The digital economy is a knowledge economy.
The impact of the digital revolution is just beginning to be felt. The explosion of the Internet as a major, perhaps eventually the major worldwide distribution channel for goods, services and surprisingly, managerial and professional jobs is profoundly changing economies. This change presents new market opportunities, industry structures, pricing models, products and services. Consumer behaviour is evolving and this change is directly affecting labour markets and the skills required to meet consumer demand.
According to research firm IDC, the size of total worldwide e-commerce, when global business-to-business and consumer transactions are added together, will equate to $16 trillion in 2013. Given the magnitude of these numbers, it is clear that the digital economy is coming of age.
With this dramatic growth, digital literacy and the adoption of Internet technologies will determine Newcastle’s competitive position in the global digital society. Just as transport infrastructure was a key to widening domestic markets in the 19th Century, so Internet infrastructure is set to determine our participation in global markets in the 21st Century.
The digital revolution is here and Newcastle must embrace every opportunity that this presents to claim its place as a leading digital economy.