The current study investigates the question of the approach efficiency and the proper choice of methodology in terms of measuring the economy digitalization level. The universality of present approaches is examined. A comparative examination of aspects is conducted within the scope of the topic specification due to the novelty of scientific work and the lack of widely acknowledged criteria for parameter selection. Working with big data requires the implementation of cutting-edge analysis techniques to determine the structure, gradation, and weight of each value. Furthermore, the sample of elements frequently comprises diverse indications in terms of qualitative and quantitative features, limiting the application of a variety of scientific methods. Various authors use different systems for reviewing data and performing primary analysis. In this regard, determining the level of digitization is a subjective area. To address this issue, a set of criteria for determining the effectiveness of approach is developed in this study. The countries’ micro- and macroeconomic indicators are analyzed, and a sample of panel data is created. It is vital to take into account the economic factors of country`s digitalization level by gathering an appropriate sample of panel data, evaluating the correlation, omitted regressors, and the error of the proposed model for a qualitative examination of the selected coefficients. The conclusion of the study brings the selection of an effective model for assessing the level of the digital economy.