Fuelling The Digital Economy In Bradford With Custom Web Development Are you a business owner in Bradford looking to fuel the growth of your company in the digital landscape? Look no further than custom web development. In today’s technology-driven world, establishing a strong online presence is essential for businesses of all sizes. Custom web development…
The advent of digital technologies and the Internet brought about an economic revolution, giving birth to what we call today the “Digital Economy.” The landscape of commerce, manufacturing, and services has transformed radically under this new economic model, where digital and technological factors drive business. The implications are far-reaching and affects economies at local, national and global scales; redefining the processes, platforms, and possibilities of economic growth.
The Digital Economy essentially refers to an economy that is based on digital technologies, including computing and internet. It incorporates all business activities that turn technical innovation into new connections and better productivity, from banking to healthcare, and from shopping to communication.
One striking feature of the Digital Economy is its tendency towards ‘disruption’, a term that denotes the process by which a product, service, or business model upends existing markets and value networks. The Digital Economy is economically disruptive because it democratizes access to goods and services, making them within easy reach of consumers with just a few taps or clicks. The ubiquitous smartphone is one such example of digital disruption as it redefined communication, while e-commerce has reshaped the retail industry.
The rapid growth of the Digital Economy has dramatically widened the market for bespoke software, app, and web development. Bespoke development specifically addresses the unique requirements and problems of an organisation, replacing ‘one-size-fits-all’ solutions with customized ones tailored to the specific needs of a business. According to Statista, the global bespoke software market in 2018 was worth around $66.14 billion, and it is expected to grow at a significant rate in the coming years.
In the UK, where digital technology adoption rates are high, the Digital Economy plays an indispensable role in the wider economy, contributing 7.7% to the UK’s total gross value added (GVA) in 2018. This reaffirms the UK as a leading player in global digital economy stakes.
The trend toward digitisation in various sectors of the economy underscores the need for more robust and individualised technical solutions. This opens up opportunities for web and software developers to leverage their expertise to help businesses streamline operations, improve service delivery and increase their competitiveness.
I hope you find this introduction to the ‘Digital Economy’ both enlightening and engaging. The topic is extensive with many associated concepts and trends that it would be impossible to cover everything here.
Please feel free to explore our Digital Economy section for more insights and comprehensive analysis on the latest trends, concepts, and discussions on the Digital Economy. You can also browse through our main blog area for a varied collection of topics that can further enrich your knowledge.
And should you have any questions, want to learn more, or discuss how Bradford Software Development can help your business navigate the Digital Economy, don’t hesitate to contact us. We’d love to lend our expertise and assist in any way we can.