Considering the current situation of the United States and its Information Technology industry, it is not surprising that there are many news stories that are centered around it. There are many reasons for the news being so prevalent. These include a number of factors, such as regulatory uncertainty, the accelerated adoption of rapidly developing technologies, and the rise of massive security breaches.
Accelerated adoption of rapidly developing technologies
Boosted by innovation, the US has been at the top of the technological heap since the advent of the post World War II industrial revolution. Aside from its prowess in robotics, nanotechnology, artificial intelligence and biotechnology, the nation has a storied innovation ecosystem, an abundance of governmental and non-governmental agencies dedicated to the pursuit of knowledge and technological advancement.
Technology isn’t the only driver of American prosperity; robust national security and robust business dynamism have also helped to create a thriving technological hub that can help the country achieve its goal of becoming a leader in research and development, education and training, and innovation. This competitive edge can be leveraged to boost productivity, reduce red tape, and make the world a safer place.
Innovation has been the engine that drives the US to the front of the pack, with tech companies such as Apple, Facebook, and Google showcasing the latest and greatest in consumer electronics and software. In the grand scheme of things, the IT industry’s share of real-world growth has risen steadily since 2007, making it a prime target for government subsidies and tax breaks.
Regulatory uncertainty
Regulatory uncertainty is the single greatest challenge to a company’s success in today’s highly competitive global economy. Not only is the regulatory approval process expensive, it is a lengthy and arduous process. In some cases, a new product will spend years in the FDA approval pipeline before it gets approval, which is a huge drag on a company’s bottom line.
The FDA has made regulatory innovation a priority and has taken steps to encourage the adoption of industry best practices. Among other things, the agency has published a formal guidance document, which clarifies the evaluation process for both new and established products. In some cases, approval time is reduced by up to 40% when formal guidance is provided.
The FDA has also taken the initiative to identify and address the most common oversights in the regulatory process. One such omission involves the evaluation of tissue engineered products. These types of products have characteristics similar to those of a new medical device.
Rise of massive security breaches
Throughout the past few years, data breaches have been on the rise. Organizations of all sizes have been affected. In the last year alone, 5.9 billion accounts were targeted. This makes it one of the biggest data breaches in history.
In the last year, the US has suffered more than a dozen data breaches, putting a huge strain on businesses to secure their networks. In addition to the United States, California, Texas, and New York had the most breaches. There were more than a half-billion records exposed in each state.
While these data breaches are a serious threat, they are not the only risks to organizations. There are a number of other risks, including an automated process that can put individuals at risk for money transfers or fraudulent loan applications.
A report by the Identity Theft Resource Center found that 294 million people were affected by data breaches in 2021. This is a 68% increase over the previous year. The report cited several reasons for the increase. The most common reason is weak passwords. Leaving old security vulnerabilities unfixed allows hackers to get a free pass to sensitive information.
Drones
Despite the rapid increase in usage of drones, they remain a bit controversial. Public perception of the technology has limited its potential. But, with strong investment and rapid technological advancements, the market is expanding. This report explores the latest trends and opportunities for drones.
The drone market is expected to reach $43.1 billion by 2024. Companies like Google and Amazon are rapidly increasing the technological capabilities of these aircraft.
The market for drone technology has expanded beyond its traditional use cases, which include surveillance and business security. It has also entered the energy, agriculture, transportation, and real estate sectors.
In addition to monitoring infrastructure, drones can also be used in disaster response. They can be used to assess damage and deliver aid. The American Civil Liberties Union raised concerns in December 2011 about the privacy of drone users and the risk of mission creep.
Drones are increasingly used in search and rescue operations. This presents a challenging challenge for national security agencies.