Today the world is at the cusp of yet another industrial revolution. Driving this revolution are many emerging technologies such as the Artificial Intelligence, 5G, cloud computing, Internet of Things, 3D printing, autonomous systems and block chain, and also robotics, all of which are being fuelled by data.
Human lives are rapidly being digitalized. In the year 1992, Global Internet Protocol traffic was 100 GB per day at a time when the Internet was born, it had reached 100 GB per second by the year 2002, and has continued its exponential growing over 46,000 GB per second in the year 2017. The2019 Digital Economy Report of the United Nations Conference on Trade and Development said that it is expected to grow and cross 150,000 GB per second by the year 2022.
Digital growth is very uneven, with the US accounting for 68 percent of the market capitalization value of the 70 largest digital platforms of the world and China following with 22 percent. The rest of Asia accounts for 5 percent, and Europe, only 3.6 percent. The United States and Chinese dominance are very clear, as these two cater for more than 75 percent of the cloud computing market and 50 percent of the global spending on IoT which is why it is not at all surprising that the Sino-US trade war has now turned into a technology war.