With more than $2 trillion in digital advertising revenue from consumers, and millions of job-creating new jobs, the economy of the digital age is poised to dominate the world economy, says a new report.
The report, from consulting firm IHS, says the global economy has already surpassed the $10 trillion mark for the first time.
While the report notes that the digital divide remains a major challenge, it finds that the biggest winners are cities and cities-based firms.
It notes that “digital transformation is the single largest driver of economic growth,” as the digital world is now “the global marketplace for job creation and employment creation.”
The report says this is driven by two factors: the ability of digital businesses to innovate quickly and the increased efficiency of the economies digital ecosystem.
The cities with the most job creation by 2019 are in China, which has the fastest growing economy.
It has generated more than 200,000 jobs, and the U.S. has the second-highest digital economy with a $4.3 trillion economy.
The U.K. has created more than 1.3 million jobs in digital.