Technology development is advancing at a clip, a trend that is throwing up new challenges for all agents, public and private. Digitalisation has transformed entire sectors of the economy and triggered exponential growth in data pertaining to citizens, businesses, governments and things (IoT).
The application of digital technology to the production of goods and services, fuelled by the drastic reduction in the cost of capturing, storing and analysing data and the breadth of supporting computing capabilities and internet-based communication networks, is playing a key role in reconfiguring economic and social relations at the global scale. In the transition from the analogue to the digital era, transformation is happening all around us, from how we consume goods and services to how we produce, distribute, regulate and pay for them. Many of those changes are happening right now.
Digital platforms have already transformed a broad spectrum of industries, a phenomenon that will continue to spread to new sectors, taking advantage of economies of scale and network economies, the existence of which remains a significant challenge for business strategies, market structures, labour relations, consumer protection and, ultimately, regulations.