It's hard to know where to begin in highlighting some of the big Tech, Media and Communications (TMC) issues of 2021 and predicting what lies ahead in 2022. There is so much to talk about in a sector whose boundaries are becoming ever more blurred and whose influence across the world is growing year on year.
All analyst reports point to the fact that TMC led the way in terms of deal volume in 2021. Underlying this transactional activity is rapid digitalisation across all sectors. Accelerated by the pandemic, this speed of digitalisation means that sectors outside of TMC – particularly traditional industries in need of rapid transformation – are increasingly interacting with the TMC sector as they look to develop more agile products and services, extract more value from data, and improve margins by performing processes more efficiently.
This is partly the reason why Osborne Clarke sought, pre-pandemic, to enhance our sector-focussed approach by achieving a better understanding of the real global drivers of transformation across our chosen sectors – in particular, Digitalisation, Decarbonisation and Urban Dynamics.
This TMC Annual Review is a selection of insights from lawyers across our international network. The articles are loosely categorised across Technology, Media and Communications but the reality is that most of the issues highlighted span all three sub-sectors – and indeed many sectors beyond TMC. They include insights about developing technologies, such as artificial intelligence (AI), quantum computing, Internet of Things and digital twins. We discuss a new type of regulation of the digital world with reference in particular to AI, consumer and online safety regulation.
We have also covered digital transformation trends more generally, for example how digital transformation is reshaping workforce solutions and how the "green cloud" is powering sustainable tech and cloud services.
But perhaps the standout issue of 2021, which looks set to take 2022 by storm, is the metaverse. Such is the importance of this rapidly expanding digital environment that Facebook changed its name to Meta in October 2021. We focus in this review on some of the legal implications of these developing virtual worlds, but our recent Metaverse report provides a more detailed and broader perspective on this exciting area. It serves as a great reminder of how quickly the TMC sector evolves and how reliant the sector is on young talent to challenge the way we think and do things.
Hope you enjoy it and all the best for 2022.
Ashley Hurst International Head of Technology, Media and Communications ashley.hurst@osborneclarke.com +44 20 7105 7302