Digitalization of the world service market: specifics and consequences

  • Aksana Shkutsko Belarus State Economic University
Keywords: digitalization, global services market, technological competition, advantages, competitiveness, global market

Abstract

Relevance of the research topic. The article is devoted to the analysis of the specifics of the development of the world market of services in the context of digitalization. The determining influence of the processes of digital transformation and digitalization of the services market on the state of international trade in services is studied. Contradictions and systemic problems of the development of the market under study are revealed. The potential growth opportunities of the service market, as well as the directions of its development, are identified. Attention is focused on the essence of the ongoing changes and the consequences of the functioning of new business models (in particular, digital platforms). The subject of the study is the digitalization of the global services market. The aim is to substantiate the potential opportunities and conditions for the development of the world market of services on the basis of systematization of theoretical approaches to the digitalization of the world market of services, to determine the specifics and consequences of this process. Research methods: empirical (comparison, statistical data processing), theoretical (study and generalization, analysis). Conclusions in accordance with the article. The analysis made it possible to determine the specifics of the digitalization of the services market, namely: a) the emergence of digital services in the context of the globality of the market and country concentration; c) the large-scale development of digital trade (domestic and cross-border), while maintaining geographical concentration (China, USA, EU, Japan, India); d) the emergence of a pronounced versatility of the services market (vertical integration of digital platforms); e) the absence of a large number of intermediaries; b) optimization of the impact of certain types of costs under the influence of technological advantages; e) additional opportunities to stimulate / limit competition through the digital format of relations; k) transformation of the traditional infrastructure of the service market and the emergence of technological advantages. Thus, the consequences of the digitalization of the services market are manifested in the following: - transformation of the structure and configuration of the services market and international trade in services, including the withdrawal of trade in real goods and services to the digital environment and the emergence of digital services; - the emergence of new opportunities for businesses to maneuver in the services market through digitalization, increasing the inclusiveness of trade in services and blurring the lines between domestic and cross-border trade and sectors in the digital economy; - strengthening global competition and moving it to the intangible sphere, which can be radical for traditional markets.

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Author Biography

Aksana Shkutsko, Belarus State Economic University

Candidate of Economic Sciences (PhD), Docent, Dean, the School of International Economic Relations

Published
2021-05-22
How to Cite
Shkutsko, A. (2021). Digitalization of the world service market: specifics and consequences. University Economic Bulletin, (49), 50-58. https://doi.org/10.31470/2306-546X-2021-49-50-58
Section
Knowledge Economy, Innovative Economy