Digital Economy Trends 2024

DIGITAL
ECONOMY
TRENDS
2024
TABLE
OF CONTENTS
01. Foreword 03
02. Executive summary 04
03. Introduction 12
04. Digital Economy Trends 15
05. Methodology 112
06. Terminology & Glossary 115
07. References 120
08. Acknowledgments 133
Disclaimer and Copyrights: The Digital Cooperation Organization (DCO) Digital Economy Trends 2024 report is developed for
the sole purpose of facilitating public debate globally. This report does not necessarily reflect the official views of the DCO
Member States, nor the official position of any staff members. Data related to the digital economy trends is compiled from recent
international sources that are cited, and the data is represented as accurate as it is stated in the source. The DCO does not take
any responsibility for the data that may be inaccurate. The names of companies, entities, products, services, etc. mentioned in this
document are not intended as an endorsement or referral to by the DCO, its Member States, or staff members.
© 2023, The Digital Cooperation Organization, all rights reserved.
2
Foreword
DCO Digital Economy Trends 2024
We live in an era characterized by unparalleled providing an outlook on digital economy trends for
innovation, where the Digital Economy is exponentially those who aspire to shape and be part of the growing
growing due to rapid technological advancement and global digital agenda. This aligns with the Digital
digital transformation. Understanding how the digital Cooperation Organization's mission of 'achieving
economy is performing now, plays a pivotal role in social prosperity and growth of the digital economy
shaping how governments, businesses, and civil by unifying efforts to advance digital transformation
societies operate. and promote common interests’.
As the Digital Cooperation Organization embarks on a As we delve into these trends, we invite you to join us
journey to explore the dynamic landscape of the digital in reflecting and embracing the profound impact they
world, it is with great excitement that we present the have on governments, businesses, and civil society.
first edition of the "Digital Economy Trends in 2024”
report, where we delve into the emerging trends We extend our gratitude to the experts and industry
that are shaping our future. We offer our distinctive leaders who contributed their breadth and depth of
viewpoint on the digital economy, formulating a 'how- insights and expertise to this endeavor, bringing the
to guide' for each of the trends, covering implications best of our global ecosystem together to enable digital
and recommendations for stakeholders across the prosperity for all.
global digital economy ecosystem, ensuring there's
something valuable for everyone who aspires Deemah AlYahya
to contribute to the growth of an inclusive and Secretary-General
sustainable digital economy. The Digital Cooperation Organization
As we strive to become a reliable information provider

and advisor, it is our commitment to ensure that
our findings are not only insightful but actionable,
3
02.
Executive
Summary
4
Digital Economy Trends Executive Summary
Executive Summary
In the inaugural edition of the DCO Digital Economy Trends report, we uncover a digital economy
roadmap for 2024, that not only drives public and private sectors into a new era of digitization, but
also redefines the future of our civil society. The shift of this technological paradigm is projected
to unleash a series of opportunities across six themes that will exert significant influence over
the digital economy in 2024:
Artificial Trust Digital Smart Green

Cybersecurity
Intelligence Economy Reality Ecosystems Economy
Applying our state-of-the-art methodology, thought

leadership, experience from international technical and
visionary experts, coupled with insights from global think
Each of the themes identified comprises
tanks, has allowed us to anticipate how each trend's
several trends that collectively shape
disruptive influence can be hypothesized, envisioned,
the future of the digital economy.
approached, and actioned in 2024.
Our analysis covers the fueling enablers for the trends identified, which serve as catalysts to
drive the effective adoption and evolution across the six themes with the potential to shape the
digital economy in 2024. The key enablers identified for 2024 are:
Digital Digital Emerging Digital Digital

Infrastructure Government Technologies Transformation Data Skills
Moreover, stemming from the DCO's role as an information provider and advisor, our report
includes implications and recommended actions, ranging from guiding the implementation of
digital technologies, targeting global priorities, applying appropriate governance for the adoption
of trends, or even redefining business priorities, to contribute to the growth of the global digital
economy.
These key takeaways are provided and tailored to the requirements of all relevant digital economy
stakeholders, including public and private sectors, and inter-governmental organizations.
5
Before we delve into the detailed digital economy trends identified for 2024, a summary of the six
core themes and associated trends is presented below:
Artificial Intelligence
In the past few years, AI, and particularly generative AI (GenAI) models have significantly expanded
their reach and sophistication, facilitating applications across sectors ranging from creative
media to healthcare. GenAI is envisioned to play a pioneering role in cutting-edge software
development, driving AI-powered digital government, and also contributing to accelerate
environmental sustainability. The transformative impact of GenAI on the digital ecosystem
is projected to expand its market to USD207 Bn by 20305. This holds significant implications
and associated recommended actions for all stakeholders, as concerns related to ethics,
misinformation, and bias are required to be managed.
Key Recommended Actions:
01 Public Sector 02 Private Sector 03 IGOs, IOs,

and others
Create controlled testing Engage with regulators Foster global

environments with flexible to keep AI regulatory collaboration around AI
AI regulatory frameworks frameworks aligned with governance.
to foster innovation while innovation and business
ensuring responsible needs.
practices.
Collaborate with the Embrace a culture of AI Encourage academics,

private sector to prioritize “coopetition” through industry leaders,
investments in AI digital joint research consortia and NGOs to join
skills and requisite and shared service international forums
infrastructure. platforms. to build partnerships
and converge on
unified standards for AI
technologies.
Establish transparency and Prioritize the
accountability measures implementation of
for secure, responsible, AI cybersecurity,
and sustainable data privacy, and
applications of AI. sustainability measures.
6
Trust Economy
Blockchain technology has evolved into a transformative force, transcending sectors to fuel
a ‘trust economy’. It has witnessed increased adoption in various sectors, including financial
services, healthcare, supply chain, and logistics.
Blockchain promises to impact and redefine sustainability initiatives and next-generation
governments' modus operandi, enabling trust, transparency, and accountability to boost the
digital economy.
This progress hinges upon recommended actions, including the establishment of a robust and
standardized regulatory framework, the enhancement of workforce skills, and collaborative
efforts to promote digital preparedness for the required seamless interoperability.

and others
Develop national Evaluate existing Encourage collaboration

strategies for the adoption technology infrastructure in developing common
of blockchain, including through comprehensive standards, to foster
sectoral ambitions and impact assessments a strong regulatory
initiatives, in collaboration prior to integrating with landscape for
with the private sector. blockchain solutions, to blockchain innovation.
ensure interoperability and
maximize benefits.
Invest in the development

of interoperable standards
to enable seamless data Identify and prioritize Disseminate requisite
exchange across different key areas where information to promote
blockchain networks. blockchain can improve early adoption of
efficiency within blockchain-powered
supply chains, to boost operations by public and
operational performance private sectors.
Invest in blockchain capacity and build trust in sectors
building programs to foster where information
a culture of innovation traceability is important.
through education, boosting
the trust economy.
7
Digital Reality
Extended Reality technologies (XR) have become integral tools across industries through a broad
spectrum of applications, including hyper-personalization in various sectors, like healthcare,
education, retail, fashion, and gaming.
Substantial interest from major global technology players is propelling XR to the forefront, as
we increasingly witness XR revolutionize everything, from enhancing customer experiences to
optimizing operations of an organization through product innovation, prototyping, virtual sales,
and remote collaboration.
Digital Reality recommended actions can be far-reaching, from ensuring responsible usage to
promoting digital inclusion and mitigating environmental impact.

and others
Develop regulatory Focus on affordability, Cooperate with the

frameworks centered cultural inclusivity, and public and private
on data governance and continuous user feedback sectors to establish
XR risk management integration, to boost technical standards for
for XR applications and inclusivity. digital infrastructure,
services. devices, and
applications, to facilitate
seamless interactions
Collaborate with relevant
between different XR
Prioritize privacy-by- stakeholders, including
platforms worldwide.
design principles in XR regulatory bodies, to
development, fostering a create sustainable
secure environment for policies that encourage
immersive technologies responsible XR production
to boost user trust. and consumption.
Proactively address
concerns around privacy,
security, and interoperability,
to create a more informed
market and accelerate the
integration of XR technology
across various applications.
8
Cybersecurity
By 2026, 70% of company boards will include one member with cybersecurity experience63,
and this is attributed to the need for cultivating trust and confidence among consumers and
businesses, to drive digital economy growth.
The present cybersecurity environment, governed by numerous policies and regulations, has
spawned modern approaches such as Zero-Trust and DevSecOps, counter the increasing
number of innovative attacks.
Looking ahead, AI-driven advancements in cybersecurity promise more sophisticated tools and
mechanisms to better counter cyber threats. Advancements in cybersecurity will stimulate the growth
of the digital economy by nurturing trust, fostering innovation, and encouraging skill development.

and others
Facilitate public access to Build technology system Foster cooperation at

e-learning resources and products based on various national, regional,
focus on initiatives to spread security-by-design and global levels among
awareness in cybersecurity principles. relevant cybersecurity
best practices, including the stakeholders, to address
prudent use of digital assets advanced cyber threats
and encryption significance. via regulatory, technical,
Foster an integrated
cybersecurity culture within and capacity-building
private sector organizations efforts.
Define and/or regularly
to avoid internal siloed
update national future-proof
practices while considering
cybersecurity strategies,
organizational priorities and
policies, and action plans
the required cybersecurity
that address cybersecurity
related investments.
threats.
Issue national cybersecurity Comply with existing

advisories on emerging cybersecurity regulations,
threats and propose frameworks, and standards
relevant cybersecurity to implement advanced
readiness initiatives to cybersecurity measures to
safeguard critical national safeguard systems, data,
infrastructure. and customer information.
9
Smart Ecosystem
From remotely controllable household appliances to technology-enabled smart cities, the Internet
of Things (IoT) has significantly transformed smart ecosystems over the years. Projections
indicate a substantial rise in the number of IoT-connected devices globally, expected to reach
USD29 Bn by 203098.
The proliferation of these smart ecosystems is poised to drive industry optimization, foster
circular economy initiatives, and elevate customer experiences in interconnected digital cities.
This shift will be enabled by enhancements to the underlying digital infrastructure and data
processing capabilities and making smart ecosystems cybersecure through relevant regulations.

and others
Set comprehensive Prioritize investments in Cooperate with

guidelines for security high-speed connectivity governments
regulatory standards for to ensure seamless to encourage
IoT devices, promoting a integration and operation interconnectivity and
baseline level of security of IoT devices. interoperability of IoT
that devices shall meet. devices.
Promote ongoing Engage in persisting

capacity-building R&D ensuring that
programs for relevant IoT systems remain
stakeholders on best IoT adaptable and scalable
security practices. for future advancements.
Establish Public-Private
Partnerships (PPP) for
the development of
requisite large scale IoT
infrastructure.
10
Green Economy
The growing awareness of climate change has driven substantial investments in the green
economy, fueling initiatives on green innovation, circular economy practices and industry-driven
sustainability efforts, that contribute to a more environmentally friendly world.
The environmental sustainability sector is growing and is projected to reach USD83 Bn by 2032135
as it immerses in the digital economy, witnessing a surge in green technologies.
The future outlook indicates increased adoption of green technology solutions, sustainable
agricultural technology, and a rise in stringent regulations to facilitate the green transition.

and others
Develop and continuously Private sector organizations Promote the international

update relevant should strategically harmonization of green
regulations to encourage position themselves by taxonomy and standards,
pre-submission implementing Environment, and enhance transparency,
consultations while scaling Social, and Governance for a more coordinated
up requisite infrastructure. (ESG) practices. approach across sectors
and regions.
Accelerate progress
to achieve National Actively engage in Strategically address
Determined Contributions “on-the-job” learning trade barriers for
(NDCs) and UN Sustainable initiatives and establish environmental
Development Goals (SDGs) capacity building technologies within
by establishing specialized partnerships to ensure the International
structures that focus on the availability of green Harmonized Tariff
the green economy. skilled talent in the System (IHTS) using
future. green taxonomies.
Promote domestic and

foreign investments
through capital market
pathways to effectively
scale up climate finance.
11
03.
INTRODUCTION
12
Digital Economy Trends Introduction
Introduction
In over two decades, digital technologies have Digital technologies can also significantly
reached about half of the developing world's increase equality by improving financial
population1, revolutionizing society and inclusion, trade accessibility, connectivity, and
advancing faster than any other innovation public service delivery. The Digital Economy
in human history. The pervasive nature of is a multifaceted and rapidly evolving concept
digital technology allows it to bridge gaps and encompassing a wide range of economic
address pressing challenges across various activities, transactions, and interactions in the
sectors, including the economic sector. digital realm. Its scope extends well beyond
the confines of traditional industries, offering
With the benefit of creating new jobs and
new avenues for innovation and societal
markets, expanding access to financing, and
transformation.
enhancing efficiency and transparency, digital
technologies and platforms are becoming
It is an expansive and transformative force
increasingly significant in tackling global
encompassing technological innovation,
concerns and responding to international
economic activities, and societal change.
events.
Its scope continually expands as digital
technologies evolve and new opportunities and
challenges emerge. Understanding the Digital
Economy is crucial for the public and private
sectors, and civil society as they navigate
this ever-changing landscape and harness its
potential for economic growth and societal
progress.
The question to ask all stakeholders across

the Digital Economy is:
Are we equipped with the right

information and tools to understand how
to navigate the complexities of the Digital
Economy?
In most cases, the public and private sectors

and civil society find it challenging to identify the
trends, the headwinds, and the opportunities
they bring about and use this knowledge to
their advantage.
13
Digital Economy Trends Introduction
A Digital Economy trend refers to the evolving Our methodology for identifying and analyzing
economic landscape driven by the widespread these themes and underlying trends involves
use and integration of digital technologies, a comprehensive blend of expert-led primary
influencing how organizations operate, trade, and secondary research. Each theme and trend
and innovate. To ensure all stakeholders of the undergoes an assessment utilizing the DCO's
global digital economy are equipped with the trend evaluation scoring matrix, complemented
correct information and tools to identify and by quantitative and qualitative evaluations with
act on the most critical trends of today, the DCO subject matter experts.
has developed the first edition of this annual
report. The DCO’s Digital Economy Trends 2024
report is a ‘one-stop shop’ for Digital Economy
Through meticulous screening and analysis, insights, providing guidance and a basis for
we have identified six themes — Artificial collaboration for all constituents of the global
Intelligence, Digital Reality, Trust Economy, digital economy, turning insights into action
Cybersecurity, Smart Ecosystems, and Green through the power of the DCO’s core functions
Economy — forming the core of our report. and strength of the DCO’s ecosystem.
14
04.
DIGITAL
ECONOMY
TRENDS
Digital Economy Trends Blueprint
Introducing the DCO Digital Economy

Trends Blueprint
In this first edition of the report, the DCO ًThe DCO's Digital Economy Trends Blueprint
Digital Economy Trends Blueprint has been can serve as a tool to identify synergies
designed to provide a holistic representation between the themes and trends outlined
of the Digital Economy trends that have been in this report, reflecting the dynamic and
identified in our analysis. symbiotic nature of the digital ecosystem.
Each trend converges and collaborates,
The trends are categorized into six core creating a network of influences that
themes for 2024, each with significant collectively shape the future of the Digital
implications for all participants in the Economy.
Digital Economy. The six themes – Artificial
Intelligence, Trust Economy, Digital Reality, For instance, trust emerges as a common
Cybersecurity, Smart Ecosystems, and thread, facilitated by blockchain in the
Green Economy – each encompass up to Trust Economy, ensuring the reliability of
three trends that are anticipated to impact sustainable practices in Green Economies
the Digital Economy in 2024 significantly. and promoting confidence in digital
innovations.
This blueprint also presents the criticality*
of each of the trends identified in the global Sustainability is omnipresent, with Smart
digital economy in 2024 and maps each of Ecosystems and Green Economies mutually
the identified themes to specifically identified reinforcing each other, while Digital Reality
enablers that can unlock the full potential of and IoT accelerate digital transformation.
the trend.
As the blueprint evolves over the years, it
The enablers, which include: will enable the DCO to perform a longitudinal
analysis of themes and corresponding trends,
Digital Digital tracking how digital economy themes, trends,
Infrastructure Government and enablers emerge, evolve, and transform
over time.
Emerging
Data Technology
Digital Digital
Transformation Skills
serve as catalysts that will propel the

adoption of these digital economy trends.
16
Digital Economy Trends Blueprint
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The DCO Digital Economy Trends Blueprint is comprised of elements

which provide a holistic representation of the digital economy trends
17
Artificial
Intelligence (AI)
Trends
Gen AI for Accelerating
AI-Powered
01 Cutting Edge
Software 02 Digital
Government
03 Environmental
Sustainability
Development Through Gen-AI
AI
How Will Gen AI Shape the Future Agendas of
Private & Public Sectors?
The Evolution of Generative AI

Generative Artificial Intelligence (Gen AI) Even while the results of AI are fascinating,
has a rich history, beginning with early AI significant human intervention is required to
research in the 1950s and 1960s. It evolved validate the findings, especially in regulated
through natural language generation, neural professions like the legal, medical, and
networks, and deep learning. Key milestones financial services industries.
include the development of GANs in 2014 and
the introduction of Transformer models that According to projections, the market for
revolutionized generative AI, such as GPT-4, generative AI is expected to reach a valuation
introduced in March 2023. of USD88 Bn by 2025, accounting for 30%
of the overall AI market2. Generative AI has
These models are now widely used for various experienced remarkable levels of adoption, as
tasks and applications, but ethical and legal exemplified by the rapid growth of ChatGPT,
concerns, such as privacy, misinformation, which garnered one Mn users within a mere
lack of trust, and intellectual property rights five days and reached an astounding 100 Mn
(IPR), remain important issues in the field. users in just two months3. As of November
Gen AI represents merely one aspect of AI. 2023, the platform had a weekly user base
Predictive analytics and simulation using of 100 Mn4.
methods like machine learning (ML) are
becoming increasingly popular commercially. By 2030, the market is likely to reach a volume
Similarly, chatbots are being increasingly of USD207 Bn, growing at a compounded
powered by natural language processing, or yearly growth rate (CAGR) for the period
NLP. 2023-2030 of 24.4%5.
The generative AI models have found Generative AI Market Size

widespread applications across the public (In USD Bn)
and the private sector, as well as civil Generative AI Market Size
society, with the potential to unlock the next % of Increase
wave of productivity, creating business value
250
and contributing to the growth of the digital
207
economy. They are now essential tools for 200

157
everything from manufacturing and customer 150

110
service to healthcare and banking, radically 100

67
changing how society and government’s

50
function. However, as generative AI continues
to grow in importance, concerns related to 0
2024 2026 2028 2030
ethics and the potential for misinformation
and bias have taken center stage. Source: Statista
19
Digital Economy Trends AI
Success to Date
Where Has Gen AI Been Implemented and What
Impact is Being Generated?
The recent implementation of Generative Use Case Spotlight
AI within the Artificial Intelligence space is Embedded Generative AI tools would be
expected to have an even more significant integrated into existing word processing
impact on the job market. applications, spreadsheets, and email clients.
Microsoft 365 Copilot is a generative AI assistant
Thanks to its technological advancements, built into apps across the Microsoft 365
productivity suite.
Gen AI is making waves in various industries,
reshaping how businesses operate and create In the software development lifecycle, AI
value. Some key applications of Generative AI is proving to be a big enabler in predicting
include: faults in programs and help alter the code
to avert problems. AI programs can do this
In 2020, the World Economic Forum
automatically, thus saving programmers
forecasted that AI is expected to displace significant effort. However, Gen AI must be
over 85 Mn jobs globally but generate 97 looked at as more than just a tool for code
Mn new jobs by 20256. creation. Repetitive work can be automated
through Gen AI. When it comes to pattern
Generative AI-based conversational synthesis and matching, such as translating
assistants between languages, Gen AI excels.
can disseminate the potentially tacit knowledge The most evident application of this power in
of more able workers and help newer workers software delivery is for a novel form of code
move down the experience curve7. These generation, where the AI converts one sort
tools serve a dual function by improving the of code into another or transforms natural
customer experience and diminishing the need language into code. Locating the correct
for managerial involvement, thereby enhancing information from reliable sources is time-
employee retention. consuming and it impacts the efficiency of
software engineers.
Select leading conversational AI tools available
in the market include ChatGPT-4, IBM Watson Finding the correct information is one of the
Assistant, Kore.ai, Avaamo.ai, Amazon Lex, biggest causes of inefficiency for software
Oracle Digital Assistant, and Microsoft Bot engineers. Finding the right place to look for
Framework. information can be time-consuming, whether
it is through internal documentation or internet
searches.
20
Use Case Spotlight However, careful consideration of human

oversight and biases, creativity, authorship,
Microsoft GitHub Copilot generates codes, helps
predict and fix programming code errors before aesthetics, legal aspects, and the future of
the applications are put into production. creative work is still essential in deploying
Generative AI.
It identifies reasons for program failures and
predicts potential issues. Copilot CHAT, a Gen
Use Case Spotlight
AI tool from GitHub, expands on the coding
help features already available in Copilot to
Ferrero employed AI to create 7 Mn unique
offer developers context-specific and natural
versions or labels for its Nutella hero pack.
language support.
Different patterns and colors were blended
autonomously for each design, assigning a
unique ID code to ensure individuality across all
Automation of artistic media and creative
labels 8.
content such as visual arts, music, and
literature, can be facilitated through Generative
AI tools, such as: Finally, although at a nascent stage, AI's role in
healthcare has been transformative, offering
a wide array of applications that enhance
01 Scribe patient care, streamline processes, and aid
medical professionals in their work.
02 Google Bard It is used for medical image analysis, disease

prediction, drug discovery, personalized
medicine, and telemedicine.
03 AlphaCode
The impact of AI on healthcare is driven by
improved patient outcomes and cost reduction,
04 Bing
but it also requires careful consideration of
privacy and ethical concerns due to the
Cohere sensitive nature of input data and output
05
Generate quality.
06 Synthesia A case in point would be Apollo hospitals which

has plans to use more advanced Med-Pathways
Language Model (PaLM) 2, a LLM developed by
This has the potential to increase efficiency and Google that is trained in medical knowledge and
effectiveness in marketing and communication can answer medical questions and generate
strategies. genuine clinical text summaries9.
21
Envisioning 2024
Introducing the Gen AI global trends
In the dynamic intersection of Generative AI The urgent challenges that fill the global
and digital economy, we uncover a possible agenda of both private and public sectors
roadmap that not only drives Government, are expected to be tackled promptly and with
business, and civil societies into a new era of heavy investments in emerging technologies
digitization, but also redefines the future of such as Gen AI.
our civil society.
As a result, the shift of this technological
While private entities are striving to optimize paradigm is projected to unleash an
their internal operations and deliver more unprecedented impact and opportunities
personalized experiences to their customers, across three focus areas – “Product Design
governments around the world are facing and development, Governance, Policy and
pressing challenges to improve citizen Regulation Development and Environmental
services, modernize digital infrastructures, Sustainability”, which are expected to emerge
and deliver more effective policies on into the following three key trends, directly
concerning matters such as climate change. addressing some of the 2024 world agenda
items:
Trend
Trend
Accelerating
01 03
Gen AI for Cutting
Environmental
Edge Software Sustainability
Development Through Gen-AI
Trend
02 AI-Powered Digital
Government
22
Trend 1:
Gen AI for Cutting Edge Software Development

