The Role of Technology in the Development of Emerging Markets

Technology has always been far-reaching with its impacts on human life since its advent, it has always sought ways to make life and activities easier and better. From the way we communicate to how to conduct business, technology has been helpful.

With the improved technological innovations, it would do even more for emerging markets in this era of the digital economy.

Emerging markets consist mostly of developing countries with the potential of changing their economic, political, and social status quo.

These developing countries are often characterized by a lack of proper infrastructure, limited financial systems, and lower income.

However, they transition into emerging markets once innovations are improving these conditions rapidly.

There is also increased access to the global market with a growing middle class which drives economic growth.

The criteria for classifying emerging markets are flexible however, the above is the most common identifying factor.

Some of the emerging countries are found in Africa, like South Africa, and Nigeria among others. Countries like China and India are also classified as emerging markets.

Technology has a huge role to play in the development of emerging markets, some of which include increased access to education.

People in emerging markets can get access to global knowledge through online learning platforms, and those in remote areas, won’t be limited due to a lack of learning infrastructure, as they can now access education from wherever.

Increased access to information is critical to the development of emerging markets, every sector would benefit both directly and indirectly from this.

Data is important in every activity of humans, from agriculture to transportation and even corporate businesses.

Farmers would have information on better ways to cultivate and store farm produce, the market needs, and how best to transport the various farm products.

These farmers get tools that would help them check the weather forecast, and make better decisions.

Technology would also help small and medium enterprises, providing them with tools that would enable them to get a share of the global market and do so effectively and efficiently.

There are business management tools as well as online platforms where they can serve the global community.

This encourages more people to venture into entrepreneurship and building technology-enabled businesses, founding startups, and getting access to funds, business incubation, and mentorship. With these, there are increased business success rates.

In Africa, there are lots of startups in fintech, edtech, agtech, and so many other industries. There are other startups helping combat climate change and improve environmental sustainability.

Technology has a very vital role in the development of the healthcare system in these emerging markets, and with its application, there are better and improved outcomes and delivery of healthcare services.

With technology, there is improved governance as there is room and opportunity for public engagement and those elected can be called out and held accountable for their activities when they fail to carry out their supposed duties.

Governance is a major factor in helping the growth of emerging markets. There is so much technology can do for the emerging market once, it is embraced and explored innovatively. These technologies as it is employed must however be user-centric to give the needed result.