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Driving the Global Knowledge Economy

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Driving the Global Knowledge Economy Software and InformatIon driving the global knowledge economy SOFTWARE AND INFORMATION INDUSTRY ASSOCIATION ABOUT THE STUDY This study was prepared by Content First, LLC, in conjunction with the Software & Information Industry Association (SIIA). The purpose of this report is to collect and disseminate objective data about the economic contribution of the software and information industries to the U.S. and world economies. About SIIA The Software & Information Industry Association is the principal trade association for the software and digital content industry. SIIA provides global services in government relations, business development, corporate education and intellectual property protection to the leading companies that are setting the pace for the digital age. www.siia.net About COnTEnT FIrst Content First, LLC, is a full-service public policy research firm in Washington, D.C., that utilizes a unique process of melding solid research and analysis with presentation and communication to bring advocacy data, industry statistics and policy research to life for trade associations, businesses, law firms, consulting firms and the public affairs community. Michaela D. Platzer, president of Content First, LLC, brings more than 20 years of public policy research experience to her firm acquired as vice president, research and policy analysis for the American Electronics Association; manager, European affairs, for the U.S. Chamber of Commerce; and international economist for the Embassy of the Republic of South Korea. She has authored numerous publications, including recent economic and policy reports for the American Society of Association Executives, the National Venture Capital Association, the Transatlantic Business Dialogue, the Representative of German Industry and Trade, the Organization for International Investment, the U.S. Chamber of Commerce and the Korea-U.S. Business Council. She has a master’s degree from The Johns Hopkins School of Advanced International Studies and a bachelor’s degree from the University of California at Davis © Copyright 2008 Software & Information Industry Association SIIA | 1090 Vermont Ave. NW | Washington, DC 20005 | 202.289.7442 Design by Bussolati, bussolati.com Software and InformatIon driving the global knowledge economy Introduction . .3 Executive Summary . 7 PART i transforming the U.S. and global economies.........................14 Enabling Financial Services In real Time 14 Healthcare Undergoing A Digital Conversion 15 Advancing Personalized Education 16 Improving Business Processes Across All Sectors 19 PART ii driving U.S. Job creation and economic growth.....................20 Generating Millions Of High-Wage Jobs For Americans 20 Creating High-Wage Jobs in Every State 24 Growing Faster Than Overall U .S . Economy 26 PART iii competing Successfully around the world . .30 Global Sales Strong and Growing 30 Promising Global Business Trends and ICT Growth 33 PART iv Promoting continued innovation and growth........................38 Appendix: Employment and Wages By State . 40. Methodology . 42. Endnotes . 44. introdUction Since the 1990s, the rise of the internet form or through proprietary telecom- and proliferation of information tech- munications networks. the evolution nology (IT) have combined to create a and growth of technology over the last global networked infrastructure. this decade, driven by the emergence and infrastructure has, in turn, accelerated ubiquity of the internet, has led to a the development of a new global “knowl- substantial convergence of software edge economy,” where business models and information products and services. are more often driven by expertise and the internet-based global network is intellectual capabilities and based on driving a confluence of information and networking, connecting and collaborat- software, breeding new-look offerings ing. in the global knowledge economy, and companies that combine the value national economies are, in many ways, proposition of each. today, it is rare to inseparable from the larger global find a software application without ro- economy, and the United States is more bust information content or to access dependent on the rest of the world than digital information content that is not ever before. delivered or powered by software. the software and information indus- the Software & information industry tries are key drivers of the new global association (Siia) produced this report knowledge economy. as such, they are to measure the substantial economic among the fastest-growing and most impact of the software and informa- important industries of the U.S. and tion industries on the U.S. and global world economies. these industries pub- economies. this report provides much- lish and distribute information,1 provide needed data to help inform policymak- software applications2 and related web- ers and thought-leaders seeking to based services and create the needed understand and develop policy and reg- infrastructure and tools to further ulatory frameworks promoting strong today’s software and information-based growth, innovation and continued U.S. economy.3 well-known firms such as global leadership in the increasingly adobe, bloomberg, google, oracle, competitive global knowledge economy. Salesforce.com, Sun microsystems, the mcgraw-hill companies and thomson, along with thousands of lesser-known companies, create transformative prod- ucts and services at the leading edge of innovation. increasingly, software and informa- tion products are converging. Just a decade ago, the software industry dis- tributed its products encoded on disks, while the information industry pub- lished content predominantly in printed SOFTWARE AND INFORMATION: DRIVING THE GLOBAL KNOWLEDGE ECONOMY 5 eXECUtive SUMMARY This report is based on the best available data from All sectors of our society and economy are public sources, including U.S. government statistics, as experiencing unprecedented innovation and well as market research reports and other information productivity through the use of software and in the public domain to provide the most accurate information. In the United States, IT was responsible measurement of the substantial impact of the software for two-thirds of total factor growth in productivity and information industries on the U.S. and world between 1995 and 2002 and virtually all of the growth economies. Specifically, this report uses data and in labor productivity.4 Software and information empirical analysis to demonstrate how the software products and services are at the heart of this growth. and information industries contribute greatly to The ongoing digital revolution will continue to spur U.S. economic growth and job production, represent innovation and growth, providing significant new a disproportionate share of U.S. global trade and market opportunities for not only the software and influence and transform the business models and user information producers but also for their enterprise and experiences across all sectors of the economy. Finally, individual customers. the report assesses the opportunities for continuation and expansion of these trends and concludes that driving U.S. Job creation and a positive public policy climate — one containing economic growth supportive regulatory, legal and trade frameworks — America’s software and information industries are is critical. dynamic and evolving, with an economic impact far greater than their relative share of the overall U.S. transforming the U.S. and global economy. The software and information industries economies generate millions of high-wage jobs, with revenue and The software and information industries are playing job growth far exceeding that of the U.S. economy as the leading role in the digital revolution that is a whole. transforming all sectors of our society and of the U.S. and global economies. From financial services Software and information industries are growing to healthcare and from education to entertainment, Faster than other leading industries and the overall software and information technologies are improving U.S. economy. The rate of growth in the software and efficiency and productivity, while providing increased information industries has significantly outpaced that customization and choice. These technologies are of the U.S. economy as a whole, thus helping to sustain improving processes and value chains for businesses the expansion of the overall economy. and other enterprises, resulting in more efficient and The nation’s software and information industries effective management. Individuals are empowered, grew more than three times faster than the overall gaining increased access, building community and U.S. economy in 2005, with growth of 10.8 percent advancing mobility. compared with 3.2 percent for U.S Gross Domestic Notable, as examples, are the impact of software Product. And in 2004, these industries grew 11.1 and information products and services in the percent compared with 3.9 percent for GDP financial services, education and healthcare sectors. Revenues generated by the nation’s software and Technologies have made it easier for consumers to information industries reached $564 billion by 2005, access financial information and services, for markets up by more than 10 percent since the beginning of this to trade stocks and commodities and for service decade. When comparing the software and information providers to deliver superior offerings and create new industries with other major U.S. industries by revenue, distribution
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