Internet use has been growing significantly over the past decade. As businesses begin to understand the cost savings and ease in which commerce can be conducted online, more and more of these businesses will adopt a hybrid strategy. One of the major advantages businesses are realizing is that they have access to hundreds of millions of Americans online. The disadvantage is that they also must compete in a global arena where the winners aren’t going to be so clear.
Not only is the internet growing but also the use of broad band internet which offers a lot more capability than its phone line predecessor. For example, it is possible to run the televisions, security systems, download media, download software, watch television and just about anything else on the internet. This creates great opportunities for companies wishing to expand their influence.
Internet Usage and Growth:
In the year of 2000 there were around 124 million internet users out of a population of 280 million people. Only 44 % of the entire U.S. population had access to the internet during this time. Half of the population is significant enough to affect our economic outlook. As you can tell our whole way of life is changing.
Since 2000 the internet has grown tremendously. In 2020 250 million users had access to the internet in a country of 301 million people. The people who do not have internet access represent both the elderly and the poor. Thus the internet appeals to the population that is most likely to buy products.
Broadband Use:
Broadband can come in the form of cable or DSL. Cable is generally faster and able to download items off of the internet more quickly. Cable affords much faster usage and more capabilities than DSL.
Amazingly the U.S. is not the country with the highest amount of broadband users. We have one of the highest internet use rates but we rank 12th in the world for broadband use. One of the reasons is because other countries subsidize their broadband networks giving America an unfair disadvantage.
Implications:
As both broadband and internet use rises within the country America will become more exposed to foreign businesses, foreign cultures and different perspectives. American news agencies, businesses, and culture will be challenged by other forces. However, the faster we can get people online and get our companies competing in the internet arena the faster we can corner this market. The first to the waterhole is the one who gets the most water.
