“It is possible to interpret “knowledge shall increase” as a growing understanding of biblical prophecy, particularly Israel’s role which we as dispensationalists emphasize in our teaching about prophecy. As the end approaches, God will allow greater & greater insight into prophetic truths.
Another way to interpret the phrase “knowledge shall increase” is that there will be a surge in knowledge, technology, and information. It is a prophecy pointing to the modern era, where rapid advances in science, communication, and global travel are viewed as signs that the world is moving closer to the fulfillment of End Times events.
There is another way of interpreting this, one that is fairly new, but very likely correct. It has to do with the Dead Sea Scrolls.”