By streamlining and accelerating turnaround This shift could enable business professionals
time through auto-generating personalized to design and develop end-to-end software
designs & prototypes, and software development applications by themselves.
automation, Gen AI offers invaluable tools to
facilitate the rapid development of innovative Big tech companies (e.g., Google AppSheet)
products and services. have started to invest heavily in such platforms
to support users with the development of apps
According to one subject matter expert, “With a through automated processes without writing
capacity to think, act, and even learn like human code.
beings, AI has begun catalyzing deep structural
For businesses, adding generative AI to low-
changes in the nature and application of tool-
code and no-code platforms presents a
mediated design.
significant opportunity since it can accelerate
As ‘thinking machines’, generative AI can now development cycles by reducing adoption
test, debug, and deploy software without the barriers and empowering business users with
need for human intervention. AI is a force more ability to design apps.
multiplier with the capacity to reshape the
By 2026, it is projected that at least 80% of
nature of human engineering and design.
low-code development tool users will come
Amongst the many sectors that have been from outside of established IT departments.
embracing this technology to reach a This is driven by the aim to achieve the level of
competitive edge, the ICT sector has uncovered digital proficiency and delivery speed required
great potential in the AI-powered ‘low-code- for the contemporary agile environment10.
no-code’ (LCNC) capabilities.
ICT is leveraging next generation technologies to Use Case Spotlight

reshape the process of software development Google Cloud’s foundation models allow
and fuel the growth of low-code-no-code developers to build next-generation applications
(LCNC). with access to multimodal models from Google,
including code generation and code completion
This intrinsic value of LCNC lies on the drastic models with Codey11.
reduction in turnaround time (TAT) for coding,
with a significant shift away from tech-savvy
dependency logic currently in place.
23
Trend 2:
AI-Powered Digital Government

Governments are adopting generative AI Gen AI plays a pivotal role in optimizing
in many aspects of their governance and policy-making processes by conducting
processes. Generative AI-powered automation thorough assessments of complex datasets
is essential in helping public sector organizations contributing to the formulation of factual,
streamline their operations by automating evidence-based policies to facilitate informed
repetitive and routine tasks. decision-making making processes for public
administrations.
In summary, generative AI can automatically
produce comprehensive reports, reducing By expediting the evaluation of potential
the administrative workload for public impacts, Generative AI empowers governments
administration and making data analysis and to respond quickly and efficiently to pressing
report compilation more efficient, thereby challenges, including but not limited to public
facilitating quicker decision-making. health crises and environmental concerns.
Another area where Gen AI proves helpful is Gen AI is playing a significant role in
in accessing Legal documentation, simplifying simplifying e-Government Services. The
the creation of legal documents for the public reduction of rusty, long, and static bureaucratic
to comprehend. procedures has long been debated among
public institutions around the world.
This not only lowers the complexity of the law,
but also increases accessibility, lessening the Whether it is chatbots addressing and
necessity for legal counsel. solving citizens' requests, automated
document verification and validation, smart
Moreover, by analyzing historical spending resource allocation through advanced
patterns, conducting trend-based forecasting predictive analytics, or preventive fraud
of future needs, and enabling well-informed detection applications, Gen AI has the power
decision-making regarding resource allocation, to revolutionize e-services and enhance
Generative AI in government has the potential core operational activities, resulting in less
to completely transform budgeting procedures, significant administrative burdens, and
making them efficient and fast -tracking them. improved citizen satisfaction.
Using a Generative AI service desk, government Gen AI has the power to revolutionize
agencies can automate the examination of a e-services and enhance core operational
significant volume of financial and other relevant activities, resulting in less significant
data, allowing AI to find patterns and trends in
administrative burdens, and improved
this data to detect possible tax evasion or fraud
citizen satisfaction.
with greater accuracy.
24
Trend 3:
Accelerating Environmental Sustainability Through Gen-AI

Despite the development and deployment of AI capabilities extend to pollution sources
AI models, including Gen AI, such systems can monitoring, endorsing environmental
require significant computational power. standards enforcement and addressing key
global concerns related to industrial emissions
This may demand increased energy and illicit waste disposal. By scrutinizing data
consumption, enormous quantities of water from diverse sources such as satellite imagery
for cooling and potentially electronic waste and sensor networks, Generative AI contributes
through the shorter lifecycles of hardware to inform regulatory policies aimed at tackling
components, its meticulous processing and
environmental standard enforcement.
interpretation of environmental data.
AI is also being used to enhance climate
These place Generative AI at the forefront
of the innovations that can directly endorse change monitoring & interventions. AI-
and elevate the efforts made within the enabled forecasting modeling, can also
sustainability cause. support climate change researchers and
organizations thoroughly examine historical
By providing invaluable insights into key data and produce ad-hoc simulations on a
trends, patterns, and potential environmental multitude of future scenarios, enabling policy-
risks across concerning parameters such as makers to formulate more informed and
air and water quality, Gen AI represents a precise mitigation plans, addressing not only
tangible opportunity to address some of the human awareness of climate change matters,
world’s key environmental concerns. but also allowing relevant entities to predict
and mitigate possible natural disasters through
Use Case Spotlight adequate responses such as early warnings
To provide a thorough energy study, generative and effective disaster response planning.
AI may examine the layout, materials used in
construction, and surrounding circumstances of With the world’s population increasing at a
the structure. This analysis can help the facility fast pace, global food production has been a
comply with the most recent sustainability key area of debate amongst local governments
standards by pointing out possible energy savings and international institutions and consortiums.
and making recommendations for upgrades.
In agriculture, Gen AI is believed to have the
Generative AI can help uncover opportunities for potential to become a primary contributor in
energy savings and sustainability improvements the optimization of current operations aimed
that might not have otherwise been thought of, as
at ensuring large-scale improvements on
well as save time and money. It can also increase
the accuracy and dependability of energy audits.
resource allocation and utilization. Through
its core technological capabilities, Generative
The energy performance rating of a building—a AI offers critical data elaboration on key
gauge of energy efficiency used in certification agricultural components such as water usage,
schemes like the LEED (Leadership in Energy energy consumption, soil conditions and
and Environmental Design) program—can be crop health, enabling farmers to enhance
automatically calculated by generative AI. productivity while mitigating environmental
impact.
25
Approaching 2024
An Overview of Key Enabling Forces for AI
including Gen AI
The potential for Generative AI to shape Laying Solid Digital
economies is evident, as demonstrated by
the earlier highlighted applications. Foundations
In a time marked by rapid technological
While the degree of these impacts may
evolution, the integration of Generative AI
vary across different digital economy
stands as a transformative force, promising
components, this section will delve into three
innovation, efficiency, and opportunities for
macro enablers that are pivotal to expedite
nations, organizations, and individuals alike.
the adoption and growth of Gen AI within
next generation economies. However, with Gen AI integration requiring
a great degree of digital readiness and
Upskilling Talents & Promote infrastructural modernization, organizations
around the world are called to review
Human – Machine Cooperation their digital maturity to ensure adequate
As observed in previous technological shifts, infrastructures that can integrate, absorb,
Gen AI is expected to pose risks for certain and scale the value of Gen AI.
existing jobs while simultaneously creating
opportunities for new ones. The first step to accommodate the power
of Gen AI across public and private entities
The pace at which the transition toward begins with ensuring solid data governance
acquiring new skill sets appears to be and quality assurance frameworks and
accelerating with the introduction of advanced processes to enable access to robust and
technologies. Following the ‘fast fish eat quality datasets.
the slow fish’ analogy, visionary and better
equipped organizations have the opportunity This, along with scalable infrastructures
to gain a competitive edge by establishing such as cloud-based solutions, which enable
a proactive transition strategy to introduce seamless system integration, and a sound
cultural acceptance, functional frameworks cybersecurity system, can help organizations
and governance policies around human and unlock the real value of Gen AI applications
machine collaboration, in addition to facilitate and pave the way toward a future made
learning and development activities aimed at of innovation, enhanced efficiency, and
upskilling current employees on the impact boundless opportunities.
and implications of innovative and disruptive
technologies such as Gen AI.
26
AI-focused regulatory
frameworks
We have observed significant emerging and democracy. Key provisions mentioned in
efforts from governments and regulatory the act that are most relevant to businesses
authorities in the attempt to tackle some of include a ban on certain AI applications,
the pressing topics related to the Artificial stringent requirements on high-risk AI
Intelligence ecosystem. systems, transparency and explainability and
data governance12,13, for instance, the EU's
For instance, the EU’s AI Act is the world’s provisional deal pertaining to the use of AI
first comprehensive AI law designed with the by the government in biometric surveillance.
objective of establishing clear obligations
for AI providers and users based on the To conclude, the integration of Gen AI is more
degree of risk associated with their use of AI than just a technological advancement, but
functionalities, including Gen AI, ensuring a rather a strategic move for businesses and
safer, more transparent, non-discriminatory, governmental entities that aspire to prosper
and environmentally friendly adoption of this in the digital era. With governments and
technology. regulators increasingly focusing on the vast
artificial intelligence landscape, how and
The AI Act establishes a clear regulatory where are public sector entities prioritizing
framework for AI development and will efforts to derive value from it in 2024?
provide businesses with the certainty they
need to invest in AI and bring innovative
products and services to the market. It takes
a risk-based approach to regulation and the
applicability of regulation will depend on
the level of risk posed by an AI system. This
approach avoids stifling innovation while still
protecting public safety and fundamental
rights.
The Act includes a number of provisions

including support for AI sandboxes, real-world
testing, and the development of European AI
standards to support AI innovation.
The AI Act also includes a number of

restrictions on the use of AI, designed to
protect public safety, fundamental rights,
27
Key Takeaways
Tackling Gen AI in 2024
As we conclude our analysis of the applications, future scenarios, and implications of Gen
AI, it becomes self-evident that the transformative power this technology holds demands
a comprehensive and collaborative response from multiple stakeholders, namely private
businesses, public institutions, as well as citizens.
Implications and Recommended Actions the Public Sector
Regulatory Landscape
Implications Recommended Actions
Public sector organizations are facing the The public sector should partner with
challenge of implementing new regulatory relevant private sector stakeholders, and
frameworks that support technological others, to create regulatory sandboxes for
advancements (such as AI) and ensure responsible, yet innovative development of
adequate balance between innovation, AI. These temporary, adaptable frameworks
ethical, and socio-economic concerns. would allow for rapid experimentation with
clear accountability and liability measures,
fostering innovation within a controlled
environment. Additionally, the public sector
should invest in training programs to equip
government personnel with the knowledge
needed to effectively regulate this evolving
technology.
Citizens Inclusivity & Empowering Governance
Promote digital education, bridging the Public entities should make significant
digital gaps with tailored interventions to investments in digital infrastructure,
enhance AI potential for as many citizens coupled with the development of supportive
and businesses as possible. policies within institutions and targeted
public awareness campaigns, to empower
individuals with digital literacy and facilitate
equitable access to the digital ecosystem.
28
Transparency and Accountability
Governments must protect the credibility Private sector organizations should ensure
and organic evolution of AI by ensuring that responsible and trustworthy use of AI in
private & public sectors are held accountable public services by implementing robust
for any misuse of such technologies. transparency and accountability measures.
This includes establishing well-defined
compliance frameworks, conducting regular
audits of AI systems, and providing accessible
channels for citizens to report concerns and
seek redressal.
Implications and Recommended Actions for the Private Sector
Business & Ethical Impact
Acknowledge the inevitable economic Private sector organizations must prioritize

transformation due to AI-driven automation employee development through robust
and the challenges associated with its upskilling initiatives. This requires cultivating a
development, such as Intellectual Property culture of adaptability and open-mindedness to
Rights (IPR), induced bias and potential job embrace innovation. Additionally, companies
displacement. should establish ethical frameworks that
guide responsible AI deployment and ensure
its positive impact. Collaborative efforts with
educational institutions are vital to ensure
curricula remain relevant and responsive to
the evolving needs of the job market.
29
Compliance, Governance & Regulations
Companies should diligently adapt to evolving The Private sector should actively collaborate
regulatory requirements and compliance with regulatory bodies and contribute
frameworks as per regional and global best to shaping AI policy, leveraging industry
practices on AI technologies. expertise to foster regulations that strike a
balance between fostering innovation and
safeguarding economic and social well-being.
Additionally, ensure adherence to evolving
regulatory requirements, fostering a culture
of compliance and transparency across all
aspects of operation, particularly within
algorithm development.
Collaboration & Alliances
Establish strategic cross-sector and cross- The private sector, and other stakeholders
country collaborations to stay updated on the shall foster a competitive edge and facilitate
latest developments in the field of AI. mutually beneficial collaborations, to promote
a culture of "coopetition." This involves
nurturing an ecosystem where businesses
can thrive together and establish liaison
roles to bridge communication gaps locally
and internationally. Concrete steps toward
achieving this goal include creating joint
research consortia and shared service
platforms.
Sustainable Innovation
Achieve balanced innovation that grows Private sector organizations should embed
with responsible and sustainable practices sustainability and responsible innovation as
at heart. This emphasis the significance of fundamental principles within their ecosystem,
AI solutions that propel advancement while proactively assessing and addressing the
upholding ethical standards and being long-term societal implications of artificial
environmentally friendly. intelligence applications, taking specific
measures to mitigate any potential adverse
effects.
30
Data Privacy and Security
The effectiveness of AI applications is rooted To foster trust and mitigate security concerns
in the quality and relevance of the datasets among users and stakeholders, private
used. Hence, Public and Private sectors sector organizations should prioritize the
institute and uphold rigorous data privacy implementation of robust data protection
and security standards while managing measures. This includes employing encryption
datasets. technologies, conducting regular audits
of data handling practices, and ensuring
strict adherence to all relevant regulatory
requirements.
Implications and Recommended Actions for

Inter-Governmental Organizations (IGOs), International
Organizations (IOs), and others
Global Collaboration
There is a need for global cooperation among IGOs, IOs should encourage active involvement
IGOs, IOs, NGOs, and relevant private sector in international forums dedicated to AI,
organizations to ensure a cohesive approach cultivating, and promoting partnerships
regarding AI governance. and collaborations between international
entities, academia, industry experts, and
diverse organizations to achieve convergence
on global governance standards for AI
technologies.
31
Trust
Economy
Trends
Blockchain's Blockchain-based
01 Green
Revolution
02 Transparent
Governments
Trust Economy
Unlocking the digital asset opportunity, verifying
the green revolution, and enabling next gen
digital services
Blockchain Fundamentals
The blockchain, a distributed ledger technology The global blockchain technology market
(DLT) initially conceived as the tech-enabler size was valued at over USD11 Bn in 2022
for the cryptocurrency Bitcoin, has evolved and is expected to grow at a CAGR of nearly
into a revolutionary force impacting various 60%, with a projected global value of USD470
industries. At its core, DLT can be set up to Bn by 203014, while financial applications
allow businesses or civil societies to directly account for roughly a third of this activity,
record information of any kind in a structured, adoption across many sectors is expected.
chronological, and incorruptible manner.
The decentralized nature enables enhanced Blockchain Linked Services Market
security and transparency.
Size (In USD Bn)
Blockchain can be used to track the ownership Blockchain Technology Market Size
of assets like money or property, to record % of Increase
470
500 70
agreements between parties, or simply to log
450
events or activities happening in a business 60
400
environment like a supply chain network. 350 50
As we delve deeper into this theme, the 300
40
sections will explore the technology's recent 250
184
application, use cases, future opportunities, 200 30
and implications offered by blockchain in the 150

20
context of the digital economy. 100
72
10
28
50
The Rise of Blockchain 0 0

2024 2026 2028 2030
While initially associated with cryptocurrencies,
the potential applications of blockchain Source: fortune business insights
extend far beyond the crypto space. In 2015,
Ethereum was launched, further broadening The projected growth in service demand
the scope of blockchain technology to include is coupled with projected growth of both
the automation of more complex activity using consumer and corporate adoption of
“smart contracts”. Smart contracts can be blockchain and digital asset technologies. In
used to maintain registers of asset ownership, 2023, crypto transactions by volume grew
or to automate complex business workflows more in Saudi Arabia than any other country
that involve information and value exchange (12%) signaling a sharp increase in consumer
among multiple parties. demand15.
33
Digital Economy Trends Trust Economy
Success to Date
How Blockchain is Changing the Game
As we dive into the logic of this technology, we will introduce several applications and use
cases to illustrate how its transformative impact is spreading across different domains such as
financial services, Information Management, identity management, healthcare, and supply chain
& logistics.
Applications in Financial Services

The value of DLT as a transformative force is conduct real-time domestic and international
perhaps most obvious in the financial sector, remittances, diminishing settlement times
trends here range from the volatile web3 and and minimizing transaction expenses.
crypto sector, to the digitization of regulated
securities and capital markets infrastructure, Digital Securities: The global market for
and the creation of new forms of regulated issuance, management and trading of
digital money among central banks and securities represents a vast opportunity space
supporting financial institutions. for blockchain technologies, and a dazzling
array of new platforms are emerging to enable
Use Case Spotlight
a new value chain for ‘tokenized’ securities
The Canton Network is a privacy-enabled among regulated financial institutions, across
platform that facilitates interoperability and asset classes like funds, bonds, equities, and
synchronization among isolated financial
systems. It operates as a decentralized derivatives.
infrastructure, connecting independent
applications using Digital Asset’s smart- Atomic Settlement: In contrast to legacy
contract language, Daml. This “network of securities trading processes (which can take
networks” enables financial systems in highly days to complete), blockchains are able to
regulated industries to interoperate with
proper governance, privacy, permissions, and offer instant atomic settlement, meaning both
controls. the buyer’s asset (e.g., digital money) and the
seller’s asset (e.g., units of a digital bond) can
The solution provides institutions with a be exchanged instantly and at the same time.
secure and reconciliation-free environment,
allowing assets, data, and cash to synchronize In addition to the operational benefits of faster
seamlessly across applications. This promotes settlement, atomic settlement also means
innovation, efficiency, and improved risk counterparty risk among traders is reduced.
management for financial institutions, enabling
them to offer new and innovative products to Know Your Customer (KYC): In an increasingly
their clients16.
digitized world, digital identity verification
Domestic and Cross-border Digital Payments: becomes pivotal for safe, secure, healthy, and
By removing intermediaries from the equation, sustainable socio-economic infrastructure.
blockchain empowers financial institutions to Blockchain improves the process of verifying
34
identities through KYC procedures, leveraging potential to reduce the time and effort
securely generated tamper-proof records of required for tracing medicines linked to
customer data. It reduces the probability of adverse events. By implementing a distributed
identity theft while ensuring compliance with ledger infrastructure, parties across the
regulatory requirements. supply chain can contribute information to a
shared database, addressing regulatory and
Use Case Spotlight
data security concerns and enabling efficient
Blockpass offers a blockchain-based digital tracking of adverse events associated with
identity solution that helps organizations medicines18.
operating in highly regulated industries such
as financial services.
Use Case Spotlight
This innovative company offers a one-stop Patientory is a collaborative blockchain

shop for digital identity verification using a platform designed to facilitate a more
dashboard through which end-users can easily secure exchange of information. Patientory
create a verified portable digital identity that has the capability to autonomously validate
can be used for any KYC process validation the presence of insurance coverage for a
instantly 17. patient, overcoming the direct dependency on
insurance details and response time.
Applications in Healthcare It fully decentralizes access rights, gives

patients control over the distribution of
In the healthcare sector, where data, integrity, their medical records, and enables medical
and security are cardinal pillars, blockchain professionals to quickly and safely diagnose
patients based on a clearer medical history.
has emerged as a transformative solution that Moreover, pharmaceuticals and clinical trials
provides seamless operationalization amongst can effortlessly identify top candidates for
activities such as pharmaceutical traceability different trials19.
and clinical trials where the technology provides
credibility and authenticity of the records and
trial results, thereby enhancing overall trust and
Applications in Supply Chain &
reliability in healthcare processes. Logistics
Pharmaceutical Traceability: Blockchain As the supply chain industry faces multiple
applications can help establish an adequate challenges, including inefficiencies, lack
and incorruptible pharmaceutical traceability of transparency and a dated exposure to
process by creating unalterable records of its fraudulent operations, DLT can significantly
supply chain. This ensures the authenticity of improve the operational efficiency and the
medications, mitigating the risk of counterfeits auditability of the entire value chain.
entering the market.
A number of use cases from around the world
Research and Clinical Trials: Blockchain not highlight a multitude of benefits derived from
only improves the credibility and reliability the operationalization of DLT in this context.
of clinical trials by facilitating secure and Additionally, the integration of digital supply
accurate data-sharing but also has the chain platforms with ports, border control,
35
customs, and tax authorities can facilitate and public authorities could tackle this through
further process streamlining, enhancing QR codes or radio-frequency identification
coordination and communication across tags (RFID) added to a blockchain.
various entities involved in the supply chain.
Blockchain brings unparalleled visibility to the By doing so, civil societies, businesses
complex passage of goods across the supply and governments could easily verify the
chain, serving as a guarantor for consumers, authenticity of products, in particular when
organizations, and public entities. processing cross-border goods movements.
Real-Time Tracking: Delivering real-time Use Case Spotlight

insights into the end-to-end supply chain Oracle developed 'Intelligent Track and
of a product by recording, authenticating, Trace', a blockchain-based solution designed
and validating transactions and progress to optimize and enhance supply chain and
data - everything from shipment locations logistics operations.
to temperature information at every stage. Converging technologies, including blockchain,
This empowers stakeholders to monitor the these innovative solutions provide end-to-
movement of goods, validate their authenticity end visibility into the movement of goods
and identify potential bottlenecks in a timely throughout the supply chain, including tracking
the origin, transportation and delivery of
manner. products and enabling businesses to make
informed decisions based on real-time data.
Anti-Counterfeiting Measures: With the The system helps reduce errors, minimize
proliferation of pirated and counterfeit goods delays, streamline logistics processes, and
estimated at nearly USD500 Bn20, organizations enhance the overall supply chain efficiency21.
36
Envisioning 2024
Roadmap for a Sustainable Future on the Blockchain
In the dynamic landscape of technological As we delve into the focus areas for 2024–
evolution, blockchain can play a pivotal role in “Environmental Sustainability and Regulations,
helping organizations advance toward a more Policy, Governance and e-Governments”,
interconnected and sustainable world. Globally, we attempt to anticipate how the disruptive
governments and businesses are showing influence of blockchain is set to impact, and
increased interest towards sustainability, which perhaps redefine, sustainability initiatives and
is evident through the increased participation next-generation governments' modus operandi
witnessed in sustainable summits, including UN through the below trends:
Climate Change conferences (or COPs).
Trend
01
Blockchain's
Green
Revolution
Trend
02 Blockchain-based
Transparent
Governments
37
Trend 1:
Blockchain's Green Revolution
Global initiatives such as the Voluntary transparent data collection, effective

