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  • Ahmed Saleh

DCO launches inaugural Digital Economy Trends report for global digital prosperity

Riyadh, January 16, 2024, The Digital Cooperation Organization (DCO), a global multilateral organization dedicated to advancing digital prosperity and inclusive growth in the digital economy, has introduced its inaugural Digital Economy Trends report. This comprehensive report aims to offer insights into key digital economy trends for 2024, including their supporting enablers and recommended actions. The goal is to assist decision-makers in identifying growth opportunities, addressing market gaps, and gaining perspective on sustainable and responsible emerging technologies.

Developed through a state-of-the-art methodology involving primary and secondary research, the Digital Economy Trends 2024 report identifies six pivotal trend themes expected to significantly impact the digital economy and shape its evolution: Artificial Intelligence (AI), Trust Economy, Digital Reality, Cybersecurity, Smart Ecosystems, and Green Economy.

DCO Secretary-General Deemah AlYahya emphasized the uniqueness of the report, stating, "The DCO Digital Economy Trends 2024 Report offers our unique viewpoint on the digital economy, formulating a 'how to’ guide for six of the most important digital economy trends." The report provides implications and recommended actions for stakeholders across the global digital economy ecosystem, aiming to contribute to the growth of an inclusive and sustainable digital economy.

Each trend theme is anticipated to have transformative socio-economic impacts over the next decade. For instance, AI is projected to become a US$ 207 billion market by 2030, playing a pivotal role in optimizing operations and boosting efficiency. Green tech is also expected to experience substantial growth, with a market size projected to reach US $83 billion by 2032, contributing significantly to the progress of the green economy. The digital reality market is forecasted to reach US$ 1.35 billion by 2030.

The report offers recommended actions for different stakeholders in each theme, including guiding the implementation of digital technologies, targeting global priorities, applying appropriate governance for trend adoption, and redefining business priorities.

For example, in the AI theme, the report recommends that the public sector creates controlled testing environments with flexible AI regulatory frameworks, collaborates with the private sector to invest in AI digital skills and infrastructure, and establishes transparency and accountability measures.

For the private sector, engagement with regulators to align AI regulatory frameworks with innovation and business needs is advised, along with fostering a culture of AI "coopetition" through joint research consortia and shared service platforms, and prioritizing AI cybersecurity, data privacy, and sustainability measures.

Intergovernmental and international organizations are encouraged to foster global collaboration around AI governance and encourage partnerships and unified standards for AI.

The report serves as a valuable resource for stakeholders in the private, public, and civil sectors, offering actionable insights and data-driven analysis on key digital trends for 2024. The full report can be accessed through the following link: [link to the report](https://dco.org/library/).


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