Analyst firm IDC has predicted the online market will see double-digit growth rates until at least the end of this decade.
With close to two trillion dollars exchanged just in online transactions for goods and services in 2006, businesses need to learn and adapt like never before to capitalise on this growing market, it said.
Some 70pc of Americans use the internet on a daily basis.
“The tipping point is being driven by increased consumer sophistication, commercial maturity, and technology readiness,” said Rachel Happe, research manager for IDC’s Digital Marketplace program. “This will jumpstart a new wave of adoption and growth, particularly in rich media content and social networking applications.”
IDC said the popularity of the internet makes it an effective medium for businesses to communicate and have influence with its customers, partners, and employees. IDC stressed that it is more important than ever for all businesses to understand online user behavior and traffic flows, business models, and application infrastructure.
By Niall Byrne