Carbon Market (VCM)22 and carbon credits measurement, reporting and verification
monitoring, aim to mitigate or eliminate the (MRV), and facilitate scalable and verifiable
adverse impacts of climate change. climate action by providing trustworthy
accounting systems that align incentives
With the introduction of the VCM, the among governments and private sectors,
global community can make encouraging fostering trust within the ecosystem.
environmental progress by introducing
voluntary net-zero carbon emission targets Secondly, blockchain may offer an attractive
for businesses and, similarly, by incentivizing technology for the development of accessible,
cross-nation collaborations to attain ambitious efficient and verifiable markets for carbon
Nationally Determined Contributions (NDCs). trading among organizations seeking to
ensure emissions are fully offset.
Yet, there are multiple challenges faced,
like double accounting and inaccurate In summary, Blockchain technology has the
reporting, due to lack of transparency and potential to supercharge progress toward
standardization23. environmental sustainability by addressing
challenges like misreporting.
These challenges emerge from a lack of
clarity in both private and public sectors The year 2024 may witness organizations
regarding climate goals, carbon accountability incorporating and encouraging the use of
mechanisms, interoperability issues, and blockchain technologies as a strategic measure
transparency in tracking systems. to enable transparent MRV and undergo a
transformative shift toward accountability and
The United Nations Development Programme collaboration in achieving climate targets.
(UNDP), responsible for supporting over 120
countries in enhancing NDCs, has concluded According to CJ Hetherington, Co-Founder of
that a lack of integrated data systems and Atlantis World,
inconsistent measuring methods are critical
challenges that must be addressed to ensure Blockchain technology has the
global coordination in achieving climate potential to incentivize changed behavior
targets24. for the better of the planet, empowering
communities to monetize stewardship
The potential role of blockchain technology
of their natural capital and ecological
in the context of climate targets is twofold.
assets25
Firstly, DLT-based systems can enable
38
Use Case Spotlight Despite this, the technology encourages more

participation, transforming climate action into
As a pioneer of regenerative finance (ReFi),
Thallo provides a 'Carbon-as-a-Service' (CaaS)
a networked effect.
solution that enables businesses to save money,
drive customer engagement while making an Through smart contracts, Blockchain provides
impact on the planet, by connecting them with the the capability to automatically execute
carbon market, streamline their environmental agreements for climate-action incentivization
actions and offer carbon offsetting options to their
based on predetermined conditions.
customers.
Thallo promotes voluntary carbon market and In the transition to a circular economy,
turns every transaction into a powerful climate blockchain could assume a vital position.
action26. A circular economy incentivizes "e-waste
management" to reuse products instead of
discarding them, aiming to reintegrate waste
Use Case Spotlight
into the economy, promoting environmental
Algorand is driving the convergence of
protection, resource efficiency and optimal
conventional and decentralized models into a use of natural resources, helping in combating
unified system that is seamless, inclusive, and critical issues like climate change and pollution.
secure.
Used by over 500 organizations, Algorand is

designed to facilitate the development of next-
generation financial products and the exchange
of value, helping companies to effortlessly
transition into the future of finance (FutureFi)27.
In the context of climate action, Blockchain

has the potential to serve as an effective tool
for monitoring and tracing initiatives aimed at
mitigating and preventing climate change.
With its transparent and decentralized

structure, and powered by its immutable
ledger of transactions, Blockchain enables
better tracking and reporting of reductions in
carbon emissions throughout the value chain.
However, it is essential to note that the energy

consumption of certain blockchain networks,
particularly those utilizing proof-of-work Global electrical and electronic waste
consensus, still pose environmental concerns. (e-waste) is set to grow to 75 Mn metric
In 2020, the data centers and transmission tons by 2030, according to the United Nations
networks supporting digitalization contributed Global E-waste Monitor29.
to 0.6% of the total greenhouse gas emissions28.
39
Blockchain facilitates tracking and Another aspect of blockchain's green

management of materials and components revolution is food waste management.
across supply chains, enabling increased
levels of material reuse, remanufacturing, Food and Agriculture Organization (FAO)
recycling, or composting. estimates that each year, approximately
one-third of all food produced for human
The technology enables transparent digital consumption in the world is lost or wasted31.
supply chains, providing an unchangeable
transaction record that validates product Blockchain technology is introducing a new
origins. By storing these details, Blockchain phase of food waste mitigation by enhancing
enables end consumers to see the entire traceability to tackle food safety concerns
chain of materials and production steps and promote sustainability by eliminating
associated with a product access to end inefficiencies in the food supply chains.
consumers through QR codes.
Blockchain can potentially increase visibility
Further, it promotes awareness of the enabling food producers, distributors, and
product’s origin and enables consumers retailers to identify chances for reducing
to make informed decisions about product wastage across the entire supply chain.
maintenance or disposal. Enhanced Use Case Spotlight
transparency in material flow not only
reassures consumers but also encourages IBM Food Trust is a blockchain solution that uses
trust to build transparency across the expanding
more sustainable consumption behaviors.
food supply chain.
Use Case Spotlight It connects participants through a permissioned,

immutable, and shared record, and provides
Coca-Cola in South Africa, has partnered with authorized users with immediate access to the
BanQu with the goal of ensuring that 100% of its food supply chain data including history, current
packaging becomes recyclable by 2025, aiming location, test data and certifications, among
to drive a circular economy, and financially others32.
empower recycling collectors in the process.
BanQu utilizes blockchain-powered online supply

chain tracking and payment connections to trace
recycled materials throughout the value chain.
This system generates a permanent transaction

history, enabling recycling collectors and waste
pickers to demonstrate their income, thereby
enhancing their bankability. Additionally, it
allows Coca-Cola to effectively monitor and trace
recycled materials across the value chain30.
40
Trend 2:
Blockchain-based Transparent Governments
Skepticism toward government services is Governments around the world are expected
mainly attributed to insecure handling of to redefine community decision-making
citizen data and less efficient operational conceptually and practically, by introducing
processes with high turnaround time. governance platforms.
To tackle such issues, governmental entities These platforms aim to enhance citizens'
are exploring new, innovative ways to bring participation and inclusion, overcoming the
transparency and efficiency into both their opacity of current systems through auditable
internal processes, and the services offered voting mechanisms.
to the public.
A similar principle applies to the use of
In 2024, public entities could prioritize smart contracts to automate transactions
blockchain applications as a direct means and simplify bureaucracy. This facilitates
to enhance citizens trust, confidence efficient transfer of ownership, making it
and improve engagement in government easier for civil societies and businesses to
e-services, as well as in the development of buy and sell properties, as well as to request,
data-driven policies. issue and store legal documentation, and
public service transactions.
According to a subject matter expert, “the
Use Case Spotlight
rationale for closed systems of decision-
making in which citizen participation is Estonia has implemented blockchain-based
solutions to ensure data integrity and mitigate
confined to voting or interest group activism threats to national data.
belongs to a different era.
The Estonian blockchain infrastructure covers
In an era of networks, we now need tools e-services that span across sectoral base
that bridge algorithms with new forms of registries like health, law and court systems,
police data, banking, business, and land
collaborative decision-making.” ownership registration33.
41
Approaching 2024
How Can Blockchain Act as a Catalyst for the
Digitization of Global Economies?
The unique strength of blockchain lies in This is expected to provide an adequate level
its decentralized architecture. This fortifies of reassurance amongst key stakeholders
the system's security and minimizes on the operational feasibility, viability, and
susceptibility to fraudulent activities. When sustainability of this technology.
looking at the swift transactions of digital
economies, security holds paramount
importance, and blockchain effectively meets Improved Accessibility &
this requirement.
Intuitive UX&UI
In this section, we will explore key driving
factors that can create foundational Developing user-sensitive interfaces for
ground for blockchain's adoption across blockchain applications can be a vehicle to
different areas such as sustainability and drive awareness and demand, simplifying
e-governance. the user experience to encourage broader
adoption and making blockchain easily
accessible to people and organization without
Encouraging the exploration requiring technical knowledge.
and testing of new technologies

Though the benefits of universally accessible
platforms part of the appeal of blockchain
technologies, the diverse array of blockchain
platforms currently in use have created a new
generation of interoperability challenges that
will need to be addressed before the vision of
blockchain is fully realized.
Encouraging cross-collaboration to create

proof of concept can accelerate the
deployment of blockchain integration and
its adoption across key areas of focus for
organizations and civil society.
Proof of concepts should address regulatory

compatibility, security, energy consumption,
scalability, interoperability, and data
governance concerns.
42
Regulatory Clarity & Certainty Currently, blockchain penetration in the

job market indicates low levels of maturity
As with any other innovation, regulatory across most geographies globally, reaching
bodies should pave the way for blockchain its peaks primarily in the USA and the UK,
applications by creating a favorable followed by Germany and France35.
regulatory ecosystem that can minimize
uncertainty in terms of security and privacy, This highlights a critical gap that needs to be
interoperability standards, scalability, and addressed through the creation of new talent
compliance for businesses, investors, and and upskilling of the existing workforce to
civil societies, hence encouraging adoption. facilitate a smooth and productive transition
into a blockchain-powered world.
Moreover, platforms operating across
multiple jurisdictions may encounter the
challenge of meeting differing, or even
conflicting regulatory requirements, thereby
complicating the landscape for new market
entrants.
In this context, regulators can play an

important role in fostering growth by actively
engaging with innovators and supporting the
testing of new technologies.
Many governments have taken proactive

measures, such as launching regulatory
sandboxes to facilitate the early-stage
testing of new technologies and services. For
example, UK’s Digital Securities Sandbox,
allow financial market participants to conduct
various activities related to digital securities
under a temporarily modified legislative and
regulatory framework34.
A Skilled Workforce
With the integration of blockchain solutions
into global markets, the world will be
facing a significant increase in demand for
professionals who can design, implement,
and manage blockchain solutions.
43
Key Takeaways
How Can Stakeholders Address Blockchain
Challenges and Capture its Opportunities in 2024?
Having analyzed the key trends within the trust economy and their enablers, we summarize key
takeaways to help stakeholders explore what next steps are recommended to derive maximum
value from it.
As thoroughly discussed, blockchain has the potential to contribute significantly to the global
economy. Public and private sector organizations must formulate appropriate strategies for this
opportunity space, taking into consideration their objectives, ambition, and risk-reward appetite.
Implications and Recommended Actions for the Public Sector
Regulatory Landscape
Lack of standardized blockchain regulations The public sector shall develop a national
creates regulatory uncertainty as well as blockchain and digital asset strategy,
data privacy concerns which may affect outlining government goals across all sectors
blockchain adoption for public and private and fostering public-private cooperation. In
sectors. Moreover, siloed blockchain addition, the public sector should encourage
networks can cause inefficiencies and limited interoperable standards for seamless data
collaboration. exchange between blockchain networks,
and launch regular awareness campaigns to
inform and educate citizens on the applications
of blockchain in digital public services.
Personnel Skillsets
Lack of staff with blockchain related expertise Public entities should invest in dedicated
amongst public institutions may present a blockchain capacity-building programs to build
risk and hinder the adoption and expansion expertise amongst public sector employees
of blockchain in e-governance applications. and help them understand blockchain
applications in public administration, creating
a culture of innovation through education.
44
Digital Readiness for Systems Integration and interoperability
The integration of private sectors with traditional Private sector organizations shall conduct
government services like procurement for thorough evaluations of their technological
“blockchain-based e-governance” requires infrastructure, encompassing comprehensive
a thorough system overhaul. This includes impact assessments, prior to the integration of
upgrading legacy architectures, ensuring interoperable blockchain-based solutions. Such
interoperability, and implementing robust a detailed assessment is crucial for identifying
cybersecurity measures. potential challenges, ensuring seamless
integration of various interoperable blockchain
platforms, and maximizing the benefits derived
from incorporating blockchain solutions into the
existing technological framework.
Supply Chain Management
Blockchain has a transformative impact on Private sector organizations should aim at

e-governance and supply chain systems by achieving end-to-end supply chain visibility,
tackling common inefficiencies and quality starting with the identification of key areas
assurance concerns faced in current supply where blockchain can immediately enhance
chain management processes, like poor operational efficiency. This approach can also
accounting oversight and higher turnaround be used to gain a competitive edge and establish
time for availing public services. higher credibility in the market, especially in
sensitive areas involving government services
where document/information traceability is
crucial (e.g., citizen and corporate records
including land registry, certificates, and tax
filings).
45
Incentive Mechanisms & Lead by Example
Facilitating blockchain development and IGOs and IOs shall encourage collaboration
adoption across suggested trends requires in developing common standards, to foster
a collaborative effort from various agencies a strong regulatory landscape for blockchain
and organizations to create a supportive innovation. They should also support
regulatory landscape, promote standards, educational initiatives, allocate resources
encourage innovation, and reduce uncertainty for research, and create innovation hubs.
for business. Moreover, such collaborations can extend
to promote the provision of incentives by
governments, such as tax credits to boost
blockchain adoption across sustainability
applications. This, combined with the early
adoption of blockchain-powered operations
by public and private sectors, provides the
right degree of confidence and reassurance in
the technology's reliability.
46
Digital
Reality
Trends
Hyper-
Personalization Amplified
01 through Virtual 02 Gaming
Experiences
Digital Reality
A revolution toward redefining human
experience, amplifying connections, and
transforming industries
The Evolution of Extended

Reality
In the current digital ecosystem, Digital The recent surge in AR/VR development, and
Reality and Extended Reality (XR) represent the usage of 3D displays driven by major
same concepts and, referring to the players like Apple, Google, Microsoft, Nvidia,
spectrum of technologies that combine and Sony, is poised to make XR an important
real and virtual environments to create topic in 2024.
immersive and interactive experiences,
hyper-spatiotemporal and self-sustaining The metaverse, brought into focus by Meta's
virtual shared space; and includes Virtual rebranding in 2021, is seen as the future of
Reality (VR), Augmented Reality (AR), and the internet, promising a 3D and immersive
Mixed Reality (MR). experience. The global Extended Reality
market size was valued at USD92.88 Bn in
However, the scope of what encompasses 2022 and is projected to reach USD1,134.79
Digital Reality will continue to grow, as XR Bn by 2030, exhibiting a CAGR of 36.0%
continues to evolve and transform with during the forecast period 36.
technological advancements and innovation. Extended Reality Market Size (In USD Bn)
The evolution of XR has been marked by Extended Reality Market Size (USD Bn)
% of Increase
advancements in hardware, software, and 1135
1200
applications. XR applications, catalysts
for significant growth and development 1000
of the digital economy, create a dynamic

800
ecosystem where technological innovation
588
and economic growth are intertwined. 600

318
The evolution of XR is ongoing, with 400

172
continuous innovations shaping the future

200
of immersive technologies. As technology
advances, XR will become more integrated 0
2024 2026 2028 2030
into our daily lives.
Source: fortune business insights
48
Digital Economy Trends Digital Reality
Success to Date
Charting the Course of Digital Reality
XR is poised to find widespread applications XR is transforming how we engage with digital
across the public and private sectors, as content, revolutionizing the gaming industry
well as civil society. They've already become and introducing a new era of immersive
important tools in the fields of healthcare, gaming experiences.
manufacturing, and entertainment, e-learning,
simulation, and visualization experiences. XR encompasses both virtual and augmented
reality, which together create a highly
XR technologies have also contributed to interactive and engaging gaming environment.
advancements in remote collaboration, Major players like Sony and Microsoft are
facilitating seamless teamwork for groups making substantial investments in XR
despite geographical distances. technology to capture this highly growing
market.
The applications of XR can align with the goals
Use Case Spotlight
of different stakeholders, including public and
private sector organizations, contributing to Microsoft has completed its USD69 Bn
economic development, social progress, and acquisition of the video game company
sustainable practices, extending to fostering Activision Blizzard, marking one of the largest
consumer tech acquisitions. The acquisition will
inclusion, innovation and collaboration and allow Microsoft to tap into the development of
ensuring business continuity. virtual worlds for gamers38.
Use Case Spotlight
Apple has announced the release of "Apple In a significant move, Sony Group has increased
Vision Pro" in Q1, 2024 . The mixed reality its research and development (R&D) spending
headset has the potential to display VR/AR in the gaming sector, primarily focusing on
enhancing technology in live service games and
content and seamlessly blend digital content
the extended reality. The company is allocating
with the physical world while allowing users to 300 Bn Yen (approximately USD 2.13 Bn) for
stay present and connected with others37. research and development in its game segment
for the fiscal year ending in March 202439.
49
XR supports the visualization of Digital twins Citizens face challenges accessing public
to foster product and process innovation services due to complexity, bureaucracy,
by enabling quicker time-to-market through digital divide, and ineffective engagement.
rapid iterations and optimizations of product
designs across industries. XR can enhance such services by improving
citizen engagement through virtual events,
The improved process facilitates the upgrade XR-based assistance for public infrastructure,
of product quality through identification of industrial design and urban planning through
flaws in the design much quicker. digital twins, simulations for disaster
management, and the virtual creation of
Product digital twins also reduce waste by government IDs.
reducing the need for physical prototypes,
which helps determine real-world fit before Specifically, the implementation of digital IDs
installation. has the potential to modernize public services
and extending full digital ID coverage could
Use Case Spotlight
unlock economic value equivalent to 3 to 13
Ford creates virtual replicas of its products to percent of GDP in 203041.
explore multiple scenarios, aiming to enhance
Use Case Spotlight
product quality and refine the production
process. Shanghai is an example of a digital twin city.
The digital version of the city models more than
This approach supports the designing and 100,000 elements, including road traffic and
manufacturing of the cars and the related the location of apartment buildings. The model
components, resulting in faster turnaround is used to plan public services, simulate the
time, reduced process inefficiency and effects of natural disasters, and aid response
improved customer experience40. planning42.
50
Envisioning 2024
How can the development and application of XR
impact the global agenda?
The increasing use cases of digital reality marking a shift in the way we interact with
present significant potential for value creation technology, businesses, and communities.
in both the public and private sectors.
XR is anticipated to create opportunities
XR is poised to revolutionize various aspects, across two key focus areas – “Product Design
from enhancing customer experiences to and Development and Customer Experience.”
optimizing organizational operations, including
product innovation, prototyping, virtual sales Further, these areas will emerge into the
and remote collaboration. This transformative following two key trends that directly address
impact extends across various domains such some of the 2024 world agenda items:
as education, healthcare and entertainment,
Trend
01
Hyper-
Personalization
through Virtual
Experiences
Trend
Amplified
02 Gaming
51
Trend 1:
Hyper-Personalization through Virtual Experiences

