Internet economy predicted to double to $4.2tn by 2016

The online economy among G-20 nations is expected to nearly double in size to $4.2tn over the next four years

According to a new report released by the Boston Consulting Group on Friday, the Internet economy of the world's top 20 economic powers will continue to grow significantly over the next four years.

With the online population expected to grow to three billion, or about 45% of the global population, the size of the online economy is set to reach $4.2 trillion in 2016. In 2010, the Internet economy was valued at $2.3tn.

The BCG report also finds that the number of people using a mobile device such as a smartphone as their primary was of getting online is set to overtake fixed-line access for the first time next year.

This trend will be couple with another technology shift that will see all kinds of devices from cars to fridges to be connected to the web.

Technology giant IBM estimates that one trillion devices will be internet-connected by 2015.