A new report claims the Irish internet economy could create 150,000 jobs by 2020. The UPC research says the sector is set to grow from its current value of €8.4 billion to an estimated €21.1 billion in the next six years.
It says that Irish firms need to cash-in on the online market with as much as 60% of current online spending going abroad.
While 53% of Irish businesses say thery are influenced by online feedback, which compares to just 29% in Germany.
It finds that a quarter of Irish enterprises do not have a website - which is estimated at some 47,000 SME and SOHO (Small Office/Home Office) firms.
Consumer spending online, which currently stands at just under €6 billion a year, is set to rise to almost €13 billion by 2020.
UPC Chief Executive Magnus Ternsjö said "Small businesses have a brighter future here if they capitalise on existing demand for their products and services by using the web to reach out to potential customers".
"We need to encourage businesses who can substitute the imported flow of online purchased goods and who can offer significant online export potential in their own right".
"Competitiveness is also key because over one-third of Irish online consumers currently feel they get better quality, choice and value from retailers abroad" he added.
In the two years since the first UPC report, 30% of Irish adults are now subscribing to broadband speeds of 30 Mbps or higher - compared to just 10% in 2012. This places Ireland ahead of the EU-28 average of 18.2% for these higher speeds.
Launching the report today, the Communications Minister Pat Rabbitte said "If we can capture the opportunity presented by digitisation, then this will contribute strongly to jobs and economic growth".
"The government is fundamentally committed to the expansion of high speed Internet accessibility for our population and this is the agenda we are pursuing through the National Digital Strategy and National Broadband Plan" he added.