Extended reality has the potential to redefine XR is revolutionizing the education sector,
how users interact with content and services offering personalized and interactive
across various online channels, providing experiences. XR technology enables the
them with an omnichannel experience- development of products that provide
customer-centric approach in which all immersive learning experiences, bridging
channels are integrated and providing the digital divide and democratizing access
streamlined interactions across multiple to education.
channels in a unified way 43.
Virtual education becomes a preferable
By combining immersive technologies with alternative in scenarios where real-world
real-time adaptation and user behavior training is expensive or hazardous. Moreover,
analysis, XR delivers hyper-personalization intelligence models learn from interactions,
across domains, creating more engaging, enhancing their understanding of learners
relevant, and tailored products/experiences and enabling tailored learning experiences
for individuals more specific to their to improve knowledge-based practices.
needs and requirements. XR facilitates
immersive visualization and fosters real-time When integrated with the XR, the
collaboration, helping organizations retain technology allows students to practice and
their customers. hone their skills in a hyper-personalized
learning environment. The retention rate
As we look into the future, hyper- for traditional training methods is 5-10%,
personalization, driven by digital reality whereas immersive learning has been shown
and other emerging technologies is to improve retention rates up to 75%45.
offering seamless user experience across
Use Case Spotlight
sectors such as education, healthcare,
entertainment, fashion, and beauty. These EngageVR serves as an education and training
technologies enable public and private sector platform within the virtual reality domain.
organizations to create deeply contextualized It enables educators and businesses to
user communications across touchpoints; coordinate meetings, conduct presentations,
offer courses, and organize events.
and transforming the landscape, and offering
an unprecedented level of personalization, The EngageVR platform facilitates the swift
from tailored product recommendations to creation of training programs and virtual
virtual after-sales supports. reality experiences, allowing users to develop
them in a matter of minutes46.
Use Case Spotlight
Metaverse Fashion Week is an annual event Through virtual and augmented shopping
where fashion brands build virtual spaces to
showcase fashion and digital architecture.
experiences businesses are able to present
It features runway shows, after-parties, and maintain a consistent brand experience
immersive experiences, and shopping44. across channels.
52
XR based shopping enables customers to Global collaboration among experts fosters

engage with brands and products via digital knowledge exchange and patient education,
experiences that allow them to try on, try out, benefiting from interactive 3D visualizations,
or personalize their products virtually 47. while ensuring ethical and responsible use of
XR in healthcare.
This transformation in consumer journeys
enhances engagement, brand building, The global healthcare XR market size is
loyalty, and marketing potential. XR enables expected to reach USD20.1 Bn by 2028,
virtual product testing, reduces the need exhibiting a CAGR of 28.64% during 2023-
for physical store visits, and ensures more 202849.
reliable product availability.
Use Case Spotlight
FundamentalVR offers a virtual reality platform

tailored for surgical training. This platform
goes beyond conventional simulations by
incorporating haptic feedback and performance
analytics, allowing medical professionals
to practice surgeries in a realistic, risk-free
virtual environment 50.
Use Case Spotlight
L'Oréal uses AR and machine learning-powered

technology ModiFace to make shopping for
cosmetics online easier by offering customers
the ability to virtually try-on before they buy48.
XR's integration into healthcare signifies

an innovative shift, enhancing remote
and personalized care through immersive
telemedicine experiences, VR-based diagnosis
and providing realistic educational environments
for medical professionals.
The patient's healthcare journey is

elevated with interactive 3D visualizations,
providing personalized and custom-made
recommendations for a more engaging
and informative healthcare experience.
Furthermore, Medical professionals benefit
from realistic training environments,
enhancing their skills through XR simulations.
53
Trend 2:
Amplified Gaming
XR, leveraging virtual reality, is increasingly
employed to enhance and transform
experiential services across entertainment
industries.
Virtual environments make it possible for

individuals from different geographies to
attend events without the need for physical
travel, making them more accessible to a
global audience and people with differentiated
abilities. In addition, businesses can generate organizers, distributors, E-sports clubs,
additional revenue through virtual ticket sponsors, and the audience. Increasing
sales, merchandise, and virtual advertising digitization, coupled with growing access to
opportunities. gaming devices, is expected to further boost
this upward trajectory.
E-sports is reshaping the landscape of live
entertainment for the future. E-sports, a The E-sports market worldwide is projected
category within gaming, involves competitive to reach a revenue of USD5.7 Bn by 2028
video gaming where individuals and teams from its current level of USD3.8 Bn in 202351.
compete against each other for both prize
money and worldwide recognition. In Use Case Spotlight
the E-sports ecosystem, XR enables the The Middle East has positioned itself as a
production of arena-size live events and leader in the E-sports segment through
service tournaments. various initiatives.
Gamers represent just the tip of the iceberg For instance, Saudi Arabia in 2023 hosted
Gamers8, one of the largest independent
for the e-sports ecosystem, which comprises
E-sports events, featuring 13,000 events
publishers, licensing partners, event with participants from 70+ nations across the
globe.
Use Case Spotlight
Furthermore, the country is set to host
The 'League of Legends' is an E-sports an annual E-sports World Cup in Riyadh,
example, an XR multiplayer online battle featuring the most popular global games with
arena video game developed and published the largest prize pool in e-sports history. The
by Riot Games. Savvy Games Group in Saudi Arabia, under
the ownership of the sovereign wealth fund
It remains one of the most played and widely PIF, announced a significant investment of
recognized online games. The E-sports 142 Bn Riyals (USD37.8 Bn) in 2022 to drive
market is expected to have a total of 924.5 Mn initiatives aimed at establishing Saudi Arabia
users by 202853. as a worldwide gaming hub52.
54
Compared to traditional sports, e-sports With its recent advancements, E-sports has
are often regarded as relatively sustainable gained attention among larger stakeholders
and environmentally friendly. For instance, including corporations and multilateral
Formula 1 estimates an annual release bodies. Brands use e-sports as a channel for
of 256,000 tons of CO2 emissions, while e-promotions and have formulated inventive
analysts predict the FIFA 2022 Qatar World marketing approaches to establish a shared
Cup has generated 10 Mn tons of equivalent connection between their brand and the
carbon waste54. e-sports industry.
However, it is worth noting that e-sports, In addition, multinational bodies have started
while presenting a greener alternative, is not to recognize and incorporate E-sports games
without its environmental impact. According as part of their flagship events. For example,
to Allianz, the ICT sector would be responsible the Olympic Council of Asia included eight
for 830 MT of CO2 emissions by 203055. medal E-sports events during its 2022 Asian
games56.
55
Approaching 2024
An Overview of Key Enabling Forces for XR
Millions of people interact in XR metaverses Partnerships between XR platforms, social
daily for activities such as gaming, networks, and other digital technologies
collaboration, AR, travel, telemedicine, and are required to facilitate cross-industry
events. However, despite this widespread and cross-tech collaboration to create an
interaction, there is skepticism about its ecosystem where different metaverses can
adoption due to the complexity of XR devices, interconnect and share resources.
the disconnected nature of metaverses, and
the expensive and time-consuming process Improvements in technical capabilities,
of creating high-quality, 3D immersive including enhanced network speed,
experiences. increased bandwidth, and advanced device
capabilities, are crucial for supporting the
Adopting a balanced and responsible approach data-intensive nature of XR applications.
becomes essential as XR progresses along These enhancements aid in bolstering the
the maturity curve. This approach is crucial infrastructure, facilitating seamless adoption
for unlocking the transformative potential of of XR technologies.
XR - Virtual Reality (VR), Augmented Reality
(AR), and Mixed Reality (MR). To facilitate ownership, transactions,
and commerce in the metaverse, several
This section will delve into the key macro elements will need to be determined and
enablers that are pivotal to expediting the scaled. This includes Web 3.0 and Web 2.0
adoption and growth of XR within next integrations with legacy and modern payment
generation digital economies. modes respectively, cross-border and cross-
metaverse foreign exchange solutions57.
1. Develop supporting infrastructure.
2. Laying foundational regulations and Developing infrastructure for XR encounters
governance. significant supply-side constraints, particularly
in the hardware domain. Any global shortage
Develop supporting digital of components such as microchips emerges
as a primary challenge, hindering the timely
infrastructure production and distribution of crucial XR
Infrastructure development requires components and impeding economies of
significant investment in creating high-quality scale. Additionally, the scarcity of skilled
virtual experiences, including connected professionals proficient in XR poses a dual
edge cloud architecture, realistic simulations, barrier, slowing innovation and obstructing
virtual environments, and interactive content the seamless integration of extended reality
aligned with diverse user needs. Infrastructure across diverse sectors. Addressing these
development should prioritize cross-platform challenges requires a coordinated effort
compatibility, allowing XR applications to be between governments and industries involving
interoperable and function seamlessly across thoughtful policy formulation, adaptive trade
various devices and platforms. regulations, and strategic long-term planning.
56
Laying foundational
regulations and governance
Robust regulations are needed to address The government is expected to play a
data privacy, security, Intellectual Property pivotal role in establishing protocols and
Rights and ethical concerns associated with ethical standards for digital reality. This
XR. Clear guidelines on user consent, content requires collaboration with industry experts,
moderation and data collection to data academia, and civil society to formulate
archival, are essential for building trust and XR governance frameworks that align
ensuring fair and responsible use of XR. with international standards to accelerate
innovation.
In 2022, the Metaverse Standards Forum
was created to discuss technical principles Entities offering VR solutions, including
and global standards for these immersive developers, share the responsibility
technologies. The entity seeks to create a of upholding content policies and age
meeting place for technology companies restrictions. A well-balanced approach to
and regulatory organizations experienced in VR policy encourages companies to adopt
developing these norms. a culture of responsible XR utilization,
emphasizing clear accountability.
57
Key Takeaways
Harnessing Power of XR in 2024
Extended Reality (XR) carries significant positive implications for society, institutions, and
governmental bodies. Promoting digital literacy and inclusivity is crucial for society, ensuring
equitable access to XR technologies. Public and private sector organizations should strategize for
adaptation, exploring innovative opportunities and prioritizing robust cybersecurity measures.
Government regulators must develop agile frameworks, collaborating with stakeholders to
establish necessary regulatory guidelines. Collaborative efforts between all stakeholders are
essential for navigating the technology landscape safely and securely, ensuring effective and
responsible outcomes.
Responsible usage
Excessive engagement with immersive The public sector, including regulatory bodies,
technologies such as XR exposes users to risks should develop data governance and risk
like privacy breaches, addiction, and various management frameworks that prioritize
psychological and physical hazards. According user privacy, safety, and well-being. They
to a survey from Kaspersky, 42% of professional should take an adaptive approach, enforcing
gamers worry about their mental health guidelines that promote responsible
condition58. Hence, industry bodies and regulators consumption and prioritize privacy-by-
shall collaborate and develop appropriate policies design principles in XR development, to
and regulatory guidelines to ensure safe and foster a balanced and secure environment for
secure usage of XR technologies. immersive technologies to boost user trust.
Digital Inclusion
XR holds promise for digital inclusion by The private sector should prioritize the
providing immersive educational experiences, development of accessible and inclusive
enhancing accessibility, and fostering virtual designs catering to diverse user groups. This
social interactions. The affordability of XR can be achieved through developing cost-
devices and the need for inclusive design effective solutions and supporting initiatives
must be addressed to ensure equitable that promote community access, embracing
access. cultural diversity by integrating varied content
and ensuring multilingual accessibility,
and establishing internal frameworks and
mechanisms that prioritize inclusivity and
foster continuous design improvement through
iterative user feedback integration.
58
Adoption and demand
To foster interest and demand for Extended The private sector should focus on educating
Reality (XR), it is imperative to launch the market showcasing real-world examples
initiatives that focus on educating the of successful XR implementations, illustrating
market about XR's capabilities, potential its transformative impact on businesses and
applications, and successful use cases. everyday experiences. Moreover, the private
These initiatives should aim to provide sector should take appropriate measures
comprehensive information, highlighting the to address any misconceptions or barriers
technical aspects of XR and emphasizing its associated with XR, like privacy, security,
practical benefits across various industries. property rights and interoperability, ensuring
that potential users and stakeholders are
well-informed about its positive contributions.
Proactively disseminating knowledge and
building awareness creates a foundation
for a more informed and receptive market,
driving the adoption and integration of XR
technologies across diverse applications
Success metrics
Increasing integration of XR into everyday The private sector should consider

lives necessitates a realignment of success incorporating user well-being into the design
metrics for businesses. Organizations with of their products, adopting a multifaceted
growing exposure to XR technologies shall approach to measure success. In addition
need to measure success, which now extends to traditional user engagement metrics,
beyond the conventional metrics. Net promoter Score (NPS) is being used for
software user satisfaction surveys and quality
of life impact assessments. It is imperative
for these approaches to incorporate metrics
that gauge time well spent on meaningful
tasks within the application and adherence to
regulatory and ethical standards.
59
Environmental Impact
To support the growing data requirements The private sector is required to collaborate
of XR, a robust network infrastructure is with relevant stakeholders, including
essential. Therefore, public and private governments to implement robust eco-
sectors are required to invest heavily friendly policies that incentivize responsible
in establishing advanced connectivity production and consumption of XR devices.
infrastructure. However, such efforts have By adhering to rigorous environmental
adverse environmental consequences. standards, the XR industry can demonstrably
contribute to the global fight against climate
change.
Implications and Recommended Actions

Building common standards
Common XR standards are essential to IGOs and IOs should collaborate with the
ensure global interoperability, address public and private sector to establish technical
technical, privacy, and ethical concerns, standards for digital infrastructure, devices,
fostering collaboration, trust, and a cohesive, and applications, to facilitate seamless
accessible XR ecosystem. interactions between different XR platforms
worldwide. These standards should inspire
trust and confidence among users and
policymakers by ensuring transparency and
compatibility. This will allow users to engage
with XR content without worrying about
system limitations for the growth of the XR
ecosystem59.
60
Cybersecurity
Trends
Safeguarding
The Future of
01 in the
Digital Age
02 Defense
Cybersecurity
Unlocking the digital asset opportunity, verifying
the green revolution, and enabling next gen
digital services
The Evolution of Cybersecurity

The roots of cybersecurity can be traced back sophisticated cyber-attack methodologies.
to the 1970s, marked by the creation of a A robust cybersecurity technical and legal
code serving as an antivirus program aimed framework is essential for facilitating the
at countering the experimental computer secure acceptance and widespread adoption
malware, the Creeper. of advanced technological solutions within
the Digital Economy of civil societies and
As digitization surged through the decades, organizations.
the cyber threat landscape underwent a
parallel evolution, marked by a surge in data The global cybersecurity market, valued at
breaches and the prevalence of ransomware, USD 319 Bn in 2023, is anticipated to soar to
which pose a critical threat to the Digital USD 538.3 Bn by 203061.
Economy.
Cybersecurity Market Value
The escalating scale and frequency of these
600
500
cyber-attacks emerged as a significant cause
464
430
of concern for governments, businesses, 500
399
371
344
and civil society, prompting prioritization

319
400
of cybersecurity and garnering substantial 300
investments toward bolstering cybersecurity 200

measures. 100
0
2023 2024 2025 2026 2027 2028 2029
Cybersecurity has assumed a pivotal role
in today's digital landscape in guarding and Source: Statista
actively fortifying our digital ecosystems
Global cybersecurity job opportunities surged
against the fast-evolving modern digital
350% escalating from 1Mn positions in 2013
threats such as cloud vulnerability, data
to 3.5 Mn in 2021. Cybersecurity Ventures
breaches, mobile attacks, crypto-jacking, and
predicts the sector will encounter 3.5 Mn
IoT attacks60.
vacant positions by 202562.
The significance of cybersecurity has been 70% of company boards will include
amplified in the current era, marked by the one member with cybersecurity
exponential growth of interconnected devices experience by 202663.
and the continuous evolution of increasingly
62
Digital Economy Trends Cybersecurity
Success to Date
How has cybersecurity Responded to Modern
digital Threats?
Responding to cybersecurity threats such divergence, the CSA certification schemes
as cloud vulnerability, data breaches, mobile were developed to supersede existing
attacks, crypto-jacking, and IoT attacks has been national-level certification schemes, assuming
different across various stakeholder groups they align closely in scope. To comply with the
– governments, businesses, and civil society. CSA, each EU member state must designate at
While businesses lead cybersecurity technical least one National Cybersecurity Certification
solutions through innovation, collaboration, Authority (NCCA). The European Network
and capacity building, governments primarily and Information Security Agency (ENISA) is
shape the cybersecurity landscape through poised to play a crucial role in establishing
regulations, technical standard setting, and maintaining the European cybersecurity
international cooperation, and law enforcement. certification framework65.
Governments play a vital role in enhancing
cybersecurity by enforcing robust standards The NIS2 Directive, an EU-wide legislation,
domestically while fostering regional and global strives to fortify cybersecurity in the
collaboration to protect critical infrastructure64. region by ensuring that Member States are
appropriately equipped to address cyber
Enforcing Cybersecurity threats. It also fosters strategic cooperation
and information sharing among these states,
through Regulatory Impetus while also instilling a culture of security across
and Industry Alliances critical sectors that heavily rely on digital
technologies66.
Recognizing the critical role of cybersecurity,
regulatory bodies worldwide have The US NIST Cybersecurity Framework (NIST
implemented rigorous cybersecurity and data CSF) comprises standards, guidelines, and best
protection frameworks. These measures not practices aimed at enhancing cybersecurity for
only bolster security in the digital realm but organizations. It is crafted to provide flexibility,
also safeguard privacy and individual rights. allowing seamless integration with the existing
security processes of any organization. The
The EU Cybersecurity Act establishes a framework not only simplifies the language of
unified system for certifying the cybersecurity cybersecurity, making it accessible to everyone
of ICT products, services, and processes but also makes cyber risk management easier
across the European Union. Its primary goal for organizations, enabling them to make
is to enhance cybersecurity protection within informed decisions67.
the EU. The Cybersecurity Act (CSA) facilitates
using a single, mutually recognized certificate The American Institute of Certified Public
by manufacturers and service providers Accountants developed the Service
throughout the EU. Before the CSA, various Organization Control Type 2 (SOC 2). SOC 2
EU states had implemented their own national is a cybersecurity compliance framework that
cybersecurity certification regulations, leading ensures third-party service providers securely
to discrepancies in standards and a lack store and process client data68.
of mutual recognition. To overcome such
63
ISO/IEC 27000 standards provide effective Contemporary Technological

information security management systems
(ISMS) specifications. ISO standards offer
Solutions to Mitigate Cyber
comprehensive guidelines for cybersecurity, Threats
allowing organizations to establish a
The necessity for enhanced security has
framework encompassing best practices
spurred innovation, leading to solutions such
across data protection and cyber resilience.
as a zero-trust framework, Multi-Factor
These standards empower organizations,
Authentication (MFA), encryption, DevSecOps,
regardless of their sector or size, to oversee
behavioral analytics, and insider threat
the security of assets, such as financial
prevention mechanisms.
information, intellectual property, employee
data, and information entrusted by third Zero Trust, as a strategic cybersecurity
parties69. approach, aims to mitigate cyber threats by
enforcing rigorous identity verification for all
The ASEAN Cybersecurity Cooperation
individuals and devices.
Strategy (2017-2020) was a roadmap for
regional cooperation to achieve a safe and This approach rejects inherent trust based on
secure ASEAN cyberspace. The second edition location or assets and upholds the principles
of the strategy (2021-2025) will create cyber of "Never trust, always verify." Businesses
recommendations that align with ASEAN's must implement Zero Trust security as a
digital ambitions70 . strategic and robust measure against cyber
threats. Through the implementation of
The OECD Policy Framework on Digital
strong authentication, network segmentation,
Security helps policymakers understand
and strict access policies, Zero Trust aims
cybersecurity's economic and social aspects. It
to minimize attack surfaces, prevent lateral
also highlights the OECD's approach to digital
movement of threats, and reduce the risk of
security policy. The framework encourages
data breaches73. The global Zero Trust market,
policymakers to use OECD digital security
valued at USD 31.1 billion in 2023, is projected
recommendations to develop better policies71 .
to reach USD 67.9 billion by 2028, growing at
The EU's Cybersecurity Strategy for the Digital a CAGR of 16.9%74.
Decade aims to protect citizens and businesses Use Case Spotlight
from cyber threats. The strategy was released
in December 2020 with three primary areas of Johnson Controls implemented Zero Trust
amid the shift to work from home. By deploying
action: Resilience, Technological sovereignty Zscaler Private Access for secure connections
and leadership, and Operational capacity to between users and apps and integrating it with
prevent, deter, and respond72. Apart from the Azure Active Directory (AD), they adopted a
above, a UN cybercrime treaty is also being model that constantly verifies user and device
access to bolster security75.
explored to be signed.
64
Elevating Security and Verification through Its objective is to help create efficient and secure
Multi-Factor Authentication (MFA) enables software while shifting an organization's focus
additional layers of authentication and from reacting to security breach incidents to
restricts unauthorized access to systems actively fortifying its overall security, centered on
in case of a compromised password. MFA "security by design."
employs multiple intermediate steps for
user authentication, demanding two or more Behavioral analytics forms a preemptive and
distinct methods to confirm a user's identity protective approach centered on individuals,
for accessing a resource. employing sophisticated Machine Learning
algorithms to examine data from users and
Tools like Google Authenticator and Microsoft entities throughout an organization.
Authenticator have fortified organizational
Its goal is to flag any atypical behavior and reveal
cybersecurity by elevating security measures,
unprecedented threats that might indicate a
lowering risks, and providing a seamless
security breach. This technology is versatile,
user experience, particularly in remote work
identifying threats like insider risks, persistent
setups76.
advanced threats, and zero-day attacks.
Proactive security integration with DevSecOps Use Case Spotlight

enhances the software development lifecycle
Safeway, a grocery delivery service, adopted
for the ICT sector by identifying vulnerabilities Exabeam's user and entity behavior analysis
across the development and delivery phases. solution to detect uncommon behaviors
This methodology integrates security measures within both corporate and retail networks.
This integration enhanced Safeway's security
throughout the entire software development
operations, enabling analysts to conduct incident
lifecycle, encouraging collaboration among investigations more efficiently by associating
developers, security specialists, and operational such behaviors with specific users77.
teams.
65
Envisioning 2024
Charting the Course to Combat Tomorrow's
Challenges
Cybersecurity plays a significant role in trust in the digital ecosystem; thereby fostering
ensuring a reliable and trustworthy cyberspace. innovation and digital transformation by
Robust cybersecurity frameworks cultivate providing businesses the confidence to adopt
trust and confidence among consumers and modern technologies and explore new digital
businesses, encouraging increased use of ICT avenues.
and participation in online activities, which
drives digital economic growth. Cybersecurity is anticipated to create
opportunities across two key areas that
Simultaneously, promoting international directly address some of the 2024 world
cybersecurity standards, cyber hygiene, and agenda:
digital inclusion is instrumental in upholding
Trend
Safeguarding in the
01 Digital Age
Trend
The Future of
02 Defense
66
Trend 1:
Safeguarding in the Digital Age
As the cyber threat landscape rapidly of AI in bolstering cybersecurity must not be

expands, integrating innovative emerging overlooked. AI software is expanding in cyber
technologies into cybersecurity practices operations, detecting anomalies, automating
becomes imperative to combat modern cybersecurity tasks, and identifying
threats. The cybersecurity market continues malware. Employing proactive strategies
to grow, with innovations like Artificial with ML models like neural networks, deep
Intelligence and Machine Learning poised reinforcement learning, and autoencoders
to enhance technological solutions, making becomes critical in preventing cyberattacks.
them smarter, quicker, and more accurate,
facilitating a safer and more efficient
Use Case Spotlight
digital environment. Looking ahead to
2024, cybersecurity powered by emerging MobileIron synergizes Zimperium's machine
technologies like AI and computing is learning-driven threat detection into its
expected to witness much traction, further security and compliance engine. This
integration addresses a critical mobile
revolutionizing the cybersecurity space
security challenge enterprises encounter:
by providing advanced threat detection, rapidly identifying device, network, and
response capabilities, and adaptive defenses, application threats and executing automated
thus reinforcing the resilience of digital protective measures for enterprise data, all
infrastructures. without dependence on cloud queries80.
AI-enhanced cybersecurity offers the

potential to proactively identify and address Predictive Threat Intelligence, empowered
cyber threats in real-time and forecast by AI, plays a significant role in anticipating
and prevent potential threats. AI's market and proactively mitigating potential threats,
value in cybersecurity pegged is projected including identifying sophisticated, advanced,
to grow at a CAGR of 19.43% and reach persistent threats and insider risks.
USD 102.78 Bn by 203278. As more Machine
Learning (ML) algorithms are leveraged in AI is instrumental in boosting security
cybersecurity systems and cyber operations, defenses and optimizing analysts' time
the following trends emerge at the nexus of through AI-powered solutions that accelerate
AI and cybersecurity79. threat detection, expedite responses, and
safeguard user identity and datasets, all
AI and ML software integration with cyber while ensuring cybersecurity teams stay
operations is shaping cyber defense informed and in control81. By analyzing
strategies. Misuse of AI can amplify cyber vast datasets, AI swiftly identifies nuanced
vulnerabilities, introducing privacy risks and patterns characteristic of these advanced
empowering malicious actors with innovative attacks, often overlooked by conventional
attack methods. However, the significant role security protocols.
67
Use Case Spotlight before they inflict damage. Quantum-

enhanced Machine Learning could enhance
Vectra's Cognito, an AI-powered threat the effectiveness of cybersecurity, while
detection platform, employs advanced ML
quantum random number generation can
and security-enhanced metadata for real-
time attack detection. Notably, it aided ED&F enhance cryptography83.
Man Holdings Ltd. in defeating various man-
in-the-middle attacks targeting invoice With digital assets, such as customer
frauds and stopping a crypto mining scheme metadata, the Internet of Things, and NFTs,
in Asia. being created in every domain to benefit civil
The platform significantly enhances security
societies, businesses, and governments,
operations by boosting threat detection
accuracy while minimizing security alerts82. preserving these important creations,
inventions, and confidential information
would be prioritized by public and private
sector organizations through implementing
AI-powered autonomous threat detection more rigorous cybersecurity measures.
and response systems continuously monitor
Cybersecurity uses access restrictions,
organizations' networks and systems,
firewalls, intelligent encryptions, secure
promptly identifying anomalies and potential
wallets, and discovery systems to prevent
threats as they surface. Operating in real-
unauthorized individuals from accessing
time, these systems independently trigger
private and confidential data.
responses to counter and mitigate the
hazards, all without the need for human There is potential for improvements in
intervention. This proactive approach reduces cybersecurity measures to avoid pump-and-
response times and mitigates the impact of dump schemes for manipulating prices of
attacks. By assuming routine surveillance NFTs, counterfeits of NFTs, and phishing in the
tasks, AI-driven systems enable security metaverse. These can include improvements
professionals to concentrate on more in smart contract programs, disclosure
impactful activities, such as investigating standards, anti-fraud, market surveillance
intricate threats, orchestrating incident and price manipulation measures built into
response strategies, and collaborating with the market mechanisms such as stop-loss.
other teams.
Interoperability in emerging technologies
Quantum computing, while posing a risk like IoT networks, smart contracts, and
of compromising encryption techniques, edge computing can improve transparency,
offers more resilient and compelling traceability, and efficiency in healthcare,
opportunities for safeguarding critical and energy management, agriculture, and
confidential data than currently available transportation sectors84. Interoperability
alternatives. Quantum computers possessing ensures compatibility and standardized
significant computing capabilities can open protection measures against cyber threats.
new avenues for enhancing cybersecurity. Enhanced visibility, on the other hand, allows
For instance, quantum-era cybersecurity for better monitoring of activities across
can identify and neutralize cyber threats interconnected devices or platforms.
68
Trend 2:
The Future of Defense

