COVID-19 has become a major driver of the digital economy. Based on the first 6 months since the pandemic unfolded, it's become clear that the COVID-19 boosted the worldwide adoption of a digital lifestyle. The changes are likely to remain relevant in the post-pandemic world, where a digital presence will become the key to survival. Therefore, Einvestment analysts are sure that the digital economy will inevitably continue to develop at an accelerated pace in the next years.
The pandemic highlighted the demand of digital transformation, which has sped up the adoption of digital products. Companies increased the digital penetration in interactions with customers and supply chain by 3 to 4 years, while the share of digitally-enabled or digital products in the portfolio is 7 years ahead of schedule.
The rapid adoption of digital practises throughout all company levels inevitably drives the development of the digital economy. Analysts worldwide make the following predictions on its further development:
- Over 65% of APAC's GDP will be digitalised within the next 3 years. It's projected that the spending will reach $1.2 trillion during the same period.
- The digital technology could cumulatively add a GDP contribution equal to €2.2 trillion in the EU, which is equal to a combined GDP of Netherlands and Spain in 2019.
"Einvestment Mutual Fund predicted the blooming of the digital economy even before COVID-19 hit the world. That's why the share of digital companies and digital assets in the Fund's investment portfolio exceeds 75%. Taking in the account the pandemic's effect, it may increase up to 85% in the next one year." says Executive Director, Martha Vodvik
The majority of industries are starting to digitalise. In the UK alone, four in five executives claim to have increased the budget for digital transformation due to pandemic. Some industries digitalise faster than others. For example, e-commerce made a considerable leap and increased its penetration by 10% in the first 2 months of the pandemic. Before the coronavirus, the industry would have taken 10 years to reach such a penetration level.
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