The science of progress…Atta-ur-Rahman
Many exciting developments in the fields of science and technology are rapidly transforming the landscape of those countries that are investing in research and development.
Many of these innovations are disrupting the industrial sector and allowing major new players to emerge and dominate global markets. Some examples are presented here. One of the most rapidly evolving fields is that of Artificial Intelligence AI). AI, driven by the development of deep learning models, like OpenAI’s GPT-3 and GPT-4, has revolutionized how we interact with technology. One of the most significant impacts of AI and Machine Learning (ML) has been in healthcare. AI-powered diagnostic tools are helping doctors to identify diseases at earlier stages with greater accuracy.
For instance, AI algorithms can analyze medical images, such as X-rays and MRIs, to detect anomalies that might be missed by human eyes. Furthermore, AI is playing a crucial role in drug discovery, significantly reducing the time and cost associated with bringing new drugs to market by predicting how different compounds will interact with various biological targets.
In the finance industry, AI and ML are transforming how financial institutions operate. AI algorithms are used for fraud detection, risk management, and personalized financial services. Robo-advisors, which use AI to provide financial advice and portfolio management, are becoming increasingly popular. They offer customized investment strategies based on individual risk profiles and financial goals, democratizing access to sophisticated financial planning. Moreover, AI and ML are enhancing everyday consumer experiences. Virtual assistants like Amazon’s Alexa, Apple’s Siri, and Google Assistant rely on AI to understand and respond to user commands, making it easier to perform tasks such as setting reminders, controlling smart home devices, and accessing information.
In retail, AI-driven recommendation systems personalize shopping experiences by suggesting products based on individual preferences and past behaviors, increasing customer satisfaction and sales. The AI market size was valued at $62.35 billion in 2020 and is expected to reach $930.72 billion by 2028, growing at a CAGR of 42.2 per cent. This represents an annual growth of approximately $108.42 billion
The related field of robotics and automation has seen significant advancements over the past five years, transforming various industries and reshaping the future of work. Innovations in robotic technology, artificial intelligence, and machine learning are enabling the development of robots that can perform complex tasks with high precision and efficiency. These advancements are driving automation in manufacturing, logistics, healthcare, and other sectors, improving productivity, safety, and operational efficiency.
In manufacturing, robotics and automation are driving the concept of smart factories, where machines, robots, and systems are interconnected and communicate with each other to optimize production processes. Advanced robotics, combined with AI and the Internet of Things (IoT), enable real-time monitoring, predictive maintenance, and adaptive manufacturing. This results in higher efficiency, reduced downtime, and lower production costs.
Quantum computing too is poised to revolutionize the computing landscape with its promise of exponentially faster processing capabilities compared to classical computers. Quantum computers operate on the principles of quantum mechanics, utilizing quantum bits, or qubits, which can exist in multiple states simultaneously. This property, known as superposition, along with entanglement and quantum interference, allows quantum computers to perform many calculations at once. Companies like IBM, Google, and D-Wave have been at the forefront of this technological revolution, each achieving notable milestones. The quantum computing market was valued at $472 million in 2021 and is expected to reach $1.76 billion by 2026, growing at a CAGR of 30.2 per cent. The annual market growth is around $258.8 million.
Another important related development is that of 5G technologies. This fifth generation of mobile networks offers speeds up to 100 times faster than 4G LTE, with latency reduced to milliseconds. This enhanced performance enables real-time data transmission, which is critical for applications requiring instantaneous communication.
One of the most anticipated impacts of 5G is on the Internet of Things (IoT), where billions of connected devices can communicate seamlessly, leading to smarter homes, cities, and industries. Autonomous vehicles too will benefit from this technology. The autonomous vehicle market was valued at $54.23 billion in 2019 and is projected to reach $556.67 billion by 2026, growing at a CAGR of 39.47 per cent. The global IoT market was valued at $250.72 billion in 2019 and is projected to reach $1,463.19 billion by 2027, growing at a CAGR of 24.9 per cent. This represents an annual market growth of approximately $151.8 billion.
Turning to the energy sector, the transition to renewable energy sources has accelerated significantly in the last five years, driven by advancements in solar, wind, and energy storage technologies. Innovations in photovoltaic cells, wind turbine designs, and battery storage have made renewable energy more efficient and cost-effective. The integration of smart grids and energy management systems is enabling better distribution and utilization of renewable energy, which is crucial for combating climate change and ensuring a sustainable energy future.
Solar energy has seen remarkable progress with the development of high-efficiency photovoltaic cells and panels. Innovations such as bifacial solar panels, which capture sunlight from both sides and perovskite solar cells, known for their high efficiency and lower production costs, are pushing the boundaries of solar technology. Clean energy investments were approximately $500 billion globally in 2021. Assuming an average annual growth rate of 10 per cent, the annual financial impact is approximately $550 billion.
Genetic engineering is also making a huge impact on the health and agriculture sectors. CRISPR-Cas9 and other gene-editing technologies have revolutionized genetic research and biotechnology over the past five years. These tools allow scientists to make precise edits to DNA, enabling the correction of genetic defects, development of new therapies, and enhancement of agricultural productivity.
The potential of gene editing extends to curing genetic diseases, creating disease-resistant crops, and even bringing extinct species back to life. The biotechnology market size was valued at $449.06 billion in 2020 and is expected to reach $952.31 billion by 2027, growing at a CAGR of 12.3 per cent. This represents an annual growth of approximately $71.04 billion.
The key to socioeconomic development lies in the ability of nations to manufacture and export high-value-added high-tech goods. In this critically important area, Pakistan has failed dismally, and that is the major reason for the stagnation of our exports at $ 35 billion while tiny Singapore with no natural resources and a population one-fourth of Karachi has exports of over $ 400 billion.
Our leaders must wake up to the new realities and invest massively in quality education, science, technology, and innovation to transition to a strong technology-driven knowledge economy.
Courtesy The News