The frequency, complexity, and destructiveness
of cyber threats are rising, posing significant
risks to national security. In the ongoing battle
within cyberspace, there's a constant stream
of malicious events, ranging from basic to
highly advanced attacks85.
Nations are actively bolstering their

capabilities to detect, prevent, and combat
malicious cyber activities. Governments
must implement robust countermeasures
to safeguard network operations against the
escalating sophistication of cyber threats
and establish intergovernmental cooperation and public infrastructure, such as power
between computer emergency response grids, safety systems, and military resources
teams (CERT) among nations. or entities87.
In 2024, governments are anticipated to Recognizing the need for robust defense
adopt innovative strategies, such as proactive against cyber threats, countries understand
defense, combining cyber capabilities that bolstering conventional cybersecurity
with other instruments of national power, capabilities alone is insufficient.
employing cyberspace operations to
disrupt adversaries' activities86 to counter Governments should prioritize proactive
the evolving landscape of cyber warfare, cybersecurity strategies by leveraging cutting-
ensuring the resilience and security of their edge technologies to develop sophisticated
digital infrastructures in the face of emerging mechanisms that are even more capable
threats. of identifying, analyzing, and neutralizing
potential cyber threats before they can cause
The use of Cyber Warfare is increasing and harm.
involves deliberate attacks orchestrated by
a nation or organization, targeting the digital Public sector organizations are implementing
networks of other countries or institutions. comprehensive national policies, regulatory
These attacks utilize computer viruses or frameworks, and cybersecurity regiments88
denial-of-service attacks aimed at espionage and investing in offensive and defensive
or disrupting digital infrastructure. capabilities.
The consequences can be devastating, Diplomatic efforts are undertaken to set norms
impacting government and civilian systems for responsible state behavior in cyberspace,
and causing disruptions to critical national contributing to global cybersecurity.
infrastructure, such as financial systems,
69
Approaching 2024
What are the Key Enablers that drive cybersecurity
in 2024 and beyond?
Advancements in Technology Effective Policy and
As cyber threats expand in scale and Regulatory enforcement
sophistication, defense mechanisms evolve
Progressive cybersecurity regulations
similarly, leveraging innovative technologies.
centered on international cybersecurity
With the rapid proliferation of connected
standards are integral to a robust cybersecurity
devices, it is becoming easier for malicious
framework. As the digital landscape evolves,
agents to access networks and more
many cybersecurity regulations emerge,
challenging for security experts to identify
crafting a complex network of compliance
and respond to cyberattacks. The number of
obligations for organizations worldwide.
IoT devices reached 15.14 Bn in 2023 and is
These regulations span industries and
anticipated to surge to 29.42 Bn by 203089.
jurisdictions, aiming to set standards and
As digitalization rises, organizations can look
protocols that safeguard sensitive data,
forward to employing advanced automation
mitigate cyber threats, and protect consumer
for managing routine tasks and lower-risk
and organizational interests. It is pivotal for
processes.
organizations to effectively adhere to these
Digital identity is the cornerstone of regulations as it demonstrates a commitment
access management, authentication, and to safeguarding sensitive information and
authorization, facilitating a safe and secure upholding data integrity while also fortifying
online environment and enabling essential their IT systems and instilling trust among
cybersecurity and data protection measures. users. Further, an impetus is required to
There is a need to strengthen digital formulate new regulations or increase the
identity management by adopting advanced ambit of the current rules to ensure threats
authentication methods, such as biometrics are taken care of. Regulatory harmonization
and adaptive authentication. This ensures to streamline pertinent regulations should be
a higher level of assurance in verifying the emphasized to simplify implementation and
identity of users. compliance for businesses and government
agencies.
Emerging technologies advance rapidly,
gaining significant capabilities that enable On cyber defense, several institutions
them to tackle the growing complexity of advocate for investing in active cyber defense
cyber threats. Advancements include various capabilities, but the legal and political
innovative tools such as Artificial Intelligence, framework governing their use needs more
Machine Learning, blockchain, and advanced clarity. Public data collection to track the
encryption methodologies. The synergy of development of cyber threats and state
these technologies such as quantum enhanced responses, as conducted by the European
machine learning, can amplify their strengths. Repository of Cyber Incidents, can make an
In return this helps to enhance the defense essential contribution toward ensuring that
capabilities against complex and dynamic cyber defense considerations are discussed
modern cyber threats. responsibly and democratically90.
70
Multilateral Collaboration and Cybersecurity Talent

Investment Development
Cyberspace transcends national and regional Talent development initiatives are crucial
boundaries, making it imperative for to bridge the persistent cybersecurity skill
governments public and private enterprises gap. Beyond bridging the skills gap, they
to collaborate on cybersecurity to achieve also foster innovation in the cybersecurity
tangible outcomes. This collaborative effort landscape. Trained professionals bring
involves sharing information regarding threats, diverse perspectives and creative approaches
vulnerabilities, and best practices, coordination to address complex cybersecurity issues.
for policy standardization, capacity building for By nurturing a continuously evolving talent
enhancing cybersecurity capabilities through pool through education, capacity-building
training, technology transfer, knowledge programs, mentorship, and industry
sharing, and collaboration in addressing cyber collaborations, cybersecurity gains the
threats. Several multilateral organizations, agility and expertise required to stay ahead
such as the European Union Agency for of sophisticated threats. Talent development
Cybersecurity, ASEAN Cybersecurity, and investment is fundamental in building better
International Telecommunication Union’s cybersecurity practices that safeguard critical
Global Cybersecurity Agenda promote national infrastructures, sensitive data, and
multilateral cooperation for cybersecurity. digital ecosystems.
71
Key Takeaways
How to address potential cybersecurity implications
in 2024?
Public Awareness
The rise of online activity and digital The public sector must prioritize boosting
technologies like AI and cryptocurrency public access to e-learning resources
expands opportunities for attackers to on cybersecurity. This includes tailoring
launch sophisticated cyberattacks, steal awareness campaigns for vulnerable
data, disrupt critical systems, and spread groups, like senior citizens, children, and
misinformation. Since there is a lack of small businesses, focusing on areas like
cybersecurity awareness, individuals, digital asset management, password
businesses, and governments are at risk, security, and encryption. Additionally,
hence, highlighting the need for stronger they should issue national cybersecurity
security and awareness measures. advisories on emerging threats and propose
relevant cybersecurity readiness initiatives
to safeguard critical national infrastructure.
Cybersecurity Skillsets

The global labor market currently faces The public sector should take appropriate
a shortage of 3.4 Mn cybersecurity measures to build and retain a cybersecurity
professionals91. This shortage is exacerbated skilled workforce within governments. This
by the rapidly evolving nature of cyber can be achieved through different scenarios,
threats, requiring continuous skill updates including revision of HR policies, mandating
and specializations, particularly in areas like competitive pay and benefit structures to
cloud security, mobile security, and threat attract the required technical expertise,
intelligence. Meeting this rising demand particularly in cybersecurity-related areas.
is crucial to tackle the ever-expanding
cyber threat environment. Implementing Additionally, public-sector organizations
innovative systems may not be sufficient can encourage educational and specialized
to tackle evolving cyber threats; a skilled certification programs in cybersecurity,
cybersecurity workforce is equally essential. establish centers of excellence, and promote
collaboration between industry and academia
with mentorship and human capital
development programs.
72
Regulatory Considerations
Given the highly dynamic environment, The public sector should proactively develop
cybersecurity regulations might quickly and evolve national cybersecurity plans,
become outdated, potentially exposing addressing future cyber threats. They
valuable resources and assets to various should conduct regular updates based on
threats. This dynamic nature necessitates international best practices and constantly
a mechanism for continuously reviewing engage relevant stakeholders, including the
and adapting cybersecurity strategies and private sector, to avoid lagging behind or
policies in response to new and emerging over-regulation. In addition, public sector
threats. stakeholders shall establish integrative
reporting platforms, including a national
database on cybersecurity threats, to aid
citizens and organizations in identifying and
reporting cyber risks promptly 92.
Investment in digital and technology readiness
Obsolete and outdated technology may Private sector organizations should build
expose potential vulnerabilities, elevating their technology systems through a
the risk of cyber-attacks and complicating security-by-design approach. They should
integration with modern cybersecurity periodically upgrade their software and
solutions. This can also result in a competitive digital infrastructure to reduce vulnerabilities
disadvantage in the market. and enable the integration of modern
cybersecurity solutions.
Additionally, cybersecurity teams should not

work in siloes, but work in tandem within their
entire organization so that the cybersecurity
strategy considers organizational priorities
and the required cybersecurity related
investments.
73
Compliance with cybersecurity regulations
Failing to adhere to prevalent cybersecurity Private sector organizations should go beyond

regulations puts businesses' internal compliance with existing cybersecurity
systems at risk and jeopardizes the security regulations, frameworks, and standards
of their customers' data, exposing them to (e.g., ISO/IEC 27032), by taking proactive
potential threats. This non-compliance can steps to implement advanced cybersecurity
also result in significant legal and financial measures to safeguard their systems, data,
penalties. and customer information.
They should also conduct regular audits

and compliance checks to ensure ongoing
adherence to these regulations and identify
any improvement areas.

Global collaboration & standardization of regulations
As cyber threats advance and grow more It is recommended for IGOs and IOs to foster
sophisticated, working in silos might not cooperation and collaboration at various
be adequate to address these evolving national, regional, and global levels among
challenges effectively. Governments must relevant cybersecurity stakeholders, to
recognize the growing cyber warfare threat address advanced cyber threats through
and include this as a crucial component of regulatory, technical, and capacity-building
a multi-pronged national security strategy. efforts.
Lack of coordinated efforts can lead to
fragmented responses to global cyber They should advocate for cybersecurity
threats which can pose a huge challenge in digital solutions to comply with international
areas such as policing ransomware. standards through multi-stakeholder
cooperation and be compatible with existing
public/private sector digital systems.
74
Smart
Ecosystems
Trends
Industry 5.0 and Interconnected

01 the Circular
Economy
02 Digitized
Cities
03 Risk-averse
IoT
Smart Ecosystems
Navigating toward sustainability and smarter
cities with the power of secure IoT for enhanced
livability
The Evolution of Smart

Ecosystems
A Smart Ecosystem is an IoT-enabled network of ethernet to remotely ascertain the availability
interconnected digital technologies, platforms, in the machine and identify which cans were
and services that interact with each other to chilled95.
create value for government, businesses and
consumers93. Empowered by technological advancements
and machine-to-machine communication,
Smart Ecosystems utilize emerging the interconnection of devices began to find
technologies, such as IoT, and comprise web- applications in industries and households
enabled smart devices that utilize embedded for remote monitoring and controlling
systems, such as processors, sensors, of appliances across refrigerators and
and communication hardware, to collect, thermostats, enabling smart living.
send, and act on the data acquired from
their environments. IoT and other emerging IoT can be classified into two broad categories:
technologies like Artificial Intelligence Consumer IoT and Enterprise IoT. While
and Machine Learning facilitate more consumer IoT primarily focuses on improving
straightforward and dynamic data collection the daily lives of individuals through smart
processes94. devices for personal use, Enterprise IoT aims
to improve operational efficiency, decrease
The vast amounts of data generated by IoT costs, and enable data-driven decision-making
devices offer numerous opportunities for data- for businesses and industries.
driven insights and promoting a sustainable
Digital Economy by boosting productivity, The growing interconnections in networks
creating new markets and revenue streams of devices and systems have facilitated the
for businesses, stimulating job opportunities, development of modern IoT applications,
and creating additional tax revenue. spanning across industries and serving
diverse purposes – commonly referred to as
The origins of IoT stretch back many decades, Smart Ecosystems.
marked by the advent of the first IoT device,
a soft drink vending machine. This innovation, Some of its applications include smart homes
which went operational in 1982, enabled with voice assistants, biomedical applications
computers connected to the University's with fitness trackers, industrial integration in
76
Digital Economy Trends Smart Ecosystems
manufacturing and logistics, and smart city The Outlook of the global IoT market is
applications for improved traffic management, optimistic, driven by the potential for IoT's
pollution monitoring, and waste management. transformative impacts to revolutionize the
Digital Economy. The worldwide IoT market
Integration with modern connectivity revenue is expected to reach USD 2,227 Bn
capabilities such as 6G, Bluetooth Low by 2028 at a CAGR of 13.60% between 2023-
Energy (BLE), Zigbee, NB IoT, and Blockchain 202897.
can drastically increase the potential of IoT,
enhancing decision-making abilities and Projections also indicate a significant
advancing automation through personalization rise in the number of IoT-connected
with improved security. devices globally, which is expected to
reach 29 Bn devices by 2030, almost
The rapid growth of IoT devices, especially in
smart cities, necessitates 6G over 5G due to double the number of devices in 202398.
the increased demand for reliable network
connectivity. 6G networks are crucial for
applications requiring high data transfer rates, IOT Market Value (In USD Bn)
low latency, and cellular network robustness, IOT Market Size
2,227
as these attributes pose challenges for 5G in 2500
2,017
1,806
supporting emerging technologies96. 1,1597
2000
1,387
1,177
Smart services based on the Internet of 1500
Everything (IoE) are gaining considerable

1000
popularity due to the ever-increasing demands
of wireless networks, an extension of the IoT 500
concept emphasizing machine-to-machine 0
communications, describing a more complex 2023 2024 2025 2026 2027 2028
system encompassing people and processes96. Source: Statista
77
Success to Date
IoT's Transformative Influence Across Sectors
Smart ecosystems powered by integrated IoT monitor and control appliances through
devices and connectivity are a significant trend, connected devices.
shaping various businesses, governments, and
civil societies, driving innovation and digital IoT-enabled devices such as thermostats,
transformation. Its transformative impact lighting, security cameras, door locks,
spans various domains across consumer- appliances, and entertainment systems
focused retail and healthcare, where IoT communicate and interact with each other to
solutions are employed to improve consumer create a technology-enabled, comfortable, and
convenience, health, wellness, and safety. secure environment for consumers.
Moreover, IoT solutions have enhanced

Use Case Spotlight
efficiency in industrial sectors such as
transportation, agriculture, and manufacturing. Home automation platforms such as Google
Home and Alexa Smart Home serve as
comprehensive smart home automation
Use Case Spotlight
platforms, integrating a variety of compatible
Carnival Cruise is revolutionizing the cruise devices, including thermostats, smart
experience through IoT, transforming ships speakers, Wi-Fi routers, light bulbs, window
into smart cities at sea. sensors, smart door locks, smart TVs, and
security cameras.
Prioritizing a customer-centric approach, the
Carnival Cruise mobile app offers passengers These platforms provide users with a unified
seamless control over exploration, trip planning, interface, empowering them to efficiently
and dining. These apps also notify staff about monitor, control, and streamline the
guest allergies, ensuring personalized service. performance of appliances, as well as manage
Carnival Cruise is navigating toward a future routine tasks seamlessly100.
where each passenger's journey is uniquely
tailored and effortlessly enjoyable99.
IoT-powered smart wearables such as
smartwatches and Smart glasses transform
Increasing prevalence of IoT how we work, communicate, and manage our
well-being. In addition to offering enhanced
applications in the Consumer convenience features such as managing calls
Sector and texts, these devices also provide users
with health monitoring and safety features.
IoT forms the fundamental technology for By seamlessly integrating health-tracking
smart home automation, encompassing sensors and advanced safety mechanisms,
a range of automated functionalities that these wearables empower users to monitor
streamline and optimize household tasks and their fitness levels, track vital health metrics,
improve energy efficiency. These systems and even receive emergency alerts. A new
empower consumers by allowing them to wearable technology category for businesses
78
is wearable cognitive support, designed to and analyze data from industrial operations102.
improve human efficiency and cognition. This IIoT also gives industries enhanced control and
technology not only guides users through visibility, enabling better real-time monitoring
applications, but also ensures that every action and control of factory machinery and inventory.
has been performed correctly.
In addition, the data collected by IoT sensors
To achieve this, real-time computer vision provide valuable insights for enhancing
based on Machine Learning, edge computing, efficiency, reducing time to market, reducing
and 5G/6G cellular technology, combines low downtime through predictive maintenance,
latency, high bandwidth throughput, compute- and improving overall productivity in industrial
intensive processing, and wearable cognitive processes.
support systems.
Use Case Spotlight
Motorcycle manufacturer Harley Davidson

Use Case Spotlight converted its plant into an IoT-enabled facility
by linking the devices and processes integral
The Apple Watch, beyond providing essential to its production operations, resulting in a USD
features such as calls, text management, and 200 Mn drop in operating costs, 3% growth in
health monitoring tools like fitness and activity productivity, reduced downtime, and increased
tracking, also enables users to create a Medical production efficiency103.
ID.
Digital Twin is a real-time virtual model of a real-
This ID, visible on the watch’s lock screen,
provides vital information about the individual, world entity, leveraging data from connected
such as their blood type, medical conditions, and IoT sensors to create a digital representation,
allergies, to attendees in emergencies101. enabling remote monitoring and analysis. This
technology is employed for various purposes,
including performance analysis, problem
Unlocking Efficiencies and monitoring, and pre-implementation testing.
Novel Opportunities across The insights derived from digital Twins facilitate
Governments and Businesses rapid responses to enhance operational
efficiency, production quality, and customer
Industry 4.0 completely changes how satisfaction104.
businesses produce, enhance, and market
their goods/services across multiple sectors. The worldwide prevalence of IoT devices
IoT-powered infrastructures facilitate the in healthcare is increasing, leading to
optimization of operations, providing safety transformative changes across remote
enhancements through interconnected devices monitoring, telemedicine, and preventive
and systems. healthcare.
This has led to the rise of the Industrial Internet IoT-enabled devices enable continuous
of Things (IIoT), constituting an ecosystem of monitoring and timely interventions, ensure
devices, sensors, applications, and associated patient safety, and empower physicians
networking equipment that collect, monitor, for superior care. IoT is also enabling
79
enhancements in patient care in hospital behavior to prevent accidents through timely

settings through innovations such as smart notifications. Cellular Vehicle-to-Everything
beds, which adjust the angle and pressure connectivity is a connected mobility platform
based on patient presence and monitor vital that enables solutions such as vehicle-to-
parameters such as weight, body temperature, vehicle (V2V), vehicle-to-infrastructure (V2I),
and heartbeat. vehicle-to-pedestrian (V2P), and vehicle-
to-cloud (V2C) communication, connecting
Use Case Spotlight individual vehicles and the broader transport
ecosystem, facilitating intelligent transport
A collaborative effort between Telenor, the
systems to reduce pollution and congestion.
Danish Heart Association, and Seluxit produced
an IoT device that addresses the widespread
issue of flawed defibrillators in Denmark due to Use Case Spotlight
insufficient maintenance.
Volvo Cars collaborated with Telenor Connexion
This device, equipped with sensors and a to develop Volvo On Call, a subscription-based
communication module, continuously monitors service offering an app connecting Volvo owners
defibrillators, detecting faults or power to their vehicles continuously.
deficiencies, and promptly alerts service
technicians through a platform for immediate This app allows remote monitoring and control
intervention105. of the car, providing various additional remote
functionalities besides seamlessly incorporating
emergency and roadside assistance into the
Use Case Spotlight integrated services107.
IoT is evolving toward applications involving

brain-computer interfaces, as demonstrated by Empowering Smart Cities for
Neuralink.
a Smarter and Sustainable
The application assists individuals with paralysis
in communication by enabling remote control
World
of devices through brain activity. Neuralink Smart cities leverage emerging technology
leverages IoT to enhance user memory and such as IoT, green technologies, and AI-based
cognitive abilities, restores motor functions, and
addresses neurological disorders by improving
data-driven solutions to improve people's
sensory and visual functions106. quality of life.
The transformative effects of IoT in the They make urban operations and services more
automotive industry make mobility safer efficient and boost their competitiveness while
and more convenient. IoT enhances vehicle ensuring the city meets present and future
management capabilities to establish smart, generations' economic, social, environmental,
safe connections among transport systems, and cultural needs108.
drivers, pedestrians, and vehicles. IoT has
enabled novel applications in the automotive Smart cities draw synergies among these
industry, such as connected vehicles and advanced technologies and optimize
autonomous mobility, to advanced driver transportation, energy, healthcare, waste
monitoring systems that track driver management, and public safety operations.
80
One significant example of smart systems in cities, estimated to rise to 70% by 2050.
being visible in everyday life is in the traffic Cities consume 60–80% of the world's energy
management of motor vehicles. and produce more than 70% of its carbon
emissions110.
For smart cities to be ‘livable,’ culture is an
important aspect to consider. It needs to Additional problems brought about by rapid
galvanize the population and avoid taking urbanization include socioeconomic inequality,
a top-down approach with the available street gridlock, water poisoning, and related
technologies. health problems.
Smart city traffic management solutions use These environmental sustainability initiatives
sensors, cameras, and IoT devices to collect leverage technology, data, processes, and
real-time traffic conditions data, optimizing innovative solutions through smart cities,
traffic flow. Authorities adjust signals, manage address various sustainability challenges,
lanes, and reroute vehicles based on the and encompass initiatives such as renewable
insights from the analyzed collected data, energy integration, better traffic management
thereby reducing traffic congestion and carbon to reduce pollution, waste management, and
emissions. energy-efficient sustainable infrastructure.
Integrating traffic management systems with Smart city waste management involves
public transport enhances synchronization integrating smart ecosystem technology such
and reduces wait times. The accumulated as IoT and innovative strategies to optimize
traffic data aids in identifying accurate trends, waste collection, sorting, recycling, and
predicting traffic patterns for future evidence- disposal to enable a Sustainable Smart City
based planning. (SSC)111. IoT devices embedded in waste bins
Use Case Spotlight
emit signals when they are nearing capacity,
optimizing collection routes for efficiency, and
Barcelona has implemented a sensor-based reducing unnecessary pickups.
parking system, helping drivers locate vacant
parking spots. This has been achieved by Use Case Spotlight
embedding sensors in the asphalt to detect if a
vehicle is parked in the location. Fukuoka in Japan has pioneered a unique
approach to sustainable energy by producing
This initiative has reduced congestion and hydrogen from city sewage to fuel vehicles.
emissions, and within a year of its introduction, This innovative technology aims to create a
the city processed 4,000 parking permits per low-carbon society.
day through the application109.
The hydrogen energy extracted from household
sewage is used as a fuel source for cars,
Smart city sustainability initiatives encompass motorcycles, and delivery trucks. Fukuoka’s
a range of programs to promote environmental future plans involve expanding the use of this
eco-friendly energy source for transportation
sustainability and resource efficiency, essential and fulfilling various energy needs across the
to improving people's quality of life. Currently, city112.
more than half of the world's population lives
81
Envisioning 2024
An Overview of Key Trends Shaping Smart
Ecosystems in 2024
IoT is poised to become more integrated within regarding interoperability and compatibility
the Digital Economy, evolving from standalone among heterogeneous technologies used in
technology to a function that unifies among the network of IoTs. IoT also generates huge
smart ecosystems. volumes of data and extracting conclusive
insights from Big Data is a challenge, due to
As technology advances, smart ecosystems its complexity.
are on the verge of experiencing substantial
growth in both scope and scale, amplifying their The disruption in the smart ecosystem is
capabilities, and enabling more sophisticated anticipated to create opportunities in the
applications. following areas: Environmental Sustainability,
Customer Experience and Regulation, Policy,
The evolution of IoT offers numerous opportunities Governance, and e-governance. Furthermore,
for innovation, market expansion, efficiency these areas will emerge into the following
improvements, and enhanced user experiences. three key trends that directly address some of
However, IoT also brings challenges, particularly the 2024 world agenda items:
Trend Trend
Risk-averse
01 03
Industry 5.0
and the Circular IoT
Economy
Trend
Interconnected
02 Digitized Cities
82
Trend 1:
Industry 5.0 and the Circular Economy

