Google reports web economy set to double

Posted on January 29, 2012

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written for the New Statesman – words by Robert Pollard

Rise of mobile internet access set to spark sharp rise in G20 web value.

Over the next 4 years the total value of the web economy in G20 countries will almost double in value, a new study has claimed today.

The report suggests that the current £1.5tn value will reach £2.7tn by 2016, with the rise of mobile internet access the main source of growth in the sector. Boston Consulting Group (BCG) released the figures after internet giants Google commissioned the research.

The cost of smartphones has reduced rapidly in recent times, with a basic version now costing only $100. It is estimated that by 2016, 80 per cent of people accessing the internet will do so via a mobile handset.

It is claimed that internet access is set to become far more widespread, with 3bn users by 2016 – almost half the worlds entire population.

The BCG study outlines a ‘new internet’ age, where social interaction between companies and customers will become widespread. It says that the majority of web users will live in emerging markets, with internet access no longer a luxury for most people.

The research also suggests that the UK is one of the most advanced e-commerce economies in the world, something which will delight David Cameron, who has spoken of his desire to make London “one of the world’s great technology centres”.

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Posted in: Business