Technology is something we all use in our daily lives to make things a bit simpler or to have fun. It is also something that we use a lot in our working lives and this has seen it become integral to how organizations in the US operate.
Due to this, technology has had a major impact on the US economy and looks set to continue doing so in future. But which tech in particular has had a big influence on the country’s economic performance?
Due to the omnipresence of online tech in work, the influence of the internet on the US economy has been massive. One example which highlights this is the investment sector and how key internet-based trading platforms now are to the industry.
But how have internet-based trading platforms impacted the economy specifically? In its most basic sense, this tech has opened up the world of investing to more people. As many assets you can invest in are taxable, this results in more money being generated by the IRS for national coffers.
Of course, online trading platforms based in the US will also pay tax on their earnings and this again is beneficial to the US economy. Just remember to brush up on key things you need to know before making any investment, such as how inflation rates affect your trades, and invest from a position of knowledge.
The e-commerce sector is another good example of how the internet has impacted the national economy over time. When you think that the USA’s retail e-commerce market size in 2023 was around $1tn, it is obvious how important this sector is to the country’s financial health.
On a wider scale, the internet has enabled businesses from all sectors across the US to connect with more consumers — both nationally and globally. This in turn helps these businesses sell more goods, make more money and re-invest this back into the economy. It can also lead to the extra sales generated online helping companies hire more staff, who will then have wages to spend in the local economy.
Mobile tech, email and video conferencing
When thinking about the latest technology which influences the US economy, it often comes down to examples which help companies work more efficiently, offer the best service and make more money. This after all not only gives a positive impression of the country’s financial health but also helps organizations within it to contribute to a robust economy.
Email is a classic example and is widely used across the corporate world. Easy to operate and simple to understand, it makes communication between people much clearer — and faster! Video conferencing platforms have taken off around the business world in recent times and make communicating with colleagues or customers a lot simpler. This can lead firms to offer better customer service levels to consumers and give staff a more effective way to collaborate.
It is also sensible to mention mobile technology in terms of its positive impact on the US economy. Mobile tech is not only something which has allowed people to work in a more flexible, productive way but it can also help businesses reduce costs through remote working. In addition, mobile tech helps to power some very lucrative niches for the US economy, such as online betting apps people use for sports betting in eligible US states.
Cloud computing and AI
These are two major technologies which have had a hugely positive effect on the US national economy. The US cloud computing market was estimated to be worth around $266.42bn in 2021 and this is only likely to have grown since then.
As a vital piece of tech for all businesses in the US, it enables them to boost production, enhance collaboration and offer flexible working practices. By moving their IT requirements into the Cloud too, this tech can also slash the costs US businesses face and help them become more successful.
Recent years have also allowed artificial intelligence to come to the fore in US business and have its own economic impact. This involves companies using specialized AI software to perform research, offer customer insights or perform common tasks. By using AI in this way, firms in the US are able to save time, free up human workers for more important work and offer better service to customers.
This enables them to become more successful and makes the whole national economy stronger as a result. It also results in people from overseas wanting to invest money into US businesses who are developing AI tech for others to use.
Tech plays a major role in US economy
The whole tech sector in the US is worth billions and has been on a rapid rise in the last few decades. This directly relates to the key role technology plays in modern US business and how crucial it is for the whole economy as a result.