Munich Personal RePEc Archive

Digital Economy and Its Components: A Brief Overview and Recommendations

Nguyen, Oliver (2023): Digital Economy and Its Components: A Brief Overview and Recommendations. Published in: Wilkie Edge Publishers , Vol. 2, No. 1 (7 January 2023): pp. 17-22.

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The term "digital economy" refers to the use of information technology to create, adapt, market and consume goods and services that are based on the use of information technology, in order to make money. A number of digital research areas have been explored in the past few years, including digital banking, e-commerce, virtual education, smartphone apps, and collaboration platforms. During the past few decades, there has been no doubt that the world we live in has been changing steadily in many ways. Among the key factors that have driven these changes has been the Digital Revolution, which is one of the key drivers of these changes. It would be more accurate to say that the purpose of digital transformation is not to search for unicorns on the Internet, but rather to use the newest technology to do what you do already in a more efficient and effective manner. As a result of digital technologies, many countries are in a position to enhance their competitiveness and promote economic growth by increasing their use of these technologies. As a definition, the digital economy refers to the economic activity that results from billions of online connections that occur every day between people, businesses, devices, data, and processes. A key component of the digital economy is hyper connectivity, which is the increasing interconnection of people, organisations, and machines that is a result of the Internet, mobile technology, and the internet of things (IoT). There is no doubt that the digital economy is taking shape and upending conventional notions about how businesses are structured; how they interact; and how they provide services, information, and goods to consumers.

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