Analysis of smart economy development mechanisms and strategies: identification of trends and future forecast

Abstract

The aim of the article is to analyze the mechanisms and strategies of the smart economy of the future, to identify current trends and new priority trends. Methodology: in the research process, methods of data collection, analysis, and interpretation of results were used, and we will also conduct a correlation analysis of indicators of digital transformation of business and indicators of the market capitalization of individual countries. Databases such as Scopus and Web of Science were used to search for scientific articles. The work used bibliometric analysis together with citation analysis. The search engines found more than 80 articles on the issues of development and features of the smart economy of the future. As a result of the selection and verification process, only 25 of the most modern and relevant sources from 2018 to 2023 were selected. The results considered the main mechanisms and strategies for the development and operation of the smart economy, showed the demand for automation of technological processes in economic relations, the cooperation of states in this area, revealed opportunities, and substantiated the practical necessity of using artificial intelligence and implementing smart production at enterprises. Scientific novelty of the article lies in identifying the possibilities and substantiating the practical necessity of using artificial intelligence in industrial production and implementing smart production at enterprises, as well as defining the main mechanisms and strategies for the development and functioning of the smart economy. The conclusions note that the transformation of the smart economy will only be successful if it is fair and inclusive, and if every citizen can benefit from the dual environmental and digital transition. The obtained results can be used by the top management of companies regarding directions and development of strategies for international and national economic development.