Quantitative Technology Forecasting: A Review of Trend Extrapolation Methods

Abstract

Quantitative technology forecasting uses quantitative methods to understand and project technological changes. It is a broad field encompassing many different techniques and has been applied to a vast range of technologies. A widely used approach in this field is trend extrapolation. Based on the literature available to us, there has been little or no attempt made to systematically review the empirical evidence on quantitative trend extrapolation techniques. This study attempts to close this gap by conducting a systematic review of the technology forecasting literature addressing the application of quantitative trend extrapolation techniques. We identified 25 studies relevant to the objective of this research and classified the techniques used in the studies into different categories, among which the growth curves and time series methods were shown to remain popular over the past decade while the newer methods, such as machine learning-based hybrid models, have emerged in recent years. As more effort and evidence are needed to determine if hybrid models are superior to traditional methods, we expect a growing trend in the development and application of hybrid models to technology forecasting.