Technologies such as the internet of things, cloud computing, 5G networks and artificial intelligence are already changing the way we live, work and interact. These advances, known as the fourth industrial revolution, enable the automation of entire business processes.
The fourth industrial revolution is percolating with innovation
- The pace of international patenting for smart, connected devices accelerated during the last decade, growing an average of 20% from 2010 to 2018.
- Since 2010, patent growth for these technologies was almost five times higher than for all other technologies.
- Fourth industrial revolution businesses are expected to add €2.2 trillion to the EU economy by 2030.
A new report from the European Investment Bank and the European Patent Office provides a comprehensive analysis of small and medium-sized firms developing fourth industrial revolution technologies over the past decade and explores the challenges these firms face.