Real-Time Economy: A New Frontier in Business and Economic Growth

Abstract

This article delves into the concept of the Real-Time Economy (RTE), defined as a joint digital ecosystem where economic and administrative transactions between private and public actors take place as close to real-time as possible. It is an emerging economic paradigm characterized by instantaneous (or near-instantaneous) data exchange, real-time decisionmaking, and automated business processes. We conducted a systematic literature review across research domains such as information systems, business management, accountancy, and economics to capture and understand this continual transition toward digital business and economy. Our findings suggest that RTE has the potential to become an important topic in digital transformation, enabling the economy to function independently of the physical location and human intervention. We identified the factors that have contributed to the rise of RTE, such as rapid advancements in digital technology, big data, and artificial intelligence. Further, we explore the potential benefits and challenges of embracing RTE, including increased efficiency, reduced transaction costs, and enhanced competitiveness. Our article also highlights the role of governments in promoting the adoption of RTE through policy interventions, infrastructure investments, and public–private partnerships. Lastly, we conclude by discussing the transformative potential of RTE and the challenges to ensure a sustainable and secure economic future.