Smartification as a New Paradigm of the Economy Development
Smartification as a New Paradigm of the Economy Development

Summary/Abstract: Theoretical background: This article systematizes the theoretical framework surrounding the concept of smartification, which refers to the process of integrating advanced digital technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and data analytics, into various systems, objects, or processes to make them more intelligent, efficient, and responsive. The concept of smartification primarily aligns with theories related to innovation economics and the knowledge economy, both of which emphasize the role of technological innovation, information, and knowledge in driving societal transformations. Additionally, we propose embedding the concept of smartification within the theory of the economy of things. Purpose of the article: The main aim of the article is to review existing definitions of smartification and propose an original definition in the context of this new paradigm. The article also seeks to determine the key factors influencing its development. Research methods: The research methods used in this article include literature analysis, verification method, logical synthesis, and bibliometric analysis. Main findings: To the authors' knowledge, this is the first approach aimed at reviewing the existing definitions of smartification found in the literature, proposing a holistic definition based on a theoretical framework, and highlighting the main determinants of its development. A comparative analysis of current smartification trends is also presented, along with the identification of its specific streams. The concept of smartification is emerging as a new development paradigm for society, business, cities, villages, and the economy. The result of the discussion is the structuring of the discourse on the contemporary role of smartification.

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