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The Dual Transition of Digital and Circular Economies

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This chapter sheds light on the evolving dynamics of the markets and economies resulting from the transition to the Digital Economy and the urgency to accelerate the transition to the Circular Economy by harvesting the already established digital enablers. The increasing awareness and attention to the imperative of the transition to the Circular Economy coincide with the ongoing transition to the Digital Economy, providing groundbreaking multi-dimensional innovation opportunities for startups, companies, industries, markets, and nations, across the public, private sectors, globally.

This chapter helps readers to stay abreast of the rapidly evolving dynamics of The Dual Transition of Digital and Circular Economies, strengthen their innovation capacity, and design action plans to reinforce resilient competitiveness strategies at the micro and macro landscapes.

This chapter starts with a brief overview of the exacerbating social, economic, and environmental challenges as the consequences of technologically empowered Industrialization under the Linear Economic Model and our unsustainable sourcing, production, and consumption patterns. Following this introduction, The Digitally Enhanced Circular Economy Alternative is introduced and explored as a prominent means for designing and implementing innovative solutions in response to the threatening aftermath of our unsustainable practices. Digital Transformation, Mass Integration of Industry 4.0 Technologies, and the Forthcoming Digital Economy are explored further as major sources of unprecedented opportunities to attain this objective from micro and macro perspectives.

This chapter unfolds the drivers of the Dual Transition to the Digital and Circular Economies and delves into the significant role that technology plays in reinforcing Sustainable Competitiveness and promoting United Nations Sustainable Development Goals (SDGs). Circularity as Competitive Edge and Policy Initiatives and Strategies are explored further as other predominant drivers, providing significant support to forward-thinking leaders, entrepreneurs, decision-makers at the industry, national, and regional scopes, to stay at the forefront of the emerging opportunities as a result of this Dual Transition.

Following a profound analysis of the above over seven astute sections with examples and use cases, the final part of this chapter summarizes the discussions by providing Key Takeaways and Actionable Insights for researchers, entrepreneurs, investors, firms, industry and market leaders, and decision-makers to capitalize on a myriad of innovation opportunities emerging from the Dual Transition to the Digital and Circular Economies. This chapter helps avant-garde thinkers, progressive leaders, and forward-looking decision-makers to surf on the Emerging Trends of the Enabling Technologies of Industry 4.0 for capturing the cutting-edge potentials provided by them and advance the Circular Economy imperative effectively and more efficiently while strengthening their innovation capacity and gaining unique competitive advantage.

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