Technological forecasting provides businesses with insights into future technologies that can be used to enrich their strategic plans. The awareness level was low in the past as firms perceived it to be of low utility. Large capital requirements too acted as a deterrent to its use. This, however, has changed over the years. This article describes the changing trends in technological forecasting and planning that could be studied for possible growth in future.

Firms need to remain abreast of developments in technology in today's competitive environment. This awareness enables them to upgrade their technologies and re-engineer their processes on time so as to enhance performance standards. Technological forecasting enables firms to obtain foresights on developments in technologies.

The concept of technological forecasting evolved a few decades ago. The scope and approaches to technological forecasting were refined over time. However, its potential was not adequately capitalized on for quite sometime. As the pace of technological advancement hastened and economic activity grew worldwide, efforts to enhance its potential increased. The article briefly highlights the changing trends in technological forecasting and planning with several illustrations. The insights could be useful in today's global business scenario.

Developments in technology result from scholars' pursuit of their scientific interests or owing to scientists' efforts to address environmental concerns. (Thurston, 1971). Scientific advances are in fact, sometimes driven by environmental concerns. Environmental pressures are exerted by competitors, other players in the value chain, forces of nature and government regulations.

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