The internet benefits a wide variety of new and traditional industries across the economy.
Compared to their peers, companies that have embraced the internet generate, on average, 9% more revenues through their existing assets; are 26% more profitable; and have 12% higher market valuations (Capgemini Consulting 2012).
The internet offers unprecedented opportunities to small and medium-sized businesses (SMEs). “Web-savvy” SMEs brought in 2 times as much revenue through exports as a percent of total sales than other companies and created more than 2 times as many jobs (MGI 2011). A recent survey of SMEs in India showed that using the internet for business increases both revenue and profits by 50% for SMEs (Nathan Associates 2013).
By lowering startup costs and facilitating unprecedented access to global and local markets, internet tools and services have spurred innovation across a wide range of industries and driven economic growth. Cloud computing is a good case in point: SMBs using cloud technology to overcome their growth challenges grow 26% faster and deliver 21% high gross profits. 85% believe that cloud enables their business to scale and grow faster (Deloitte 2014).
The internet is a catalyst for entrepreneurship and new job opportunities. For each new high-tech job in a city, five additional jobs are ultimately created outside of the high-tech sector in that city, both in high-skilled occupations (lawyers, teachers, nurses) and in other ones (waiters, hairdressers, carpenters) (Enrico Moretti 2012).