Introduction of ICT Industry Assignment Example | Topics and Well Written Essays - 750 words

Introduction of ICT Industry - Assignment Example 1). As such, it can be observed that the phenomenal growth of ICT especially the internet has dramatically revolutionised the business landscape across the whole globe (Cloete, 2001). The advent of the internet has resulted in a boom of e-business activities between individuals as well as other organisations. This is commonly referred to as e-commerce where a range of online business activities for products and services are carried out (Andam, 2003). ICT supports online business which has significantly gained prominence during the recent years. It can also be seen that there have been various global changes in the ICT industry. For instance, Andam (2003) posits to the effect that developments in the Internet and Web-based technologies have resulted in the narrowing of distinctions between traditional markets and the global electronic marketplace-such as business capital size. The â€Å"International Data Corp (IDC) estimates the value of global e-commerce in 2000 at US$350.38 billio n and was projected to climb to as high as US$3.14 trillion by 2004,† (Andam, 2003, p.6). This major change in the global ICT industry is mainly attributed to the fact that information and communication technology is used to enhance one’s business where computer mediated network is used. Governments and businesses across the globe are investing heavily in the ICT sector in order to keep pace with the global changes in this particular industry. New Brunswick’s ICT sector is mainly comprised of organizations that deal with information technology (IT) services and products, telecommunications and interactive digital media (New Brunswick Information & Communications Technology Sector Strategy 2012-2016, n.d). In terms of local changes in IT, it can be seen that growth has been spurred by the following factors: Strong consumer demand for applications for mobile devices, increased productivity, privacy, integration of supply chains, emergence of affordable broadband as well as rapid pace of technological change. These factors have contributed to the changes in the IT sector. The New â€Å"Brunswick’s ICT sector is regarded as a major contributor to the economy, directly employing approximately 8,000 people and generating close to $875 million in Gross Domestic Product (2002$), close to four per cent of the provincial total in 2011,† (New Brunswick Information & Communications Technology Sector Strategy 2012-2016, n.d). The major changes that have been witnessed in this sector are related to its growth. It is expected that the industry grew at an average rate of two per cent since 2006, compared to the average of 1.3 per cent for all sectors. This shows that there have been major strides in the development of this particular industry compared to other industries in the province. The other major notable change is that it offers 100% broadband coverage which is by far a larger development compared to other regions across the whole glob e. With regards to investment, it can be seen that the province has also made efforts to attract investors to develop in this very important sector in as far as business development and growth are concerned. For instance, quite a number of marquee companies in the ICT sector have established operations in the province according to the New Brunswick Information & Communications Technology Sector Strategy 2012-2016.This development has helped the province to increase its visibility as a