“The portion of the world’s economy that doesn’t fit the old model just keeps getting larger.” Writes Bill Gates in his recent blogpost, commenting on the emergence of digital economy as a major force in the growth of the world’s overall economy.
The importance of the digital economy has become such that it is calling for new economic policies, reformation in law on taxation, debates on patents and trademark policies, and for brilliant economists to ask the right questions.
To get a clearer idea on this economic development that is bringing a revolution, here are the some of the most exciting facts on technologies that are primarily responsible for the growth of the digital economy, a look at some unique characteristics of Digital economy and also the top 10 technologies.
Facts on Technologies Driving The Digital Economy
1. Artificial Intelligence (AI)
Venture capital on AI rose by a sixfold since 2000 and related Jobs to AI increased by a whopping 450% in the last five years. What’s more, global retail spending on AI will grow by to $7.3 billion a year in the next five years.
2. Internet of things
There is more internet connected ‘things’ than the whole population of 2008, and what’s more dumbfounding is that this is only 0.06% of all devices with IoT potential. No wonder, the number is expected to scale to 50 billion by 2020.
So far approximately $270 billion has been transacted through the technology that powers the digital currency, bitcoin. In 2017, the market has grown to $708 million, but experts predict that it will hit $60.7 billion by 2024.
4. Augmented reality and virtual reality
The technology that gave the gaming industry a new meaning, AR and VR, continues to make waves in other sectors. The global AR and VR market is $27 billion which is expected to cross the $200 billion thresholds by 2022. For reference, the global gaming market is currently $137.9 Billion.
There are 3.7 billion unique mobile internet users globally accounting for 51.2 per cent of web page views worldwide. It has become mandatory to optimised websites as mobile friendly as it is five times more likely for mobile users to abandon a site if it is not optimised for mobile.
6. Big data
Every little information entered into the internet is processed and turned into data. By 2020, a single person will generate 1.7 megabytes of new information; this may not be a big surprise considering 40,000 search queries are being performed per second just on Google itself.
7. Machine learning and Deep learning
The technology that is powering most of the leading E-retailers marketing strategy, ML and DL saved Netflix $1 billion in 2017 by personalising the TV show and movie recommendations to its subscribers.
8. Robots and drones
Robot imports have doubled from around 100,000 in 2000 to roughly 250,000 in 2015 globally. The global spending is currently 95.9 billion, and it is estimated to increase to $201 billion by 2022, where industrial robotic solutions will account for the largest share.
9. Cloud Computing
The technology at the heart of the digital economy, cloud computing, continues to take on more workload as the digital transformation continues to pervade every business sector. 95% of the workload is expected to be run on public cloud platforms by 2022.
10. Privacy and security
The one area which is lacking behind in terms of progress but is of utmost importance in the economy where the biggest factor is information, privacy and security technologies need much improvement. 7 out of 10 organizations in the US still experienced data breach in recent years and on average it takes 191 days on average to identify data breach. But Government around the world have begun to take matter into their own hands, GDPR, a new digital privacy regulation that was introduced on the May 25th, 2018.
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