In this paper, we will explore the topics of emerging technologies, their importance to society, as well as the key role of regulations. We will touch on the various forms of regulations that can be adopted, their purpose, and the challenges that accompany setting up effective regulatory frameworks for innovation. To understand these concepts in context, we will go over the strides in innovation regulation undertaken by some of the top innovating countries in the world: the United Kingdom, the United States, and Singapore, as well as by one of the fastest-growing countries in the adoption of innovation: Saudi Arabia.
We are facing a period of exponential and disruptive changes, driven by the current chapter of the digital revolution. It is expected that more technology-driven change will occur in the next twenty years, which will cause a profound socioeconomic impact. Emerging technologies are driving innovation and businesses, and with that come new pressures on regulators to protect citizens and market competition without hindering innovation.