumbent industries. And Europe enjoys an increasingly vibrant start-up scene.
Also, its economy is innovative and knowledge-based. It has a high-quality education and research. As well as strong public services, and World’s largest single market area.
But, still challenges persist. The fragmentation within Europe remains in many areas. One aspect is the language barriers. Also, there are different regulatory and taxation regimes. Additionally, cross-border businesses are still in a minority.
The Global Position Of Europe In Digital Innovation
Europe has a strong starting point in many areas. But, it’s still lagging behind other regions. Especially from the two largest national economies, the US and China. In which both heavily invest in their digital future.
In fact, Europe only attracted 13% of global venture capital and corporate funding in 2019. While China attracts almost half of the global venture capital into AI start-ups.
Europe’s Digital Policy
The Commission recognizes the importance of the digital economy. And the need for action at the European level to strengthen the position on a wide range of digital dimensions.
So the Commission has put forward an ambitious digital policy. This policy aims at breaking down digital barriers within Europe. As well as to establish Europe as a world leader in the digital economy.
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