Australia’s Digital Economy To Hit $139 Billion By 2020
When Deloitte first calculated the size of the Internet economy for Google in its Connected Continent report in 2011, the $50 billion figure was forecast to grow to $70 billion by 2016. But this has been well and truly passed in the latest survey covering 2013-14.
It also sees the size of the digital sector overtake traditional economic sectors such as agriculture and retail.
By 2020 Deloitte reckons the digital economy will be worth $139 billion and comprise 7.3 per cent of GDP.
Deloitte partner and report co-author Ric Simes said the evolution of technology had accelerated the value of digital to the national economy.
“We have expanded and updated our earlier analysis and the evidence is clear that digital technologies are driving massive economic change and disruption and also help Australia respond to the national challenge of maintaining growth in living standards and productivity,” Simes said.
The report also looks at how businesses are increasingly using digital and social to not only connect with their customers, but to drive internal transformational change via related technologies such as the cloud, data analytics and machine-to-machine technologies.
“The digital economy is changing from being a standalone industry to being embedded in businesses across the economy,” Simes said.