Technological Evolution and Digital Transformation in the Services Sector: Trends, Impacts, and Future Directions

Abstract

This paper discusses the transformative effect of technology advancement on the services industry, and the role of digital technologies like artificial intelligence, blockchain technology and the Internet of things. It assesses the trends in technology adoption with a focus on data-orientated analysis and the use of AI and automation in various service sectors. The paper also discusses the effects of blockchain technology, how IoT is set to transform service delivery, and privacy considerations in the modern society. The importance of smart devices and connected system with emphasis on the need to enhance cybersecurity measures is well described. The consequences of further developments of the services industry for the society and the corresponding strategic recommendations for a world with focus on technology are presented as well. Combining the information on the present state and potential development, this paper strives to provide a systematic review of the ongoing digital transformation in the services sector.