In the era of Industry 5.0, the convergence embedded in the product/ component and
of cutting-edge technologies like the released during its manufacture. The amount
Internet of Things is poised to revolutionize of carbon emitted may be recorded by the
manufacturing, creating a paradigm product produced. Similarly, the product
shift toward a circular economy. This can also report its energy use patterns and
transformation optimizes resource usage, estimates of carbon emissions produced to
minimizes waste, and fosters a holistic the manufacturer.
approach to environmental sustainability by
integrating intelligent systems that monitor, At end-of-life, the product provides a manifest
adapt, and enhance industrial processes, with material details, carbon footprint, and
focusing on reducing ecological impact. disassembly instructions115.
Industry 5.0 builds upon the existing Interconnectivity in such areas enables
principles of 'Industry 4.0' by emphasizing smarter recycling and reduces waste and
research and innovation to facilitate a shift energy consumption.
toward a sustainable, human-centric, and
It offers a means to safeguard the environment
resilient industrial landscape. It prioritizes
and utilize natural resources more prudently,
the well-being of workers and harnesses
foster the growth of new industries, generate
new technologies to foster prosperity
employment opportunities, and cultivate
while respecting the Earth's production
innovative capabilities.
capacities113.
Data collected from interconnected devices
The circular economy is a model of
enables decision-making and automation,
production and consumption, which, in
making IoT a fundamental element for
contrast to the linear economy, involves
Industry 5.0.
sharing, leasing, reusing, repairing, and
recycling existing products to extend their
Use Case Spotlight
life cycle114. IoT will play a crucial role
in the circular economy as it enhances Hearts For the Homeless Foundation
visibility and provides better control over diverts clothing and textiles for reuse. They
the manufacturing and distribution process, partnered with Enevo to fit wireless fill-level
facilitating the generation and management sensors that transmitted data for analytics
of data necessary to meet the intricate and logistics planning. This resulted in
powerful data analysis, better forecasting,
requirements of circular supply chains. and dynamic adjustments in collections
and routes, significantly reducing site visits,
Through Industry 5.0, an intelligent product preventing overfills, and minimizing resident
manufactured would hold information on complaints116.
the materials made from and the carbon
83
Trend 2:
Interconnected Digitized Cities

According to the World Economic Forum, applications and services. This includes
68% of the world's population will inhabit connectivity infrastructure such as 5G and
urban areas by 2050, up from the current level 6G, sensors, data analytics capabilities, and
of 55% 117. This increase in urban population open data platforms and policies118.
will impact the urban infrastructure, economy,
society, and the surrounding environment. This enhanced online and offline digital
Advancements in IoT, Big Data, and AI connectivity between applications will unlock
technologies are reshaping smart cities the full potential of IoT to provide seamless
by leveraging data-centric technologies to user experience through the facilitation
enhance customer experience, revolutionize of real-time data analysis, seamless
transportation systems, and promote communication between devices, and the
sustainable practices. These emerging development of innovative solutions; this
technologies will likely enhance the supports addressing urban city challenges
capabilities of smart cities, integrating more around energy efficiency, safety, mobility,
data-driven systems, AI, and connectivity to housing, and government services.
enable these cities to optimize their resource
usage better, improve sustainability, and Ultimately, the convergence of such IoT-
prioritize efficiency and convenience. enabled technologies is expected to drive
Use Case Spotlight
the evolution of smarter, livable, more
interconnected cities with improved economic
Saudi Arabia's smart city, NEOM, aims to growth, providing residents with a seamless
utilize Tonomus' (a subsidiary of NEOM)
digital infrastructure to utilize accurate,
experience and enhanced quality of life.
protected resident-shared data to offer
personalized and predictive services tailored Key areas where interconnected smart
to individuals' daily requirements. The ecosystems can play a role in improving
solutions will rely on advanced computing residents' living standards are user experience,
capabilities, Artificial Intelligence, and climate change resilience and monitoring,
immersive technologies119. mobility, accessible infrastructure, public
health and safety, government services, and
The city will have its own operating system,
Neos, which will bring together various air, water, and waste management.
data points to run services efficiently. For
Use Case Spotlight
instance, Neos will streamline travel by
anticipating flight details and hotel bookings The IMO State University in Nigeria has
and arranging timely shuttles for visitors. designed a system for automatic crime
It will also monitor residents' well-being, reporting and immediate response that
responding to emergencies with drones is developed based on system integration
and rerouting vehicles for medical attention combining Raspberry Pi, Microsoft IoT,
when needed120. mobile applications, and web applications.
Their research aims to lower Nigeria's crime
A robust, secure, and interoperable rate by creating a framework using big data
telecommunications infrastructure is and the Internet of Things to detect and
essential for smart, sustainable cities to monitor crimes and criminalities online in
real-time121.
support a massive number of ICT-based
84
Trend 3:
Risk-averse IoT
The expansion of IoT devices has heightened Recognizing the importance of IoT security,
the risk of businesses and civil societies the U.S. introduced the IoT Cybersecurity
facing cybersecurity and data privacy Improvement Act of 2020 to establish
threats. Regulation of IoT security standards minimum security standards for Internet
is crucial to enable a safe digital environment of Things devices owned or controlled
and nurture trust among Business and civil by the Federal Government and for other
society users. purposes124.
Standardization of IoT devices plays a crucial With a 2021 executive order, The White
role in establishing universally accepted House initiated pilot programs for labeling
specifications and protocols, enabling IoT products to educate the public on the
seamless compatibility among devices and security capabilities of Internet-of-Things
applications. This uniformity ensures cost- (IoT) devices and software development
effective solutions, fosters interoperability practices. It also urged exploring incentives
and compatibility of IoT devices, unlocks to encourage manufacturers and developers
new opportunities, and maximizes the to join these initiatives125.
market's potential122.
Furthermore, the country's National
Additionally, standardization enables Cybersecurity Strategy for 2023 has
device compatibility, enhancing the user made it a strategic objective to drive the
experience and attractiveness to end development of secure IoT devices aimed
users while fostering competition among at enhancing IoT cybersecurity through
manufacturers. Federal research and development,
procurement, and risk management efforts
Considering the data security issues arising while continuing to advance the growth of
from the proliferation of IoT devices, IoT security labeling programs allowing
the Ministry of Industry and Information consumers to compare cybersecurity
Technology in China has formulated protection among IoT products. It fosters a
guidelines outlining basic security standards market incentive for enhanced security126.
for IoT.
There is growing interest from public and
The initiative will be implemented in two private entities toward driving a secure
phases from 2022 to 2025. The draft specifies IoT-based smart ecosystem. The National
major standards for IoT basic security, Institute of Standards and Technology
highlighting key areas and directions (NIST) has recently chosen a lightweight
encompassing standard systems, terminal cryptography algorithm to protect data
security, gateway security, platform created and transmitted by IoT and other
security, and security management123. small devices127.
85
Similarly, a prominent open-source software

organization, Eclipse Foundation, announced the
publication of the Sparkplug 3.0 specification,
which enables businesses to deploy complex
IIoT systems easily as an international standard
for 'Plug and Play' in Industrial IoT128.
There is a noticeable trend toward

implementing IoT-related regulations and
industry standards as many regulators and
industry bodies acknowledge the urgency
of addressing risks associated with this
technology. The regulatory landscape is
anticipated to undergo a transformative
phase in 2024 to establish guidelines explicitly
tailored to govern IoT devices.
These regulations will address the risks

associated with IoT devices to foster innovation
while safeguarding civil societies, businesses,
and critical national infrastructure from
potential vulnerabilities.
It remains uncertain whether standards for

IoT governance based on the lack of data
security and privacy in IoT applications will
be guided by regulators or shaped by market
forces. Yet, actions taken by countries such as
China and the U.S. indicate a leaning toward
regulatory influence, potentially through
enforcement or incentivizing initiatives that
advocate IoT security standardization.
86
Approaching 2024
An Overview of the Key Enablers for Adoption of
Smart Ecosystems
In this section, our focus delves into time communication between IoT devices
the essential enablers poised to lay the will give rise to advanced applications such
groundwork for the accelerated advancement as autonomous vehicles and enhanced
of the Internet of Things (IoT) throughout industrial automation.
the economy, paving the way for a more
interconnected and intelligent future. Data Processing Capabilities
Connectivity Infrastructure IoT devices generate massive amounts of data,
and modern data processing technologies,
Continuous, reliable, and seamless connectivity including cloud and edge computing, provide
is a fundamental requirement for IoT devices the infrastructure to manage, store, and
to transfer and process data in real time, analyze this data efficiently. This ability to
perform analytics, and derive valuable insights. collect and analyze real-time data from
Ericsson forecasts that cellular IoT connections IoT devices enables informed decision-
are expected to reach around 3 Bn by the end making, process optimization, and enhanced
of 2023 and 6.1 Bn by 2029, growing at a CAGR operational efficiency.
of 12% between 2023 and 2029129.
Edge and Cloud computing act as technology
The absence of robust and reliable internet enablers. With the growth in real-time
connectivity within a smart ecosystem systems, local processing needs for IoT, and
can lead to data exchange disruption, low-latency closed-loop action based on
impaired decision-making, and loss of fast AI/ML algorithms need local processing
automation, hindering real-time monitoring, with Edge. On the other hand, the Cloud
communication between devices, and infrastructure will lend the scalability
data transmission, as IoT devices rely required by the Smart Ecosystems.
on continuous data exchange to function
optimally. Operational scalability is also a key
consideration encompassing systems for
Governments can invest in robust monitoring, fault management, configuration,
communication infrastructure, including 5G and performance management that can
and 6G networks, to ensure widespread and scale with the user needs.
reliable connectivity for IoT-based smart,
livable, and sustainable cities. In addition Since these smart ecosystems will need
to this, governments can encourage private many technologies to co-exist, visibility in
sector investments in IoT infrastructure. This the performances of sensors, devices, and
will promote higher adoption of IoT devices, network appliances is essential for seamless
and the enhanced, low-latency, near-real- business.
87
Robust data processing capabilities also interest in IoT is driven by several factors,
ensure scalability and data security. including the rise in operational efficiency
Scalability allows systems to handle enabled by automation, real-time monitoring,
increasing volumes of data and additional predictive maintenance to reduce unplanned
devices without compromising performance, downtime and maintenance costs, supply
which is essential as the IoT ecosystem chain optimization, and industrial safety. The
expands. Effective data encryption, increasing adoption of IoT is a catalyst for
anonymization, and secure storage can ongoing innovation in the sector, particularly
address security and privacy concerns in developing more advanced and energy
regarding sensitive information collected by efficient IoT devices to create comfortable,
IoT devices. secure, livable smart cities.
Apart from connectivity and data processing,

there is a need for an Integrated Digital
Platform that helps orchestrate multiple
domains like VLAN, WLAN, IoT, radio access,
and essential to deliver the outcomes needed
from use cases.
Consumer and Industry

Demand
The surge in consumer interest and
demand for connected devices has been
a driving force behind the rapid expansion
of IoT in the consumer segment. A notable
example would be the popularity of IoT and
connectivity in the automotive industry,
with growing demand for connected cars
driven by consumers' desire for convenience
and seamless technology integration. This
rising demand may be attributed to several
factors, including the need for convenience
and automation, safety, enhanced focus on
health and wellness monitoring, and rising
awareness of sustainability through energy
savings, giving rise to smart and sustainable
cities. Continuous improvements to IoT
devices, including enhanced functionalities,
improved integration, and affordability,
contribute to increased consumer interest
and adoption. The industrial sector's growing
88
Key Takeaways
How will Smart Ecosystems affect the Digital
Economy in 2024?
Implications and Recommended Actions for Public Sector
Cyber Security and Regulatory Considerations
The exponential growth of IoT devices increases Governments should set comprehensive
cybersecurity concerns due to the sheer volume guidelines for security regulatory standards
of connected devices, which expands the attack for IoT devices, promoting a baseline level
surface, providing more entry points for cyber of security that devices shall meet. For
threats to exploit. The annual number of IoT example, regulations to IoT based on cellular
malware attacks worldwide in 2022 amounted technology considering SIM card integration.
to 112.29 Mn, a significant increase of over Additionally, the public sector should focus
three times from 2018 when the number stood on promoting a security-aware culture, by
at 32.7 Mn130. The diverse range of IoT devices providing transparent information about the
also comes with varying levels of security security features of IoT devices, empowering
standards and capabilities, where weaker links citizens to make informed decisions, and
can serve as entry points for hackers to conduct by promoting ongoing capacity-building
Distributed Denial of Service (DDoS) attacks like programs for relevant stakeholders on best
through botnets. Extensive data generated by IoT IoT security practices.
devices, often including sensitive information,
and the lack of security measures make it a
lucrative target for vulnerabilities if not protected
through appropriate levels of encryption.
Public Private Partnerships (PPP)

The public sector alone may be unable The public sector shall promote
to keep pace with new-age technology, collaborative initiatives with ICT regulators,
research, and funding linked to IoT, as it may and private sector organizations, including
surpass its capabilities. The available capital telecommunications service providers
might not be sufficient to fund the extensive and technology organizations, to leverage
infrastructure needed to enable seamless collective strengths and resources. By
connectivity for widespread IoT adoption. fostering a collaborative environment,
A robust public-private partnership (PPP), stakeholders can capitalize on the advanced
which involves a collaborative agreement technological capabilities of the private
between a public or a private sector sector while harnessing the financial
company, is essential. resources of the public sector. This synergy
will facilitate large-scale investments in IoT
infrastructure and technology, ultimately
accelerating the advancement and adoption
of IoT solutions.
89
Transforming Market Landscape and New Business Opportunities

IoT is contributing to meaningful To thrive in the evolving landscape of the
transformation across sectors, including Internet of Things (IoT), businesses should take
healthcare, automotive, and manufacturing a strategic approach focusing on three key
by revolutionizing processes and changing pillars: infrastructure, talent, and adaptation.
business models. In addition to this, the
proliferation of IoT devices creates a vast Firstly, private sector organizations should
landscape for innovation and market growth, prioritize high-speed connectivity to ensure
offering opportunities for businesses seamless integration and operation of
to develop new products, services, and IoT devices. They should also implement
solutions that cater to the evolving needs stringent data security protocols along with
of a connected world, such as IoT solutions adopting innovative platforms for effective
and services, analytics and AI-driven data analysis and utilization.
services that extract valuable insights from
IoT generated data. Secondly, the private sector shall invest in
enhancing their employees' expertise in
critical smart ecosystem enabling areas
such as data analytics, cybersecurity, cloud
computing, and IoT-specific technologies.
Lastly, private sector organizations shall
adapt their strategies dynamically based on
emerging smart ecosystem trends to stay
competitive in the IoT landscape.
Research and Development

IoT devices are expanding in scale The private sector shall invest in R&D for
and functionality, driven by customer customer-centric solutions and adaptable
expectations. Customers' ever-increasing IoT systems to enhance customer
demands are reshaping the landscape of convenience and stay relevant in the market.
IoT solutions, driving the need for enhanced In addition, mastering big data through
functionality, quick and seamless integration, robust management, analytics, and AI is key
personalization, and improved user to unlocking valuable insights and scaling
experience that demand intuitive interfaces for future demands. Therefore, the private
and effortless interactions with IoT devices. sector shall focus significant investments
In addition, the proliferation of IoT devices can firstly in cloud, to enable scalability for
lead to the generation of vast volumes of data. flexible storage and processing capabilities.
Statista forecasts that the total worldwide Secondly, they should invest in AI and data
data volume of IoT devices will reach 79.4 analytics, to analyze big data collected
zettabytes by 2025, a significant growth from from IoT devices and deriving insights.
13.6 zettabytes in 2019131.
90
Implications and Recommended Actions for Inter-Governmental
Organizations (IGOs), International Organizations (IOs), and others
Interconnectivity and Interoperability

The physical backbone of IoT is made up of In collaboration with various IOs, proactive
gadgets that collect data from the real world efforts should be undertaken to identify and
and take appropriate action, like actuators, address any gaps in existing standards for
smart sensors, and networked devices. Such smart devices. To contribute to promoting
systems use multiple codes that must be seamless interoperability across various
synchronized to enable data collection, transfer, devices from different manufacturers, the
and processing to produce insights. Connecting implementation of IP (Internet Protocol)
various devices, sensors, and systems technology within smart devices is
requires interoperability and compatibility recommended. This is due to IP's inherent
among heterogeneous technologies. This compatibility with established communication
complexity arises when companies try to standards. Additionally, leveraging cloud
expand their IoT implementations across and open-source platforms can significantly
several sites or interface with pre-existing improve communication management.
legacy infrastructure. Different elements of Furthermore, IoT gateways can play a crucial
the IoT ecosystem use different connectivity role in facilitating communication between
options, such as Bluetooth, cellular networks, devices and the cloud, further enhancing
Wi-Fi, Zigbee, and more, to provide seamless overall system efficiency.
data transmission in various settings.
Internet of Things (IoT) Security

The market is seeing an increase in the To enhance the security of the Internet of
introduction of IoT devices with a limited level Things (IoT) ecosystem, IGOs must address
of security. Consequently, this may result smart ecosystems related cybersecurity
in vulnerabilities such as data breaches or challenges. This requires the provision of
cyber-attacks. This has also made threats critical information and guidance to key
more dangerous and less location-specific, stakeholders, including policymakers,
with far-reaching effects on businesses, regulators, executives, and the Chief
including enterprises, governments, and Information Security Officers (CISOs). In
civil society. As a result, it is essential to addition, the following three key areas
establish an ecosystem that is safe from must be prioritized: (i) establishing an IoT
conception to disposal - a task that calls for evaluation and certification regime that
an international strategy. Therefore, effective considers diverse applications, scheme
IoT cybersecurity policies are urgently requirements, and harmonization; (ii)
needed worldwide to build a comfortable, building a secure and reliable supply chain
secure environment. across various domains, including consumer
goods, innovative IT sectors like healthcare,
and smart mobility; and (iii) developing a
trusted identity framework encompassing
hardware security solutions and unique
device identification.
91
Green
Economy
Trends
Green Sustainable Regulation for

01 Technologies 02 Agri-Tech 03 Green Transition
Green Economy
Harnessing the power of green technology in
driving sustainability
The Evolution of Green Economy

