The Internet economy of the G20 countries is predicted to reach $4.2 trillion in 2016, according to a report in the Boston Consulting Group's Connected World series.

The report, which presents details into the astonishing expansion of internet use and the influence upon the economy, has forecast that the internet economy of the G20 countries will grow by 8 percent every year for the next 5 years. G20 countries' internet economy was worth $2.5 trillion in 2011.

On an extremely significant aspect, the BCG reported that the internet economy would be contributing 5.3 percent of the GDP of the G20 nations. In these countries, about 32 million people will be additionally employed in this domain by 2016.

At the same time, it is notable that in the developing economies, the growth rate of internet will be considerably higher. Going by the report in the emerging economies, there will be an annual growth rate touching 18 percent.

Projected growth rates in some developing economies are 24.3 percent in Argentina, 23 percent in India, 18.3 percent in Russia and 15.6 percent in Mexico.

It is also estimated that globally the number of internet users will reach 3 billion by 2016. One notable aspect was the rapidly increasing popularity of smartphones and tablets, which are making internet widely available to the users.

Online shopping was also found to be increasing. For instance, according to the data available for 2010, the share of the total online shopping done in India was only 0.9 percent.  But it is expected to rise to 4.5 percent by 2016.

With internet becoming increasingly an integral part of the daily life of people around the globe, it can be expected to make more valuable contribution to the economy and also in generating more employment opportunities.