What’s the biggest driver of our economy? Marketing? Manufacturing? The Energy Sector? Agriculture? Nope. According to a story at Internet News, the main contributor to our economy is information technology (IT). That conclusion comes from an extensive study and report compiled by the Information Technology and Innovation Foundation (ITIF).
According to the ITIF synopsis, “the integration of IT into virtually all aspects of the economy and society is creating a digitally-enabled economy that is responsible for generating the lion’s share of economic growth and prosperity, both here and abroad, including in developing nations. Importantly, the ‘IT engine’ does not appear likely to run out of gas anytime soon and should power robust growth for at least the next decade.”
The following is from the report’s conclusion:
“The opportunities for continued diffusion and growth of the IT system appear to be strong. Many sectors, such as health care, education, and government, have only begun to tap the benefits of IT-driven transformation. Adoption rates of e-commerce for most consumers, while rapid, are still relatively low. And new technologies (e.g., RFID, wireless broadband, voice recognition) keep emerging that will enable new applications. In short, while the emerging digital economy has produced enormous benefits, the best is yet to come.”
I would also add manufacturing and financial services to the sectors listed above that are just beginning to tap the incredible potential of integrated IT.