Sectors, companies, and individuals in the digital field who push the boundaries of technological use are able to capture disproportionate gains as a result. The most digitally agile companies are winning the battle for market share and profit growth. Several of them are even reshaping entire industries to their own advantage. Wages of workers with the most sophisticated digital skills are far above the national average.
A new report of McKinsey called Digital America: A tale of the haves and have-mores, attempts to measure the ongoing digitization of the US economy.
There are dozens of indicators deployed in order to provide a broad picture of how companies are building digital assets, expanding usage, and creating a more digital workforce. Along with communication sectors and IT technology, media, financial services, and professional services are surging ahead.
Massive opportunity still ahead
The less digitized sectors are some of the largest in terms of GDP contribution and employment. The US economy as a whole is reaching just 18 percent of its digital potential. Some sectors are currently lagging. There will be a rapid growth of productivity when the digitization begins in manufacturing, energy, and other heavy industries currently investing in digitizing. Connected cars, smart buildings, and intelligent oil fields will be the result of those investments. Online talent platforms, big data analytics, and the Internet of Things… digitization could add up to USD 2.2 trillion to annual GDP by 2025.
Digitization creates opportunities for growth. At the same time, it also automates many of the tasks humans are paid to do today. Many roles and business processes will be redefined. Job-displacement rates could accelerate sharply over the next decade.
More detailed results of the study are available online here.
-jk-