‘Green Economy’ is a broad term originally Public and private organizations, and
coined in the 1980s and is a holistic collection intergovernmental bodies have collaborated
of ideas and solutions that emphasizes the to promote the Green Economy through
relationship between economic development, various initiatives, including digital innovation,
people, and environmental sustainability. digital transformation, and Research and
Development (R&D) initiatives. Most of
As per the United Nations Sustainable such initiatives are strategies focused on
Development Goals (UN SDGs), the Green developing and adopting a technological
Economy is considered one of the important approach to environmental solutions.
tools available for achieving sustainable
development, one that is inclusive and Green tech encompasses many technological
can drive economic growth, employment, practices, all geared toward safeguarding the
and poverty eradication while maintaining environment. From harnessing renewable
the healthy functioning of the Earth’s energy and eco-friendly transportation to
ecosystems.132 revolutionizing agriculture, Green Tech
addresses climate change by reducing
The United Nations Environment Programme greenhouse gas emissions and promoting a
(UNEP), stated Green Economy creates a circular economy.
new focus on the economy into investment,
capital and infrastructure, employment and This transition toward a greener future
skills, and positive social and environmental prioritizes sustainability through resource
outcomes.133 optimization, waste reduction, and recycling.
The advancement of Digital Economy In addition, green tech also ensures a nature-
enablers, like digital infrastructure and positive transition to a green economy
digital transformation, is crucial for that includes climate resilience and the
fostering innovative applications that protection of biodiversity. Adopting green
integrate technology with the environment. tech is essential to improve well-being and
This facilitates the creation of new green health, offering benefits like clean air, water,
technologies and industries, amplifying the soil, energy-efficient buildings, affordable
overall positive influence on sustainable and healthy food, and creating future-proof
development134. jobs for a resilient industry transition.
93
Digital Economy Trends Green Economy
The Green Tech and Sustainability market is

valued at USD14.3 Bn in 2022 and is projected
to reach USD 83 Bn by 2032 with a CAGR of
19.5%135.
Driven by the rising awareness of
climate change, advancements in enabling
technologies, and stricter regulatory
mandates by governments, investments in
Green Tech have surged, propelling rapid
growth in the green tech market.
For instance, the EU (all 27 member states),

has dedicated itself to transforming the region
into the first climate-neutral continent by 2050,
and pledged to reduce emissions by at least
55% by 2030 as compared to 1990 levels136.
To achieve the goals set by the European Green

Deal, the EU Commission has committed
to mobilize at least EUR1 Trn in sustainable
investments over the next decade137.
Similarly, at the United Nations Climate

Change Conference (COP-28), the United
States pledged USD 3 Bn to the Green Climate
Fund. This financial instrument channels
climate funding to developing countries138.
94
Success to Date
Modern Sustainability Practices
Renewable Energy Solutions reduce operating costs, and product/service
differentiation. Studies show that by 2030,
A global shift toward increased dependence the circular economy will present a USD 4.5
on renewable energy sources like solar, wind, Trn opportunity to boost global GDP by 1.1%,
hydroelectric, geothermal, green hydrogen, or create more jobs, and make the economy
biomass, and reduced reliance on fossil fuels more resilient140.
is being witnessed. The global energy crisis, Use Case Spotlight
marked by elevated fossil fuel prices, has

Canon maximizes value by collecting used
heightened the economic appeal of renewable equipment from the market, remanufacturing
power technologies. it, and re-selling it with the same high-quality
guarantee as original products. In reusing at
least 80% of the materials, Canon also reduces
This shift will reap benefits not only on the
product greenhouse gas emissions 141.
climate change front but will also positively
impact the global economy. The IEA’s main
case forecast is to install 56 GW of renewable Promotion of Sustainable
energy during the period 2022-27139. practices in various Sectors
In the COP-28 climate summit, 110 and Industries
countries signed a pledge agreeing to
triple global renewable energy installed Green Mobility
capacity by 2030138. This surge in capacity Green mobility involves utilizing transportation
will bring about substantial opportunities technologies like electric vehicles, hybrids,
and vehicles running on alternative fuels, all
for the global economy.
designed to minimize their environmental
impact. As battery and charging technology
Circular Economy progresses, electric vehicles are becoming
increasingly affordable and convenient for
Circular economy practices such as recycling, daily use. Conversely, electric vehicles are the
reusing, and remanufacturing contribute incubator for battery technologies.
significantly to reducing waste and landfills
while reducing the strain on natural resources The rising adoption of these technologies has
by keeping materials in use for a more the potential to decrease greenhouse gas
extended period, helping decrease the need emissions, encourage sustainable energy
for extraction and processing of raw materials. consumption, enhance air quality, and reduce
Successful circular initiatives hold immense reliance on fossil fuels especially if the grid
business potential to create additional revenue being used to charge the electric vehicles
from existing products, drive innovation, is based on an increasing percentage of
95
renewable energy to produce electricity. From to minimize environmental impact. With a focus
2017 to 2022, electric vehicle sales globally on environmental responsibility and resource
surged from approximately 1 Mn to exceeding efficiency, green architecture also considers
10 Mn, showcasing exponential growth142. the life cycle of a building, from planning and
design to construction, operation, maintenance,
Use Case Spotlight
renovation, and demolition. Renewable energy
The Norwegian government's primary focus sources include solar panels, efficient insulation,
was encouraging the adoption of alternative passive heating and cooling techniques. For
energy sources in transportation, particularly instance, Building Information Modeling (BIM)
through incentives for electric vehicles. can be used to create a Digital Material Passport
that provides information on the composition and
These incentives included zero import duties,
VAT exemptions, and road tax benefits. location of building materials and components,
Additionally, plug-in cars enjoyed toll-free facilitating the deconstruction and reuse of those
travel, and publicly funded charging stations materials to condense environmental impacts145.
were established. Consequently, Norway boasts
the highest per capita number of battery-only Use Case Spotlight
electric cars globally, and in 2021, a remarkable Apple’s corporate headquarters, 'Apple Park'
80% of new passenger vehicles sold in the in Cupertino, California, spans 175 acres
country were electric143. and operates entirely on renewable energy,
primarily sourced from an on-site low-carbon
Green Information Technology central plant. The site also boasts extensive
Green Information Technology (Green IT) solar installations, with a significant portion
refers to adopting environmentally sustainable of the solar roof dedicated to electricity
generation146.
computing practices, striving to curtail energy
usage, mitigating the technology sector’s
Carbon Capture and Storage Technologies
impact on global emissions, and combatting
Carbon capture and storage (CCS) involves
climate change.
capturing carbon dioxide emissions from
industrial activities or burning fossil fuels in
Green IT involves various measures such as
power generation. This technique prevents
energy-efficient hardware, data centers, HVAC
the release of carbon dioxide into the
systems, server virtualization, IoT-powered
atmosphere, curbing its contribution to global
monitoring systems, and e-waste disposal.
warming. Different technologies are used
for CCS, including direct air capture and
Use Case Spotlight
mobile air capture, where carbon dioxide is
Meta's Lulea, Sweden, data center utilizes either recycled or securely stored where it
freezing external air to naturally cool down cannot escape, offering a significant method
the digital infrastructure while the server- for cutting emissions and addressing the
generated hot air is circulated. Axial fan
challenge of global warming.
walls are employed to maintain consistent
temperatures144. Use Case Spotlight
ExxonMobil’s Shute Creek Gas Processing Plant

Green Architecture in Wyoming, USA, operates as a CCS facility. It
captures around 365 Mn cubic feet of carbon
Green architecture integrates eco-friendly and
dioxide daily, utilized in oil recovery efforts
resource-efficient practices, prioritizing building across multiple oil fields147.
design, construction, operation, and maintenance
96
Envisioning 2024
Empowering a Sustainable Future: Green Tech
innovations in upcoming years
The green economy is considered essential Research by Oxford Economics estimates
for promoting sustainable development due that the transition to a net zero emissions
to its focus on addressing environmental environment by 2050 will create new industries
challenges, encouraging social equity, and worth USD 10.3 Trn for the global economy148.
fostering economic prosperity.
This is anticipated to create opportunities across
The global agenda for sustainable development focus areas – “Environmental Sustainability
has become a prevalent subject, paving the and Regulation, Policy, Governance, and
path for rapid expansion of the green economy e-Governance.” Further, these focus areas
and the ever-evolving landscape of green will emerge into the following three key trends
technology. that directly address some of the 2024 world
agenda items:
Trend Trend
01 Green
Technologies 03 Regulations for
Green Transition
Trend
02 Sustainable
Agri-Tech
97
Trend 1:
Emerging Green Technologies and Smart Systems
Green Tech encompasses a broad spectrum Use Case Spotlight

of technologies and practices designed to
promote sustainability, energy efficiency, The European Commission's 'Digitalizing
the Energy System' action plan anticipates
data management and the responsible use approximately EUR 584 Bn (USD 633 Bn) in
of resources. One facet of green technology investments toward the European electricity
is smart energy systems, which include the grid by 2030.
implementation of smart grids.
The action plan aims to transform the energy
The relevance and growth of green tech will infrastructure, facilitating greater integration
of renewable energy sources and supporting
witness a strong uptake driven by rising
decarbonization149.
electricity demand, integration of renewable
energy, and larger commitment from the
public sector to establish the necessary Smart energy systems like smart HVAC
green tech-related policy and regulatory (Heating, Ventilation, and Air Conditioning)
frameworks and businesses to adopt systems leverage IoT to activate devices like
affordable, secure, and sustainable solutions. air conditioning based on preset schedules,
monitor environmental conditions, offer insights
Smart grids are integrated with advanced IT into energy usage, and finely tune heating/
systems, sensors, controls, automation, and cooling in spaces according to occupancy and
technologies to oversee and digitally manage temperature.
electricity distribution, adapting and swiftly
responding to fluctuating demands. It also measures energy usage and provides
highly granular data for analysis. This data-
Many benefits can be reaped from the use of driven approach enhances energy efficiency
smart grids, such as enhanced transmission while ensuring occupants enjoy optimal comfort.
efficiency and decreased energy loss, while
providing the ability to swiftly restore power Use Case Spotlight
after disturbances. Smart grids facilitate
two-way communication between utilities StorHub Self Storage, a self-storage platform,
and consumers, creating a more dynamic has implemented an HVAC solution in its Toa
electrical grid. For instance, when consumers Payoh facility in Singapore by integrating an
generate power through renewables and HVAC solution in its building.
connect to a smart grid, they receive credit This incorporates outdoor units that closely
on their bills for contributing excess energy. monitor temperatures and humidity levels.
This precision reduces energy wastage150.
This data-driven model also enables
providers to be infrastructure and energy
consultants.
98
Emerging technologies are playing an through an amalgamation of tax breaks, laws

increasingly significant role in the global and regulations and reporting requirements.
fight against climate change and the Furthermore, leveraging blockchain and
evolution of sustainable economies. NFTs in the supply chain for e-waste,
biomass, carbon and sustainable forest
The use of AI and ML in climate modeling products management ensures enhanced
enables precise simulations and predictive traceability and reduces carbon emissions,
analytics, which are crucial for devising serving as a global governance tool for
effective climate change mitigation strategies impact assessment.151
to contribute to achieving the goal of a climate-
neutral planet by 2050. Extended Reality introduces concepts like digital
twins, which revolutionize the assessment
Blockchain's decentralized and tamper-proof of climate change impacts by facilitating
ledger system can increase data transparency immersive simulations and representations
and decrease transactional costs through of real-world environments, increasing
trustworthy peer-to-peer transactions. efficiency, reducing resource usage, and
enabling detailed assessments of ecological
It can also significantly increase carbon credit
changes and their consequences, which can
integrity, impact carbon credit monitoring,
offer valuable insights for policymakers,
incentivizing climate finance and incentivize
researchers, and environmentalists to
sustainable practices across industries
mitigate the effects of climate change.
99
Trend 2:
Sustainable Agri-Tech
Revolutionary agricultural technologies are environment monitoring for vital parameters

paving the way for innovative and regenerative such as temperature, humidity, air quality,
food production methods, from vertical soil moisture, nutrient levels, crop health,
farming, hydroponics, automated harvesting, pest presence, and water levels.
and robotics in food processing to developing
alternative proteins such as cultured meat Utilizing such technology enables the collection
and dairy substitutes. of rich and high-quality data points across
multiple parameters while employing data
The food industry contributes to approximately analysis techniques like statistical modeling
26% of global greenhouse gas emissions, and Machine Learning to extract patterns and
while around 70% of the world's freshwater insights for well-informed decision support.
withdrawals are allocated for agricultural Such data-centric approach allows for precise
purposes152. input application, minimizing waste and
enhancing overall efficiency.
Advancements in agricultural technologies are
reshaping the landscape of agriculture and Use Case Spotlight
food production by optimizing resource use,
Black Gold Farms, a major potato producer in
conserving the environment, and promoting the US, has partnered with Agremo and used
economic growth. It boosts productivity, reduces their Plant Counting Tool to access precise field
costs, and fosters green innovation, contributing stand to count data.
to food security, rural development, and climate
This collaboration offers insights into optimal
change mitigation. seed sources and types that thrive in their
environments. Embracing precision agriculture
Precision Agriculture powered by IoT methods, they anticipate a 20% reduction
involves utilizing technologies such as drones, in lower-yielding seeds by eliminating or
sensors, and IoT devices for agricultural and minimizing their use.153
100
Trend 3:
Regulations for Green Transition

As parties to the Paris Agreement, and Aligned with the net-zero emission objective,
as defined in their Nationally Determined the EU introduced the 2030 climate and
Contributions (NDCs), over 140 countries energy framework.
have set a net-zero emissions target,
covering about 88% of global emissions, This framework encompasses a series
92% of the global Gross Domestic Product, of proposals to align the climate, energy,
and 89% of the global population154. transport, and taxation policies, aiming
to achieve a minimum 55% reduction in
This calls for actions in the form of regulatory net greenhouse gas emissions by 2030, in
impetus across sectors such as energy, comparison to levels recorded in 1990157,
transportation, industry, and agriculture, giving rise to the ‘Fit for 55’ package which
to reduce greenhouse gas emissions. As is an initiative aimed at updating existing
of 2021, 135 countries have set renewable legislation and introducing new policies to
power targets, with 156 countries enacting help achieve the EU’s 2030 target.
regulatory renewable power policies.155
The European Parliament and Council’s
The regulatory landscape for the green agreement to end the sale of new CO2-
economy consists of a wide range of national emitting cars in Europe by 2035 can be seen
and international regulations, policies, laws, as a significant regulatory reform in this
acts, and framework agreements. direction. Frans Timmermans, Executive Vice-
President for the European Green Deal, said,
Some of the most prominent examples are
EU environmental law, the US and Australian The agreement sends a strong signal
environmental sustainability policies, and to industry and consumers: Europe is
other reporting frameworks provided by embracing the shift to zero-emission
supranational agencies. mobility. European carmakers are already
proving they are ready to step up to the
For example, the EU's goal is to achieve
plate, with increasing and increasingly
climate neutrality by 2050, aiming to take
a leading role in investing in realistic
affordable electric cars coming to the
technological solutions. market.158
This involves empowering stakeholders Similarly, Saudi Arabia has pledged a net-zero
and aligning efforts in critical areas like target by 2060. With three overarching targets
industrial policy, finance, and research, and 77 initiatives, the Saudi Green Initiative
all while ensuring fairness for a smooth was launched as part of The Kingdom’s Vision
transition and maintaining social balance156. 2030 agenda and is a step in this direction.
101
Saudi Arabia’s target to transform the domestic

energy mix to have 50% of its power generated
from renewable sources by 2030 is a part of
this initiative159.
As an increasing number of countries pledge to

climate change targets, they will be supported
by regulations to support their efforts in
reaching these specific climate goals.
Implementing regulations becomes a

cornerstone in their efforts to translate these
aspirations into tangible actions and outcomes.
Developing regulations for green tech enables

widespread accessibility, attracts investments,
provides market certainty, and encourages
commitment to adopting green technology.
The FDI toward sectors impacting climate

change significantly increased from USD88 Bn
in 2015 to USD252 Bn in 2022 at a CAGR of
16%160.
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Approaching 2024
An Overview of the Key Enablers for Adoption of
Green Tech and Growth of the Green Economy
UNCTAD highlights the growing economic Regulatory enforcement,
opportunities presented by green tech and
underscores the need for a multi-pronged Penalties, Financial
approach to ensure the success and growth of Incentives, and Subsidies
the green economy.
Regulatory impetus through accountability,
Heightened attention to green tech policies, compliance, disclosure requirements, and
targeted investment in capacity building, incentivization are crucial factors for the
facilitating R&D funding, international transition toward environmentally sustainable
collaboration, inclusive financing models practices and embracing green technologies.
targeted toward small enterprise funding, and Heightened awareness of sustainability issues,
enabling an international trading environment coupled with ambitious environmental targets,
is pivotal for developing economies to capture has led to a rising number of regulations about
these economic opportunities. carbon emission reduction targets, renewable
energy mandates, circular economy, including
However, green tech faces several barriers for waste management regulations, and
widespread adoption. These include shortage sustainable production practices designed
of economically viable green technology to encourage and accelerate the adoption of
projects, infrastructure incompatibility, limited green technologies and facilitate the transition
public awareness regarding environmental toward more sustainable practices across
sustainability practices, limited capabilities industries.
across green economy value chain, unclear
government policies, and challenges in Governments are increasingly implementing
securing finance for green technology penalties such as carbon tax and green tax
initiatives and programs. for excessive carbon emissions, serving as a
deterrent and encouraging industries to reduce
To overcome these challenges, public their carbon emissions and adopt greener
sector, including regulators, must focus on practices. Regulators are also incentivizing
creating resilient regulatory frameworks efforts to reduce emissions, including reduced
to foster the green economy, establishing tax liability and grants and subsidies for
robust institutions, designing standardized research projects. For example, the Science
tariffs, developing infrastructure, fostering Based Targets Initiative (SBTi) defines
public awareness, and providing subsidies and promotes best practices in emissions
and guarantees. Similarly, private sector reductions and net-zero targets in line with
organizations need to prioritize financial climate science. This standard provides
viability, investment and funding, job creation, guidance, criteria, and recommendations
and technical innovation to foster the growth for companies to set science-based net-
of green economy. zero targets that align with limiting global
temperature rise to 1.5°C161.
103
Infrastructure Development While the measures mentioned above are key to

developing a green economy, they are not at the
The transition toward a greener economy is cost of privacy being compromised.
facilitated by infrastructure development,
which includes promoting renewable energy Privacy measures are crucial in this data-
infrastructure, smart grids, energy storage, sharing ecosystem, balancing transparency and
renewable energy-to-grid integration, individual confidentiality to build public trust.
circular economy practices, waste disposal
management, and green transportation
Global Cooperation
infrastructure like electric vehicle charging Global cooperation is paramount in addressing
stations, among other initiatives. Governments, sustainable development challenges and
the public, and the private sector support transitioning toward a green economy.
infrastructure development to enable a wider
reach of Green Technologies through various Initiatives such as the UN SDG have been
initiatives, including enabling climate finance. successful through cooperation efforts from
193 member states with diverging goals across
Data economic, social, and environmental aspects.
Collaborative efforts among governments,
Data transparency is essential, fueling informed
businesses, and international bodies foster the
decision-making, fostering innovation, and
exchange of knowledge, resources, practices,
playing a central role in shaping contemporary
and technologies, enabling nations and
economic activities in the green economy.
communities to tackle environmental issues.
A comprehensive data-driven approach is
imperative for accountability, transparency, and The United Nations Framework Convention
efficacy in the green economy. on Climate Change (UNFCCC) hosts an annual
Conference of the Parties (COP), where the
The foundation of this paradigm shift lies in
member nations collaboratively address
accountability, where data enables a transparent
climate change issues and take necessary
chain of responsibility. Standardized taxonomy,
climate actions to limit global warming.
facilitated by data, provides a common language
for diverse stakeholders, fostering better The G7 and G20 summits unite major
understanding and implementation of green industrialized nations to coordinate green
strategies. Real-time tracking mechanisms, technologies, climate finance, and sustainable
supported by data analytics, monitor resource development policies.
consumption and emissions, empowering
decision-makers to evaluate their initiatives, The International Renewable Energy Agency
adjust strategies, and meet sustainability targets. (IRENA) facilitates global renewable energy
research and deployment collaboration. These
Data-sharing platforms encourage collaboration, examples illustrate the diverse efforts to
facilitating collective problem-solving and address environmental challenges collectively,
innovation among governments, businesses, and recognizing the interconnected nature of global
research institutions, promoting environmental sustainability issues.
sustainability, and tackling climate change.
104
The UN Biodiversity Conference (COP-15) As consumers become more informed about

held in December 2022 was aimed at halting the environmental impact of their choices, they
and reverse nature loss, critical to meeting drive demand for inclusive and just policies,
the SDGs and limiting global warming to a sustainable products and practices, influencing
1.5-degree Celsius target162. Expanding Public market trends and encouraging businesses to
Awareness and Market Demand. prioritize eco-friendly solutions.
Raising public awareness is a cornerstone in

catalyzing the widespread adoption of green
technologies toward transitioning into a green
economy.
105
Key Takeaways
Potential implications and recommended actions of
Green Economies for stakeholders
Infrastructure Development
Robust infrastructure is essential for The public sector should focus on

executing the green energy transition in developing and continuously updating
emerging markets. However, the pace and relevant regulations to encourage pre-
scale of infrastructure development lag submission consultations while scaling
throughout the value chain, causing a gap up requisite infrastructure, to boost
between the need for sustainable energy sustainable energy solutions.
solutions and the current inadequacies in
the requisite support systems and facilities. Additionally, the public sector should
The non-availability of infrastructure is one consider creating specialized structures
of the reasons for the delayed acceptance where relevant agencies collaborate, share
of green technologies such as electric information, and collectively contribute
vehicles and smart grids. to the swift and effective approval of
processes for infrastructure development.
Institutional development
Constant developments and the dynamic, Governments should accelerate progress

inter-governmental nature of green to achieve NDCs and SDGs by establishing
technology requires dedicated policy focus specialized institutions or departments
by the government to drive initiatives, that focus on the green economy, such
develop guidelines, and enable dedicated as renewable energy. The proposed
research and development. specialized institutions can act as liaisons
for inter-governmental cooperation,
fostering collaboration at a local, national
and international scale.
106
Climate Finance

By 2025, developing countries are estimated The public sector should promote domestic
to need ~USD 1 Trn annually, rising to ~USD investments and Foreign Institutional
2.4 Trn annually between 2026 and 2030 for Investor (FII) pathways through capital
climate finance. They must harness various market instruments such as stocks, climate
financial sources across public, private, bonds, FDI, export credit, syndicated loans,
domestic, and international finance to close guarantees from Green Investment Banks164,
this financing gap.163 and aid from organizations such as IMF and
World Bank, to scale up climate finance
Governments play a crucial role in addressing effectively.
the climate financing gap by providing
resources and sharing sustainable best Additionally, the public sector should
practices with low-income countries and implement carbon pricing for better
emerging economies, and by implementing risk management and utilize innovative
instruments that attract diverse funding financing instruments to broaden
sources and ensure transparent fund investor participation165. Quality climate
utilization in sustainable projects. data, disclosure standards, and network
engagement are important to fortify the
climate information architecture and
enable funding, especially through digital
platforms, by assessing creditworthiness.
Realign priorities, strategy, and business model

The Green Tech industry's projected Private sector organizations should
substantial and disruptive growth in the next strategically position themselves by
five years presents significant opportunities implementing Environment, Social, and
for private sectors. This expansion will create Governance (ESG) practices, adapting
a competitive landscape, driving innovation to market demands, and capitalizing on
and attracting private investment. the emerging opportunities within the
Green Tech sector. In addition, they should
proactively identify priority use cases for
existing and potential clients. Further,
businesses should focus on understanding
the needs of clients, demand creation,
aligning offerings with sustainability goals,
and developing green economy-related
solutions that position the business as a
leader in the evolving landscape of green
economy and retaining the leadership by
building green skill-based expertise and
specialized talent.
107
Green Skills and Capabilities Development

The renewable energy sector and other To ensure a pipeline of green skilled talent
industries are experiencing increased demand for future business needs, the private sector
for upskilling and reskilling, with workers being should actively engage in on-the-job learning
either absorbed from similar industries such as initiatives and establish partnerships with
construction166. According to the International educational and professional capacity building
Labor Organization, an estimated 24 Mn new institutes. Collaborating with government-
jobs by 2030 could be created worldwide. This rolled-out schemes can further enhance these
is also substantiated by an 8% year-on-year efforts, fostering a synergy between industry
growth in green job postings on LinkedIn in the requirements and educational institutions
past five years. Meanwhile, the global share to address the evolving demands of the
of ‘green skilled talent’ has grown by 6% each workforce168.
year167.

