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Mobile Technology: An Engine of Economic Growth
Mobile technology is a major engine for economic growth. A recent study by Boston Consulting Group (BCG) found that mobile technologies accounted for $3.3 trillion in revenues and is responsible for 11 million jobs.
David Michael, senior partner of BCG, said that “the typical U.S. consumer reports that their mobile phone connection creates more than $5,800 in value for them per year, over and above what they pay. That surprised us. It was amazing to see the value placed on mobile services by consumers in emerging markets. More than 60% of Chinese and Indian consumers say that mobile services have enabled them to find new income-generating opportunities… Mobile has been a huge driver of economic growth — creating jobs and improving consumers’ lives. But much more innovation is still needed. Policymakers have an important role to play in sustaining innovation and R&D investment in mobile technologies.”
The BCG report found that the small and medium enterprises that adopt mobile technologies increase their revenues up to twice as fast as other businesses and eight times faster than businesses that haven’t.
Further, the contribution from mobile to the GDP is growing at a rate of 10 to 20 percent annually and is expected to accelerate even more as businesses and consumers adopt ever more mobile technologies.
