Digitalization [New] Latin America will have the worst regional performance for ad spending overall in 2020, declining 10.0% collectively, although oddly, it will also have the best performance for digital ad spending growth at 5.0%. [New] Programmatic advertising has been on a meteoric rise, with its share of digital ad spend worldwide expected to grow to 68% in 2020. [New] The central bank of France will soon begin testing a central bank digital currency, while the People's Bank of China and the Marshall Islands are also set to roll out plans for digital currencies next year. [New] Increased adoption of online tools and digital services for businesses across rural American could add $140 billion to the U.S. economy and create more than 360,000 jobs. [New] By 2021, approximately 60% of Asia's GDP will come from products and services created through digital transformation, contributing to an estimated $1.16 trillion windfall for regional economic growth. [New] The China-based digital payments market is expected to surge by 84%, with the combined value of transactions reaching USD 3.5 trillion by 2024, while the US is forecast to reach USD 1.5 trillion transaction value by 2024, a 67% jump in four years. [New] As the world's largest digital payments industry, China is expected to generate USD 1.9 trillion worth transactions, or nearly 45% of all digital payments in 2020, while the US will account USD 895.7 billion in transaction value and a 20% market share in 2020. [New] Go-Jek's recent funding round and Facebook's plans to build an e-commerce ecosystem around WhatsApp will help accelerate the adoption of digital payments for millions of SMEs in Indonesia, with businesses already using the popular messaging service to interact with their customers. [New] During the Covid-19 pandemic in 2020 the use of digital technologies has increased significantly, enabling people to access health and care while reducing or avoiding the risk of infection. [New] Continuing with the Digital Tax, French President Emmanuel Macron told French TV that he envisages an EU-wide digital tax on big tech multinationals, along the lines of a digital tax, which France plans to impose in 2020. [New] By 2022, 60% of retail banking products and services would be rendered through banking-as-a-service platform over cloud by challenger banks and digital banks in APAC. The Middle East & North Africa Digital Payments Market is expected to grow at a CAGR of 6.5% over the forecast period 2020-2025. The digital economy presents a significant opportunity for the Algerian economy to keep pace with the changing nature of work in the 21st century, maintain competitiveness on the global scale, and diversify revenue away from hydrocarbons. In addition to increasing job creation for youth, expanding the digital economy could contribute to economic growth and help Algeria diversify its revenues away from hydrocarbons. Google and Facebook made up 67.8% of the UK digital ad market last year, which we expect will drop slightly to 65.9% in 2020. Information technology sector employment will have grown over 10% from 2014 levels by 2024 - consisting of more than 650 jobs (of which around 250 will come after 2019), projecting a strong increase in the demand for digital skills. The explosion in the availability of data has reinforced the use of digital technologies as an enabler of innovation and disruption across many industries. The digital sector currently accounts for 4% of global CO2 emissions, i.e. more than the aviation sector, and is growing much faster than other sectors; around +8% per year is expected in the coming years, with an explosion of the Internet of Things and global traffic of 50% by 2022. We expect a temporary decrease in offline digital payments due to lower payment volumes in a number of impacted areas such as travel and hospitality, but believe there will be moderate growth in overall digital payment volumes in 2020 - and they could even accelerate quickly thereafter. Traditional media will see a decline in ad spend, but most digital advertising channels will grow considerably in the second half of 2020. Worldwide spending on digital transformation technologies and services will reach $2.3 trillion in 2023. Fewer advertisers plan to cut media spending in the remainder of the year, though they are changing their priorities to reach the growing audiences for digital media. Global spending on digital transformation is expected to reach a staggering $1.97 trillion in 2022 - that's a five-year CAGR of nearly 17%. See full forecast Last updated: 09 August 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
