The Internet’s Economic Impact

economic impact

Internet has become an integral part of our life and you can judge that by the increased numbers of internet users. Over the last decade the increase in the number of internet users have grown over 566%. There are countries whose 3.4% of GDP is based on internet and this number in increasing in leaps and bounds every day. If you go by the stats then you will see that almost as much as 34% of population from all over the world has internet connection.

For some internet is a place to have fun, play games, etc but for some it is serious business. If you are looking into some of the developed areas then you will notice that they have made their presence felt on the web in some way or the other and the number of these kind of businesses is 66%. Not only the big names, but even the mid-size business or small business also has started using the internet extensively. 33% of small business and mid – sized business have been able to grow fast due to the backing up of web technology.

The Internet Supply Eco-System

internet economySource:

US is leading in this chart with 30% of global revenue from the internet, whereas the UK and Sweden are also placing them quite high in the ecosystem of the Internet. This has mainly happened due to the strong telecom operators. Even Asian countries like China and India also showing their strong potential by growing at a rate of over 20% in the global ecosystem.

There are other countries like Canada, Germany and France are also coming up with very good internet infrastructure in order to make their presence felt in the internet ecosystem. The other countries that are growing in the internet ecosystem are Russia, Italy and Brazil though they are in the early stages.

Building Strong EcoSystem

When it comes to utilizing the talent of the country, then US seems to have done that better than any other country. They have been able to do so because of the skill development in universities or research centers. Apart from the US, South Korea is another country which has been able to nurture right skills and talent and all this has been made possible by strong infrastructure.

Money has never been a constraint for these two countries when it comes to developing infrastructure or enhancing the skills of people. Google and Microsoft will run so the server must be strong enough to support that and then LTE network which is for mobile data is all supported by all major carriers of cell phone in the US. In order to make the environment of the business attractive regular assessment of usage, security and protection of rights are taken care of.

Overall Improvement through Internet

E-commerce sites have been a great change in the way business operates these days. In 2013 China topped the market of e-commerce as there are online shopping festivals held through and it is expected by 2016 it will overtake Wal-Mart. It is expected that the business that China will do through e-commerce site will be more than the combined business of Japan, Britain, US, France and Germany.

The Internet is a boon in disguise as companies have witnessed a 10% increase in productivity and new jobs have also been created. Businesses now keep their price down by using the internet for online marketing in order to target their customers. As an individual you can now compare where the price is low and opt for that and also as a form of communication. As a government you are now able to serve your people far more quickly through online taxes, Visas, etc. The Mobile app revenue will see a hike of almost as much as 268%.