Every business 'needs to go digital' as internet economy will double by 2016

Every business needs to 'go digital' to capitalise on the dramatic growth predicted in the internet economy, according to a report from The Boston Consulting Group (BCG).

The report, titled 'The Digital Manifesto: How Companies and Countries Can Win in the Digital Economy', is supported by Google, and claims that the G-20's internet economy is set to reach $4.2 trillion in 2016, almost double the $2.3 trillion seen in 2010.

The growth will be driven by a dramatic increase in the number of users around the globe, as well as a rise in emerging markets, mobile devices, and social media. According to David Dean, co-author of the report and a senior partner at BCG:

"No company or country can afford to ignore this development. Every business needs to go digital."

According to the report, companies that make extensive use of the internet - including social media - to sell, market and interact with their customers and suppliers, grow faster than those that do not.

In fact, in the UK, the data shows that those with a medium or high internet presence saw their business grow seven times faster than those called 'low-web' or 'no-web'.