A recent study from Virgin Media Business and the Centre for Economics and Business Research revealed that the size of the UK economy could possibly increase 6.9% by 2040 through continued investment in digital technologies.
Indeed, the pandemic led to an important wave of digital transformation that created new ways of working and connecting and might drive a potential increase in UK GDP. In 2020, UK GDP was £1.96tn, which was a strong decrease from the year before, hence, growing through digital investment would greatly help the economy.
The report points out that flexible working, digital delivery of services, and richer data from AI and analytics will transform the world of work by 2040. Besides, this could also lead to fewer costs and an increase in productivity all the while giving the UK the flexibility to deal with new challenges.
Moreover, it was also reported that health and social care digital investments could add £33bn to GDP by 2040, as well as transforming justice, central and local government could provide an additional £32bn. On the other hand, digital investments in the retail, professional services, and construction sectors could be worth £33bn.
The move towards digital adoption is providing great outcomes across private and public sector organizations, by helping them to revolutionize how they work, deliver for customers, and provide vital services for communities.