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The internet economy has become a crucial part of the global economy, with over 80 million dot-coms and eight categories of commercial websites. It has an estimated annual global economic benefit of $1.5 trillion USD and has transformed the way businesses operate. However, concerns about privacy, trustworthiness, and access continue to arise as the internet economy grows.
The internet economy encompasses all business and commerce conducted through and within the infrastructure of the internet. It has become an important building block of the global economy in a relatively short period of time. Since the first dot-com business started in 1985, the Internet economy has spawned over 80 million new dot-coms and established an entirely new way of doing business around the world. With information moving so rapidly around the world, the way both consumers and businesses do business has evolved.
Commercial websites fall into at least one of eight possible categories: search and portal, storage and infrastructure, information, entertainment, communication and social networking, e-commerce, personal and brand identity, and crime. In most developed countries, nearly every business has at least one online identity, even if they don’t actually sell products online. This has not only enabled consumers to become more knowledgeable, but has also enabled businesses to reach a wider range of potential customers than ever before.
In 2010, the Internet economy was estimated to have an annual global economic benefit of approximately $1.5 trillion US dollars (USD). Much of the Internet economy is made up of businesses that sell goods or services to other businesses. In 2007, it was estimated that consumers who buy from businesses accounted for less than 15 percent of the Internet economy.
Unlike the traditional economy, the digital economy has transformed the way businesses operate. This is true in terms of costs of distribution, communication, market segmentation and price. E-commerce has not only grown the global marketplace, it has fundamentally changed the way businesses market and sell their products and how consumers buy and access services online. The Internet economy offers new platforms for business innovation, but it also brings concerns about privacy, trustworthiness, and access. As the internet economy continues to grow, new concerns and challenges are likely to arise.
The Internet has quickly become essential to the global economy. More than 1 billion people worldwide use it, both at work and in social life; there are over 6.7 billion people on Earth, meaning there are still a relatively small number of people participating in the internet economy. This number is rapidly increasing, however, particularly in China. As internet access from mobile devices increases, even more growth opportunities are likely to emerge in the electronics sector.
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