Technological forecasting

Technology forecasting attempts to predict the future characteristics of machines, procedures or techniques. Researchers create technology forecasts based on past experience and current technological developments. Like other forecasts, technology forecasting can help organizations make smart decisions. By analyzing future opportunities and threats, forecasters can improve decisions to achieve maximum benefits. By analyzing the huge social and economic changes experienced by most countries, government and economic institutions could make plans for future developments. However, not all historical data can be used for technology forecasting, as forecasters also need to adopt advanced technology and quantitative modeling from experts' research and conclusions.