The economy has taken a new facet in recent times through technologies like Information and Communication Technologies (ICT), ushering radical change in all sectors in developed and developing nations. ICT has transfigured the traditional services and productivity of libraries and other organizations to more sophisticated methods. A powerful catalyst of this change is digital transformation, integrating ICTs into the economy, referred to as the “digital” economy. However, the chapter identified ingredients of the digital economy, and spheres ICT have influenced the digital economy. Information and Communication Technology Council (ICTC) and Spires and Barlett frameworks were adopted to buttress digital skill sets required for functioning effectively in the digital economy. Additionally, the chapter examines the promising future of ICT and the importance of entrepreneurship. Challenges were identified to affect full ICT implementation by developing countries in the digital economy. The chapter concluded that ICT is a key determinant and contributor to economic development in many nations.