Organizations (IGOs), International Organizations (IOs), and Others
Standardization and Taxonomy

Globally, the rise of green finance calls IGOs and IOs should foster the international
for developing green taxonomies to drive harmonization of green taxonomy and standards,
funding, financing, taxation and policy action promoting transparency, benchmarking, and a
toward green economies169. A cohesive and more coordinated approach across sectors and
comprehensive taxonomy is indispensable regions. Additionally, they should encourage
for effectively categorizing green industries the strengthening of international cooperation
and clarifying their environmental impact for the development and implementation of
and economic potential. Green taxonomies standardized methodologies for data collection
can significantly influence how goods and reporting, to enhance the reliability and
are classified within the international consistency of sustainability data. This enables
harmonized tariff system, impacting tariffs, accurate and meaningful cross-sector and
trade incentives, and the promotion of cross-country comparisons.
environmentally sustainable practices and
products. IGOs and IOs should also strategically
address trade barriers for environmental
Standardization of green taxonomy technologies within the International
further enhances precision in measuring Harmonized Tariff System (IHTS) using green
and comparing green practices, enabling taxonomies to promote the adoption and
governments and businesses to harmonize trade of these technologies while ensuring
their strategies for sustainable development. consistency and alignment across nations.
108
Organizations (IGOs), International Organizations (IOs), and Others
Research and Development (R&D) and Knowledge sharing

The markets of green technologies have IGOS, IOs and others shall collaborate with
been expanding at unequal rates worldwide, relevant stakeholders including private
with disadvantages for developing countries. sector organizations, to develop dedicated
funds to invest in green initiatives and
As per UNCTAD, there is a large divide in emerging technologies.
spending and focus on R&D for environmental
sustainability between middle and high- Additionally, IGOs and IOs should establish
income countries170. Most top suppliers are common platforms facilitating seamless
businesses from developed countries like creation and exchange of technical
the United States and China. Also, China knowledge to bridge potential gaps in green
and the United States dominate knowledge tech know-how between nations or regions.
creation, accounting for 30% of global
publications and almost 70% of patents171.
109
05.
METHODOLOGY
110
The success and reliability of any trends report hinge upon developing and implementing a well-
defined and thorough methodology, which ensures accuracy, credibility, and actionable insights
for informed decision-making.
The DCO’s Digital Economy Trends 2024 report has been developed through a systematic
methodology, centered on desk research, surveys, and semi-structured interviews to gather
secondary and primary data to identify, short-list, and validate digital economy trends. This
methodology consists of three main steps: Scan, Analyze, and Recommend, as portrayed:
Scan Analyze Recommend
This adopted methodology for the Digital substantiate the secondary research findings.
Economy Trends 2024 employs the active An extensive dataset with an exhaustive list of
involvement of relevant technical and digital trends categorized by multiple parameters is
economy experts and a thorough analysis of created as an outcome of this step.
thought leadership from the world’s leading
think tanks across the global digital economy In the second step, ‘Analyze,’ the expert
landscape. team develops a quantitative and qualitative
evaluation framework, formulated with the
This allows the DCO to come forward with support of leading global experts, to short-list
trends along with their corresponding the identified trends, employing four criteria:
implications and actions for digital economy Impact, Risk, Disruption, and Scalability. The
stakeholders that are credible, reliable, and output of this exercise would provide each
instilled with a sense of reality. trend with a score and corresponding rank,
enabling the DCO to determine the criticality
In the ‘Scan’ step, a team of experts performs of each trend and confirm a shortlist for
secondary research by identifying and inclusion in this report. The resultant list of
reviewing the relevant data sources – including trends is validated through several semi-
policy reports, technology and economic trend structured interviews with global think tanks
reports, research articles, relevant think tank and experts in relevant digital economy areas.
publications, databases and thought leadership As an outcome of this step, a final ranked
from recognized multilateral bodies – to short-list is created with trends, organized
identify an exhaustive list of digital economy in six themes. This edition’s themes include
trends. The team subsequently conducts Artificial Intelligence, Digital Reality, Trust
surveys with international subject-matter Economy, Cybersecurity, Smart Ecosystems,
experts and global digital economy leaders to and Green Economy.
111
Lastly, in the ‘Recommend’ step, the expert Trends have been further mapped against our
team synthesizes insights gained from Digital Economy Trends Blueprint to support
the ‘Analyze’ step and provides actionable the reader in navigating this report and enable
suggestions and guidance, in respect to the the DCO to perform longitudinal analysis,
trends shortlisted. tracking how digital economy trends, themes,
and enablers emerge, transform, and evolve
These include insights on critical challenges, over time.
enablers, implications, and recommendations
for relevant stakeholders across the digital Analyzing past digital economy trends will
economy. facilitate the generation of comprehensive
insights and perspectives on their evolution
Consequently, the structure of this year’s and impact over the coming years. The expert
edition of the report encompasses up to three team will continuously monitor and capture all
trends per theme, considering the current and themes and trends in the database and fine-
future use cases, enablers, implications, and tune the methodology to align with global best
recommended actions. practices.
112
TERMINOLOGY AND GLOSSARY
Term Definition
An attack surface is the sum of all possible security risk exposures in an organization’s software
Attack Surface172
environment.
AR refers to the real-time use of information in the form of text, graphics, audio, and other virtual
Augmented Reality (AR)173
enhancements integrated with real-world objects.
An autoencoder is a type of artificial neural network used to learn efficient coding of unlabeled data,
Autoencoders174
typically for the purpose of dimensionality reduction.
Blockchain is a shared immutable ledger of transactions is maintained across computers that are
Blockchain175
linked in a peer-to-peer network.
Bn176 Bn is an abbreviation, which stands for billion.
Botnet refers to a group of computers which have been infected by malware and have come under
Botnet177
the control of a malicious actor.
CCS is a set of technologies aimed at capturing, transporting, and permanently storing CO2 that
Carbon Capture and Storage (CCS)178
would otherwise be emitted into the atmosphere.
Carbon footprint is a measure of the amount of carbon dioxide emissions attributed to the activities
Carbon Footprint179
of an individual, organization, or community.
Carbon pricing curbs greenhouse gas emissions by imposing a fee on emissions or providing rewards
Carbon pricing180 for emitting less, thus helping shift consumption and investment patterns, aligning economic growth
with climate protection.
A carbon tax is a type of penalty that businesses must pay for excessive greenhouse gas emissions,
Carbon tax181
which is usually levied per ton of greenhouse gas emissions emitted.
Cellular Vehicle-to-Everything A connected mobility platform that allows vehicles to interact with their surroundings, such as other
(C-V2X)182 vehicles, cyclists, pedestrians, road infrastructure, or mobile networks.
Circular economy is an economic system based on the reuse and regeneration of materials or
Circular Economy179
products to continue production in a sustainable or environmentally friendly way.
A climate model is a computer simulation of the earth’s climate system used to recreate the past
Climate modeling183
climate or predict the future climate.
Climate neutrality refers to the idea of achieving net zero greenhouse gas emissions by balancing
Climate neutrality184
emissions with the planet's natural absorption.
Cloud-based solutions utilizes cloud infrastructure to efficiently fulfill business needs, often at a
Cloud-based Solutions185
lower cost and with enhanced operational efficiency.
Compound Annual Growth Rate CAGR represents the average annual growth rate between two years, assuming growth takes place
(CAGR)186 at an exponentially compounded rate.
Crypto Mining is the process by which networks of specialized computers generate and release new
Crypto Mining187
Cryptocurrency and verify new transactions.
Digital currency in which transactions are verified and records are maintained by a decentralized
Cryptocurrency179
system using cryptography.
Cryptojacking is the unauthorized use of people’s devices such as smartphones and computers to
Cryptojacking188
mine for cryptocurrency.
Cyberspace189 Cyberspace is the environment in which communication over computer networks occurs.
In blockchain, decentralization refers to the shift in control from a single entity such as an individual
Decentralization190 to a distributed network, reducing the need for absolute trust among participants and limiting their
ability to exert authority over others.
Decentralized Finance (De-Fi)191 DeFi is an umbrella term for peer-to-peer Financial Services on public blockchains.
Deep learning is a variant of ML algorithms. It uses multiple layers to solve problems by extracting
Deep Reinforcement Learning192
knowledge from raw data and transforming it at every level.
DevSecOps is the integration of security into emerging agile IT and DevOps development as
DevSecOps193
seamlessly and as transparently as possible.
Digital divide refers to the gap between those with internet access, able to utilize the World Wide Web
Digital Divide194
services, and those without access.
113
Digital government refers to the process of streamlining government operations spanning
Digital Government or
information, communication, and transactions among government bodies, and with citizens or
e-government195
businesses using ICT.
Digital Identity196 Digital identity is the way a computer stores a record of an external person or system.
Digital literacy is the ability to access, manage, understand, integrate, communicate, evaluate
Digital Literacy197 and create information safely and appropriately through digital technologies for employment and
entrepreneurship.
Digital Twins198 A digital twin is a digital representation of a real-world entity or system.
A DDoS attack is a malicious attempt to disrupt the normal traffic of a targeted server, service or
Distributed Denial of Service (DDoS)
network by overwhelming the target or its surrounding infrastructure with an excessive volume of
Attack177
Internet traffic.
Distributed ledgers use independent computers to record, share, and synchronize transactions in
Distributed ledger technology (DLT)199
their own electronic records instead of keeping data centralized as in a traditional ledger.
Edge computing is part of a distributed computing topology where information processing is located
Edge Computing200
close to the edge, where things and people produce or consume that information.
e-waste is a generic term used to describe all types of old, end-of-life or discarded electrical and
Electronic waste (e-waste)201
electronic equipment.
Encryption, which is essential for security on the internet is a way to conceal information by altering
Encryption202
it so that it appears to be random data.
ESG reporting frameworks are used by companies for the disclosure of data covering business
Environmental, Social and
operations and opportunities and risks related to the environmental, social and governance (ESG)
Governance (ESG) frameworks203
aspects of the business.
E-sports204 E-sports are video games that are played in a highly organized competitive environment.
XR is an umbrella term for all the immersive technologies such as augmented reality (AR), virtual
Extended Reality (XR)205
reality (VR), mixed reality (MR), and similar future innovations.
Fit for 55 refers to the European Union’s (EU) target of reducing net greenhouse gas emissions by
Fit for 55206
at least 55% by 2030. The proposed package aims to bring EU legislation in line with the 2030 goal.
FDI is an ownership stake in a foreign company or project made by an investor, company, or
Foreign Direct Investment (FDI)207
government from another country.
GANs (Generative Adversarial GAN is a deep neural network framework capable of learning from a training data set and producing
Networks)208 new data with the same characteristics as the training data.
The EU GDPR is the strongest privacy and security law in the world. The GDPR regulation updated
General Data Protection Regulation
and modernized the principles of the 1995 data protection directive and entered into application on
(GDPR)209
25 May 2018.
Generative AI210 Generative AI learns from data to create new, content, like text, images, videos for many purposes.
Green architecture is the activity of designing buildings in a way that protects the natural environment,
Green Architecture211
for example by using green energy such as energy produced by wind, water, or the sun.
A green bond, also referred to as a climate bond, is a type of debt security issued by an organization
Green bonds212
to fund projects that have a positive impact on the environment or climate.
Green economy is defined as low carbon, resource efficient and socially inclusive. In a green economy,
growth in employment and income are driven by public and private investment into such economic
Green Economy 213
activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced
energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.
Green Information Technology Green IT refers to the practice of adopting environmentally friendly approaches and strategies in
(Green IT)214 information technology.
Green mobility emphasizes modes of transportation that are environmentally friendly and reduce
Green Mobility215
dependence on fossil fuels to promote sustainable transportation practices.
Green skills include technical knowledge, expertise and abilities that enable the effective use of
Green skills216
green technologies and processes in professional settings.
Refers to a form of environmental or ecological taxation that includes taxes on energy, transport,
Green tax217
pollution, and resources.
114
Green Technology is the use of technology to drive clean energy production, particularly the use of
Green Technology/Green Tech218
technology to create power that is less harmful to the environment than fossil fuels.
Greenhouse emission is the release of gases such as carbon dioxide into the atmosphere, contributing
Greenhouse Emissions219
to the greenhouse effect.
Haptic feedback is a touch technology that provides simulated physical feedback such as the vibration
Haptic Feedback220
of the keyboard in a smartphone.
HVAC stands for Heating, Ventilation and Air Conditioning. HVAC systems provide heating and cooling
HVAC systems221
for residential and commercial buildings.
Hydroponics is the technique of growing plants using a water-based nutrient solution rather than
Hydroponics222
soil.
IIoT is an ecosystem of devices, sensors, applications, and associated networking equipment that
Industrial Internet of Things (IIoT)223
work together to collect, monitor, and analyze data from industrial operations.
Industry 5.0 is an emerging phase of industrialization where humans collaborate with advanced
Industry 5.0224 technology to enhance workplace processes. It emphasizes a human-centric approach, boosting
resilience, and prioritizing sustainability.
ICTs encompass all communication technologies like the internet, wireless networks, computers,
Information and Communication
cell phones, and various applications enabling users to access, store, transmit, and manipulate
Technologies (ICT)225
digital information.
ISMS represents an organization’s approach to information security and privacy, to shield the
Information Security Management
organization from security breaches, and identify and address the threats and opportunities around
Systems (ISMS)226
valuable information and any related assets.
Intellectual property rights (IPR)227 Intellectual property rights grant creators exclusive rights over their creations for a specific duration.
Internet of Everything (IoE) 228
IoE is the networked connection of people, process, data, and things.
IoT refers to a network of physical objects embedded with technology to communicate, sense, and
Internet of Things (IoT)229
interact with their internal or external environment.
An IoT gateway is a centralized hub that connects IoT devices and sensors to cloud-based computing
IoT Gateway230
and data processing.
IP is a protocol, or set of rules, for routing and addressing packets of data so that they can travel
IP (Internet Protocol)231
across networks and arrive at the correct destination.
A series of international standards that provide guidelines and best practices for information security
ISO/IEC 27000 family of standards232 management systems (ISMS) to ensure the confidentiality, integrity, and availability of information
assets.
KYC, is a set of processes that allow banks and other financial institutions to confirm the identity of
Know Your Customer (KYC)233
the organizations and individuals they do business with, and ensures those entities are acting legally.
LCNC is a software development approach empowering people with limited or no coding experience
Low-code-no-code (LCNC)234
to create applications and software solutions.
ML is a subset of AI and computer science which focusses on using data and algorithms to imitate
Machine Learning (ML)235
human learning, steadily enhancing accuracy over time.
Malware, short for malicious software, refers to any intrusive software developed to steal data and
Malware236
damage or destroy computer systems.
A MITM attack is a cyberattack in which criminals exploit weak web-based protocols to insert
Man-in-the-Middle (MITM) Attack237
themselves between entities in a communication channel to steal data.
Med-Pathways Language Model PaLM 2 is large language model developed by Google for advanced reasoning tasks, multilingual
(PaLM) 2238 translation, and coding.
The metaverse is a collective virtual 3D space, merging enhanced physical and digital realities for
Metaverse239
shared experiences.
MR is an immersive computer-generated environment which combines elements of physical and
Mixed Reality (MR)179
virtual environment.
Mn240 Mn is an abbreviation, which stands for million.
MFA is a security measure that requires two or more proofs of identity, such as a password and OTP
Multi-Factor Authentication (MFA)241
to confirm a user’s authenticity.
115
A strategy or plan that involves using multiple methods or approaches simultaneously to achieve a
Multi-pronged approach242
goal or address a complex issue.
Nationally Determined Contributions NDC is a climate action plan by the United Nations to reduce emissions and adapt to climate impacts.
(NDCs)243 Each Party to the Paris Agreement is required to establish an NDC and update it every five years.
NLP is a branch of AI that enables computers to comprehend, generate, and manipulate human
Natural language processing (NLP)244
language.
NPS is a customer satisfaction benchmark that measures how likely a businesses’ customers are to
Net Promoter Score (NPS)245
recommend the business to a friend.
Net zero refer to cutting greenhouse gas emissions to as close to zero as possible, with any remaining
Net zero emissions246
emissions re-absorbed from the atmosphere, by oceans and forests for instance.
Neural network in an AI method that mirrors the human brain's data processing, enabling computers
Neural networks247 to tackle complex tasks such as document summarization or facial recognition with improved
accuracy.
An NFT is a unique programmable blockchain-based digital item that publicly proves ownership of
Non-Fungible Tokens (NFTs)248 digital assets such as digital art or music, or tokenized physical assets such as houses, cars or
documents.
Penetration testing involves ethical hackers scaling planned attacks against a company's security
Penetration Testing249
infrastructure to identify security vulnerabilities that need to be patched up.
Phishing is the fraudulent practice of sending emails or other messages posing as trustworthy
Phishing179
entities to trick individuals into sharing personal details.
Precision agriculture refers to the practice of observing, assessing impact, and strategically
Precision Agriculture250
responding to subtle variations in elements influencing agricultural production.
Proof of work is a technique used by cryptocurrencies to verify the accuracy of new transactions that
Proof-of-work251
are added to a blockchain.
The PIF is the sovereign wealth fund of Saudi Arabia and is one of the world's largest sovereign
Public Investment Fund (PIF)252
wealth funds. PIF is a global and domestic investor.
Quantum computing utilizes quantum mechanics to solve exceedingly complex problems that are
Quantum Computing253
beyond the capabilities of classical computers.
Ransomware is a type of malicious software designed to block access to a computer system until a
Ransomware 179
sum of money is paid.
A regulatory sandbox is a tool for businesses to try and test new and innovative products, services,
Regulatory Sandboxes254
or businesses under a regulator's supervision.
Renewable energy is energy produced from sources such as the sun and wind that are naturally
Renewable Energy Solutions255 replenished and do not run out. Renewable energy can be used for various purposes such as
electricity generation, space and water heating and cooling.
RFID (radio frequency RFID is an automated data collection technology that uses radio frequency waves to transfer data
identification)256 between a reader and a tag to identify, track, and locate items.
Saudi Green Initiative is an ambitious national initiative for the Kingdom of Saudi Arabia that aims to
Saudi Green Initiative257
combat climate change, improve quality of life and protect the planet for future generations.
Security patch refers to software and operating system updates that aim to fix security vulnerabilities
Security Patch258
in a program or product.
Smart contracts are digital contracts stored on a blockchain that are automatically executed when
Smart contracts259
predetermined terms and conditions are met.
A digital ecosystem is complex network of people, businesses, and systems that use technology to
Smart Ecosystems260
interact with one another.
A smart grid is an electricity network that uses advanced technologies to monitor and manage the
Smart grids261 transport of electricity from all generation sources to meet the varying electricity demands of end
users.
A smart sustainable city employs ICT and various methods to enhance quality of life, urban operations,
Smart Sustainable City (SSC)262 and competitiveness ensuring that it meets the needs of current and future generations' economic,
social, environmental, and cultural needs.
116
Telemedicine refers to the remote diagnosis and treatment of patients by means of telecommunications
Telemedicine 179
technology.
Transformer model is a neural network architecture that converts input sequences such as words
Transformer model263 in a sentence into corresponding output sequences by learning context and tracking relationships
among the elements within the sequences.
United Nations Sustainable SDGs are a set of 17 goals adopted by the United Nations which serve as a global framework for
Development Goals (UN SDGs)264 addressing pressing challenges and achieving sustainable development by 2030.
The USD is the official currency of the United States of America. The USD is considered a benchmark
United States Dollar (USD)265
currency and is the most used currency in transactions across the world.
Vertical farming is the process of growing plants indoors in layers using LED lighting and controlled
Vertical farming266
growing and nutrition systems.
VR creates a computer-generated 3D environment that immerses users through head-mounted
Virtual Reality (VR)267
displays and responds to users' actions a natural way.
VCM is a decentralized market for private parties to voluntarily trade carbon credits that represent
Voluntary Carbon Market (VCM)268
certified removals or reductions of greenhouse gases in the atmosphere mechanisms.
Web 3.0 is the third generation of the World Wide Web, with a vision of a decentralized and open web
Web 3.0269
with greater utility for users.
117
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130
ACKNOWLEDGMENTS
The Digital Cooperation Organization acknowledges and thanks the experts, without whose
support the DCO Digital Economy Trends 2024 would not have been possible. This report does
not reflect the views of these individuals. Expert advice is purely consultative in nature and does
not imply any association with the takeaways or conclusions presented within this report.
131
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DIGITAL

02. Executive summary 04

04. Digital Economy Trends 15

05. Methodology 112

06. Terminology & Glossary 115

07. References 120

08. Acknowledgments 133

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Develop national Evaluate existing Encourage collaboration

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In most cases, the public and private sectors

Introducing the DCO Digital Economy

serve as catalysts that will propel the

the Dig arding in se

The DCO Digital Economy Trends Blueprint is comprised of elements

The Evolution of Generative AI

The generative AI models have found Generative AI Market Size

economy. They are now essential tools for 200

everything from manufacturing and customer 150

service to healthcare and banking, radically 100

changing how society and government’s

Use Case Spotlight However, careful consideration of human

02 Google Bard It is used for medical image analysis, disease

06 Synthesia A case in point would be Apollo hospitals which

Gen AI for Cutting Edge Software Development

ICT is leveraging next generation technologies to Use Case Spotlight

AI-Powered Digital Government

Accelerating Environmental Sustainability Through Gen-AI

The Act includes a number of provisions

The AI Act also includes a number of

Implications and Recommended Actions the Public Sector

Implications Recommended Actions

Citizens Inclusivity & Empowering Governance