Growing the digital economy
While organizations are taking advantage of digital technologies, many economies remain digitally immature. Even though Accenture Strategy research estimates that the digital economy, involving some form of digital skills and digital capital, represents 22.5 percent of the world economy, digital’s ability to unlock value is far from being fully exploited.
Understanding which digital investments can best improve gross domestic product (GDP) is the subject of recent analysis by Accenture Strategy and Oxford Economics. Accenture Strategy research highlights the increasing importance of digital to world economies, with our forecast of digital economy growth rising to 25.0 percent by 2020.
Our analysis also shows the potential uplift in GDP is even greater if digital investments are tailored to the specific needs of each economy. We reveal an optimal combination of investments in digital skills, technologies and accelerators could help business leaders and policy makers be more competitive, productive and enrich people’s quality of life.
Optimising digital value
Accenture Strategy research evaluated the digital approach of 11 national economies and 13 industry sectors and found that 28 percent of output in mature market economies is digital. But there are greater gains to be had in productivity and growth.
Earlier research showed us a 10-point increase in digital density is associated with an approximately 0.4 percentage point increase in total factor productivity growth for advanced economies. If we optimise that 10-point growth across three value levers—digital skills, digital technologies and digital accelerators—digital can act as a growth multiplier to enhance productivity and output gains across the economy.
For example, in the United States, a 10-point digital density improvement optimised across the three levers could add 2.1 percent to 2020 gross domestic product, the equivalent of adding US$421 billion to the economy.
Find out how your country could optimise the digital opportunity.
The digital economy as a share of gross domestic product
Forecast growth of the digital economy
Potential economic growth from a 10-point boost in digital value levers
The optimal mix for economic growth
Three ways to drive new productivity and growth include:
Balance digital investments so that an optimal combination of digital improvements helps you to deliver the best returns.
Be clear on which platform, what roles and which data are fundamental to compete successfully in your industry.
Improve your “digital IQ,” teaming with government to open up cross-industry relationships and change the rules of competition.
Digital Consumption: The race to meet customer expectations
Accenture and the World Economic Forum released a cross-industry multi-year report presented at this year's Davos: Digital transformation of industries: Digital Consumption. This report assesses three areas where the battle to attract and retain customers will be fought: products and services, hyper-personalization and ownership to access.
Trillions at stake for automotive through digital plays
Automotive is shifting into high gear when it comes to innovation. Driving that change: digital. And every aspect of the industry—from business model to vehicle model design and everything in between—is being transformed. To capture just how big the digital shift is, Accenture conducted a multi-year study in collaboration with the World Economic Forum.
5 trillion reasons for consumer companies to go digital now
With the advent of digital and advances like one-click purchasing, consumers are making companies work harder to earn their money. And the consumer industry has responded, transforming every link of the value chain. But exactly how big is the prize for players that adopt digital approaches? According to new research by Accenture and the World Economic Forum it is estimated that over $5 trillion in societal impact can be found through cost savings and productivity improvements for consumers and environmental benefits for society.
1.3 trillion reasons for electric companies to harness digital transformation
Established players and startups alike are experimenting on the fringe of the industry. Turning this commodity into an experience built around the customer. Thanks to digital. According to new research by Accenture and the World Economic Forum (WEF), the value from rapid digital transformation for the industry is a staggering $1.3 trillion of value by 2025.
1.5 trillion reasons for logistics to capitalize on digital
To say digital is transforming the logistics industry is an understatement. New digitally enabled delivery services and business models are capturing more value every day. How big is the prize for players that adopt digital approaches? And what are the practical steps they can take now to make the change? New research from Accenture and the World Economic Forum reports that there is $1.5 trillion of value at stake for logistics players and a further $2.4 trillion worth of societal benefits as a result of digital transformation in the coming years.
The Growth Multiplier for Public Service
Bernard Le Masson, managing director with Accenture Strategy, shares how the Growth Multiplier provides insight into the role of digital and economic growth. He explains how this is especially significant to governments and other public service top civil servants as they look at ways to strengthen GDP growth.
Conventional wisdom suggests that employees are a barrier to digital progress, yet Accenture Strategy research shows the opposite is true. Compared with business leaders, employees are more positive about digital improving their work experience and job prospects, and more proactive in preparing themselves for the demands of a digital business.
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Welcome to the platform economy
Hear what Bruno Berthon, managing director of Accenture Strategy, has to say about the platform economy—where organisations tap into resources and capacity that they do not have to own. Find out how the platform business model is potentially the greatest opportunity for digital growth today.