The Impact of Digitalization on Business Sector Development in the Knowledge Economy

Abstract

The economic progress of the last century has made the world seem smaller, has shortened distances and provided an increase in the efficiency with which the ‘time’ resource is used. Currently, due to technological advancement, change and diversification of the means of communication, we can get in touch or chat with another person in every corner of the world, no matter how far. Moreover, technology imports raise standards of living and bring improvements to the service sector. The digital revolution is not only present, but it is increasing every day. Knowledge fundamentally transforms every sector of our economy - from health up to transport and energy and beyond. The scope, magnitude and omnipresence of these disruptive innovations are truly unprecedented. The objective of our work is to present the theoretical approaches regarding the information society and its quantification in Romania and in the European context on the basis of specific indicators. By analyzing these indicators, we try to demonstrate the position of our country at world level in terms of ICT. In order to analyze comparatively the situation of ICT and their impact on the business sector, two major indicators for this field were analyzed - the State ICT Development Index (IDI) and the DESI Index.