What are the global digital economy trends in 2024?

Key factors influencing the development and transformation of the digital landscape
What are the global digital economy trends in 2024?
Each trend will have a social and economic impact that contributes to digital transformation over the next decade

An international report by the Digital Cooperation Organization (DCO) identified six trends that are expected to have a major impact on the digital economy in 2024. It indicates that they are pivotal factors in the development and transformation of the digital landscape. Moreover, each trend will have a social and economic impact that contributes to digital transformation during the next decade.

Digital economy trends

DCO’s report titled ‘Digital Economy Trends 2024’ said that this year’s trends are: Artificial Intelligence (AI), trust economy, digital reality, cybersecurity, smart ecosystems, and green economy.

Deemah AlYahya, secretary-general of DCO, stated that the report presents a view on the future of the digital economy. It also provides guidance for adopting the six important trends  Moreover, it includes recommended procedures and guidelines for stakeholders across the system. She highlighted that the global ecosystem for the digital economy will help ensure a valuable opportunity for everyone who aspires to contribute to the growth of an inclusive and sustainable digital economy.

Digital economy regulations

AI is one of the trends that will change regulations governing the digital economy. The report indicates that AI will achieve a market value of $207 billion by 2030. This prediction is based on the public and private sectors’ tendency to use AI to improve operations and enhance efficiency.

The report added that the environmental sustainability sector is growing and is projected to reach $83 billion in value by 2032. Moreover, it is immersed in the digital economy, witnessing a surge in green technologies. Meanwhile, the report projects that the global Extended Reality market size will reach $1.35 billion by 2030.

Stakeholder recommendations

The report offered recommendations to different stakeholders for each of the six trends, such as:

  • Implementing digital technologies
  • Targeting global priorities
  • Applying appropriate governance for the adoption of trends
  • Redefining business priorities

Those recommendations align with the DCO’s efforts to grow and contribute to the global digital economy.

When it comes to AI, the report also recommended establishing controlled testing environments in the public sector, with flexible regulatory frameworks. This will allow the promotion of responsible innovation. It also urged the public sector to cooperate with the private sector in prioritizing investments in digital skills and AI infrastructure. Moreover, it supports adopting standards of transparency and responsibility which ultimately push the digital economy forward.

In the same context, the report recommended that the private sector continue to engage with regulatory bodies, to ensure that regulatory frameworks for AI are compatible with innovation and business needs. It also urged promoting a culture of collaboration in the field of AI. That is through research consortia and shared service platforms. Moreover, it recommended prioritizing the implementation of AI cybersecurity, data privacy, and sustainability measures.

Read: IT spending forecast: Gartner predicts 6.8 percent growth worldwide in 2024

Strengthening international cooperation

The report also recommends strengthening global cooperation on AI governance and encouraging academics, industry leaders, and non-governmental organizations to join international forums to build partnerships and work on unified standards for artificial intelligence.

The DCO looks forward to strengthening the relationship between multiple stakeholders to accelerate progress towards achieving the United Nations Sustainable Development Goals. It seeks to promote an inclusive and safe system for all and make the digital economy sustainable.

Notably, the DCO is a global multilateral organization established in November 2020 that aims to enable digital prosperity for all by accelerating the inclusive growth of the digital economy.

It brings together ministries of communications and information technology in member states, including Bahrain, Bangladesh, Cyprus, Djibouti, Gambia, Ghana, Jordan, Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar, Rwanda, and Saudi Arabia. Together, member states represent more than $3.3 trillion in gross domestic product, and a market of more than 800 million people, more than 70 percent of whom are under the age of 35.

Moreover, it focuses on empowering youth, women, and entrepreneurs. It seeks to benefit from the accelerating power of the digital economy and keep pace with innovation to drive economic growth and increase ssocial equality.

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