Overcoming barriers and seizing opportunities in the innovative adoption of next-generation digital technologies

Abstract

In a world increasingly driven by digital transformation, emerging technologies such as blockchain, artificial intelligence, and the metaverse hold great promise for economic and social progress. However, their widespread adoption is influenced by various factors that can either hinder or facilitate this process. This study aims to investigate the key factors affecting the adoption of next-generation digital technologies and determine whether these factors act as barriers or opportunities. By integrating diffusion of innovations (DOI) theory and institutional theory, we develop a new analytical framework to examine these influences. Utilising a two-factor fixed effects model, we analyse panel data from 116 countries from 2019 to 2022. Our analysis identifies key barriers, such as privacy concerns, illiteracy, and limited economic accessibility, and highlights opportunities provided by supportive regulatory environments and proactive government initiatives. The findings provide a nuanced understanding of the conditions necessary for the successful adoption of digital technologies, offering actionable insights for policymakers and stakeholders aiming to foster a conducive environment for technological advancement.