What is the Digital Economy

What is the Digital Economy?

As per the World Economic Forum, the world is transforming its economy into a digital economy. The digital economy includes the Internet, digital technology, and digital services. This is a way of life that has increased in recent years and is expected to continue in future years. The term refers to the world’s economic transition to a new economic model, where digital technologies like cloud computing and robotics are changing the business conducting ways. The emergence of the digital economy can be traced back to the early 1980s, when the first digital computers were connected to the Internet. In recent years, advances in digital technology have enabled the creation of a new type of economy that operates in an environment unlike any that has existed before. In the digital economy, participants interact with a global network of information and share or consume services and information through the Internet. Other names for the digital economy include the New Economy, the Internet Economy, and the Web Economy.

Importance of digital economy

The digital economy has become a significant player in global economic markets. In many developed countries, the amount of economic activity that has shifted to the digital economy has become more important than the amount of economic activity in the physical economy. The digital age is characterised by rapid technological innovation and new digital goods and services. Technology-savvy consumers and businesses have been rapidly shifting from analogue to digital. Some more benefits are:

  • Increases in labour productivity
  • More competitiveness
  • Reduced production costs
  • Growth in capitalisation
  • New jobs
  • New markets
  • Satisfaction of human demands

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Components of the digital economy

Digital products, services, and the digital economy are becoming more common in every economic sector, expanding the definition of the term to recognise its use in new areas. The term is often used to refer to the Internet, the W.W.W., and associated services, the two most visible aspects of the digital economy. The digital economy is not just about technology but also includes many other components such as services, products, and industries; digital service providers; and e-business and e-commerce industries. My Academic Help provides a platform to search for Digital Economy Assignment Help Online and then supplement this knowledge in your assignments, which gets you higher grades. One more benefit is that there is a round of proofreading after your assignments have been written by writers, ensuring that the best content is delivered to the student.

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