DocuSign Reveals the Anywhere Economy Will Spark Productivity Boom and Expansion of Global Economy Over the Next Decade
The anywhere economy is estimated to add $19.4 trillion in cumulative GDP and an average of 10% productivity growth in the ten studied countries by 2030
Two-thirds of executives believe remote work and digitalization has helped diversify the workforce
The anywhere economy is projected to create 2.6 million jobs in rural areas in 2030 alone
SAN FRANCISCO, May 3, 2023 /PRNewswire/ -- DocuSign, Inc. (NASDAQ: DOCU) today released findings from a new report, "Unlocking the potential of the anywhere economy," that examines the opportunities and challenges the anywhere economy brings to people, businesses and countries. The findings of the report reveal we have entered an era that is poised for considerable business growth and the potential to experience new levels of productivity.
The research, undertaken by think tank Economist Impact, reveals insights from two global surveys across ten countries to gauge the sentiments and experiences among consumers and executives in the U.S., Australia, Japan, France, Germany, Ireland, the UK, Brazil, Mexico and Canada, as well as new econometric models that forecast the potential impacts of the anywhere economy in these countries. The report reveals that both executives (59%) and consumers (47%) expect the anywhere economy will continue to accelerate, with an overall positive impact on job creation, a broadened range of online services, and improved equity and well-being.
"At DocuSign, we believe that technology can and should be a force for good, a way to lift people up and bring people together," said Allan Thygesen, Chief Executive Officer, DocuSign. "To realize the extraordinary surge in productivity and expansion of the global economy that's possible over the coming decade, leaders will need to embark on a new journey that's rooted in innovation, transformation, and ultimately trust in our digital future."
Driving Economic Growth Through Enhanced Productivity and Innovation
The report shows that the anywhere economy will catalyze economic growth by boosting productivity and spurring innovation. In fact, more than three-quarters of surveyed executives agree that the flexibility to work at any time and from any location has increased productivity. Innovations, new product demands, and transformation of how commercial relationships are conducted can also improve workers' productivity at the micro level.
According to the report forecast, the anywhere economy has the potential to boost productivity growth, defined as gross domestic product (GDP) per worker:
- As the anywhere economy expands, productivity is expected to grow in all ten countries, increasing at an average rate of 10% from 2021 to 2030.
- The top 5 countries with the biggest increases are the UK (12%), Canada (11%) Germany (11%), France (10%) and the US (10%).
- The anywhere economy is estimated to add $2.6 trillion to the combined GDP of the ten countries in 2030, and add a cumulative amount of $19.4 trillion for the period 2022-30.
Business expenditure on R&D in all ten countries is also estimated to increase significantly, capturing growth ranging from 29% to 51% in 2030 compared with 2021 levels. The top 5 countries with the biggest increase are the UK (51%), France (47%), Germany (44%), the US (44%) and Canada (42%).
Expanding the Talent Pool and Capitalizing on DEI
The rise of hybrid work enabled organizations to consider candidates from a wider geographic range and introduced new opportunities for historically underrepresented individuals. The majority (77%) of executives agree that the anywhere economy has had a positive impact on their ability to hire from a wider pool of candidates, while more than 60% said they hired workers in new locations because of the possibility of remote working.
At the same time, the flexibility to work remotely improved experiences for groups such as women, working parents, older adults, and individuals with disabilities, encouraging them to stay engaged in the workforce for longer.
Two-thirds of executives reported that the adoption of remote work and increased digitalization have contributed to diversifying the workforce, and more than three-quarters agreed that flexible work schedules made their workforce more diverse and equitable. According to the report's forecasts, the anywhere economy will:
- bring an additional 25 million women into the labor force in 2030 alone, and the average female labor force participation rate will be nearly 60% – up from 55% in 2021.
- bring an additional 10 million people aged 65+ into the labor force in 2030 alone.
Shifting Economic Power Among Rural and Urban Environments
The anywhere economy is shifting economic power for rural and urban residents, with people aspiring to relocate due to increased flexibility and connectivity. Workers are now persuaded that moving to smaller cities may give them better housing and comparable access to education and amenities without a consistent time-consuming commute to the office.
- Nearly 60% of consumers, for example, say they would want to live in a different place if cost, work and community ties were not barriers.
- One-in-four people seek nomadic opportunities and would prefer to continuously travel all over the world.
- 17% of companies have moved their offices from a large city to the suburbs and 25% decreased the size of their premises. One-third of companies also opened more satellite offices.
This migration is also spurring economic growth in rural areas with projections that an additional 2.6 million jobs will be created in rural areas, in the ten countries studied, in the year 2030 alone. The U.S. will see the largest increase in job creation in rural areas with 860,000 new jobs expected in 2030.
Making the "Anywhere Economy" a Reality
The benefits of the anywhere economy can only be realized if new systems are built on a foundation of trust. There is an implicit trust in permitting employees to work away from where they can be supervised directly, likewise in signing a contract with a supplier on a different continent or purchasing a product online without seeing it in person.
Deepening trust at all levels including in digital systems and technology, information, employees and employers, and between consumers and the online companies they patronize, is critical for the expansion of the anywhere economy.
The complete findings can be found in the full "Unlocking the potential of the anywhere economy" report.
"Unlocking the potential of the anywhere economy" is a research program conducted by Economist Impact and sponsored by DocuSign. As part of the research, Economist Impact conducted two global surveys in September 2022 of 764 business executives and 2,800 consumers in Australia, Japan, France, Germany, Ireland, the UK, Brazil, Mexico, Canada and the US. These surveys were paired with a series of interviews with experts in addition to developing a series of econometric models examining the potential impacts of the anywhere economy – both positive and negative – in the ten countries through a variety of socio-economic lenses.
Economist Impact also identified four areas that are expected to be the most impacted by the anywhere economy and selected eight indicators expected to be the most significant externalities, including: workplace transformation, labour force and talent pool, development equality, and trade and economic development. These impacts were projected at the macro level from 2022-30 for the ten countries included.
DocuSign redefines how the world comes together and agrees, making agreements smarter, easier and more trusted. As part of its industry leading product lineup, DocuSign offers eSignature, the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, over 1 million customers and more than a billion users in over 180 countries use DocuSign products and solutions to accelerate the process of doing business and simplify people's lives. For more information visit http://www.docusign.com.
Copyright 2023. DocuSign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP).
About Economist Impact
Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. The organisation believes that evidence-based insights can open debate, broaden perspectives and catalyse progress. The services offered by Economist Impact previously existed within The Economist Group as separate entities, including EIU Thought Leadership, EIU Public Policy, EIU Health Policy, Economist Events and SignalNoise.
Economist Impact builds on a 75-year track record of analysis across 205 countries. Along with framework design, benchmarking, economic and social impact analysis, forecasting, and scenario modelling, the organisation provides creative storytelling, events expertise, design-thinking solutions and market-leading media products, making Economist Impact uniquely positioned to deliver measurable outcomes to its clients.
SOURCE DocuSign, Inc.