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Study Predicts Internet Economy Will
Balloon to $850 Billion in 2000...
By Edith Yates
Editorial Assistant
6/6/00 7:44 PM ET
The Internet Economy will balloon to $850 billion in 2000,
surpassing the auto ($728 billion) and life insurance
($724 billion) industries, according to a study by the
University of Texas released Tuesday.
The study, commissioned by Cisco Systems
(CSCO:Nasdaq - news - boards), found that revenue from
Internet-related activities grew 13 times faster than the
U.S. economy as a whole in 1999. Internet revenue
totaled $523.9 billion, a 62% increase over 1998. U.S.
GDP grew 4.6% last year.
Revenue from e-commerce grew the fastest, 72%, from
$99.8 billion in 1998 to $171.5 billion in 1999.
International Data Corp. estimates that e-commerce
revenue will reach $1 trillion by 2003.
The study concluded that the Internet is fueling strong
gains in worker productivity. Revenue per employee
among Internet companies rose 19% from $177,225 in
1998 to $211,581 in 1999. And 73% of companies
considered to be Internet economy companies said they
had experienced gains in worker productivity compared
to 29% of U.S. companies as a whole.
In addition, the Internet Economy added 650,000 jobs in
1999, bringing the total number of Internet-related
workers to 2.476 million. That's more than the
communications and public utilities industry (2.39
million) and the insurance industry (2.405 million). Within
the Internet economy, infrastructure provided the most
jobs last year at 778,602, a 48% increase from 1998.
Internet commerce, the leader in 1998, employed
726,735 people. Overall, the number of Internet economy
jobs grew 36% year to year, almost half the rate at
which revenue grew, underscoring the gains in worker
productivity.
The study defined Internet Economy companies as
those that derive some or all of their revenue from
Internet or Internet Protocol (IP)-based products or
services. The study took care to differentiate between
Internet-related and non-Internet revenue. For example,
not all of networking giant Cisco's revenues were
counted in the study, since not all of its products are
connected to the Internet. The researchers surveyed
nearly 3,000 companies for the study, which is the third
such semi-annual report from the University of Texas. |
