GIG ECONOMY MARKET REPORT OVERVIEW

The gig economy market is projected to grow at a compound annual growth rate (CAGR) of 16.18% from its estimated size of USD 556.7 billion in 2024 to USD 1847 billion in 2032 during Forecast period.

Due to the unusual and startling global COVID-19 pandemic, demand for the gig economy has been lower than expected in every region when compared to pre-pandemic levels. The abrupt spike in CAGR is related to the market's growth and demand reverting to pre-epidemic levels after the pandemic is over. A gig economy is one in which independent contractors and freelancers, as opposed to full-time, permanent workers, predominantly occupy temporary and part-time positions.

Gig workers get independence and flexibility, but their job security is little. To save money, many firms decide not to cover perks like paid time off and health insurance. Others offer gig workers a few benefits but contract out the administration of benefit plans and other management tasks to third parties. The term comes from the music industry, where artists book "gigs," which are brief or one-time appearances at various locations.

MARKET DYNAMICS

Market Drivers:

"Improving Delivery Applications to Increase Market Share"

To transport a variety of goods and delicacies to consumers' homes, delivery apps use gig economy workers. Examples of potential things are basic items from mass-market merchants, grocery store purchases, or menu selections from local sit-down restaurants. These platforms have created a new category of gig-related professions, increased customer convenience, and increased market share.

"Autonomy in Establishing Hourly Rates to Increase Market Forwarding"

The freelancer has the authority to accept or reject specific assignments or projects. Knowledgeable experts in in-demand fields may even be able to determine their own hourly fees in some situations. Additionally, a lot of gig workers say they prefer not to report to a regular manager or boss every day. Gig workers must still follow the guidelines set down by the companies whose online job-search platforms or systems they utilize, though. Therefore, gig workers' freedom to work every day hinders their ability to improve.

Restraining Factors:

"Market Advancement Will Be Depleted by Low Financial Security"

Short-term or part-time job openings usually disappear first during economic downturns. Furthermore, gig jobs cannot provide the same degree of financial certainty as full-time positions with salaries and benefits because most of them are low-skilled positions with significant turnover. Each gig worker is responsible for developing their own budget because they are effectively operating their own tiny business. For example, a driver using a shared ride must account for the cost of fuel, maintenance, insurance, and taxes.

Latest Trends:

"More Possibilities to Increase Market Magnification"

For college students or those who are already employed full-time, gig economy jobs provide chances to supplement their income. With the flexibility of a flexible schedule, these workers can continue to pursue their other obligations while earning enough money to cover some of their basic living expenditures. Due to the aforementioned factor, the gig economy is the top choice for anyone looking to supplement their income.

IMPACT of COVID-19

“Supply Chain Interruptions to Reduce Market Growth”

The eruption of COVID-19 has done act as a substantial restraint on some market in 2020, as businesses have been disrupted due to global government lockdowns. COVID-19 is a contagious disease that causes flu-like symptoms such as fever, coughing, and difficulty breathing. National governments' efforts to limit transfer have led to a decrease in business growth and confined trade in goods and services, with nations entering a 'lock down' state. Businesses suffered as a result of the outbreak in 2020 and 2021. Many markets were been affected from this because the main focus was on the respiratory issues. The growth is expected to rebound from the shock over the forecast period.

GIG ECONOMY MARKET SEGMENTATION

By Type Analysis

The market can be divided into many categories based on kind, including professional services, transportation-based services, asset-sharing services, home & miscellaneous services (HGHM), and others. In the type segment, asset-sharing services are at the top.

By Application Analysis

The market can be divided into various segments based on its intended use, including traffic, electronics, lodging, food and beverage, tourist, and education. The primary component of the application segment is traffic.

GIG ECONOMY MARKET REGIONAL INSIGHTS

"Market Growth in Europe and Asia Pacific through Attractive Marketing Strategies"

The majority of the world's revenue came from North America, which leads the continent overall. The gig economy helps the economy since it offers flexible, part-time employment options. According to study, gig workers are up to 47% more productive than regular employees, and many of them have the option of working remotely.

The Asia Pacific region is expected to increase at the second-fastest rate over the projected period. Due to elements including rapid urbanization and enticing marketing strategies employed by global players, the Asia Pacific market is anticipated to expand rapidly. In terms of offers, major local manufacturers kept expanding their retail and geographic reach, usually in tandem with promotional discounting.

KEY INDUSTRY PLAYERS

"Primary Players Put Partnerships First to Get a Competitive Edge"

To keep ahead of the competition, leading industry players are working together by forming partnerships with other businesses. To increase the variety of products they offer, many businesses are also investing in the introduction of new products. One of the main tactics employed by companies to increase the variety of products they offer is mergers and acquisitions.

The analyst examines key factors such financial gain, sales prices, competition, and promotions in addition to studying, synthesizing, and summarizing data from multiple sources to create a thorough picture of the market. It displays a variety of market aspects and identifies the major industry influencers. The data presented is comprehensive, trustworthy, and the outcome of in-depth primary and secondary research. In order to precisely predict market expansion, the market report offers a thorough competition landscape along with a thorough vendor evaluation methodology and analysis based on both qualitative and quantitative studies.

The studies discuss both organic and inorganic growth plans, as well as significant developments in the market. Many businesses are focusing on organic business growth, including product approvals and announcements, as well as other things like events and patents. Among the inorganic growth strategies seen in the market were partnerships, acquisitions, and collaborations. The aforementioned actions have made it possible for market players to grow their clientele and business. It is anticipated that market participants would take advantage of significant growth prospects in the near future due to the increasing demand for filter products in the global industry.

List of Top Gig Economy Companies

• Freelancer.com (Australia)
• Upwork (U.S.)
• Etsy (New York)
• Airbnb (U.S.)
• Vrbo (U.S.)
• Envato Studio (Australia)
• Fiverr (Israel)
• Airtasker (Australia)
• Uber (U.S.)

REPORT COVERAGE

The strategies used by market participants in recent years, like extensions, had a big impact on the industry's growth. The study offers specifics and data on the businesses and how they engage with the market. Appropriate research, technological developments, expansions, and growing gear and equipment are used to collect and publish the data. Additional factors taken into account for this market are the companies that create and supply new goods, the regions in which they work, mechanization, creative methods, generating the highest profits, and utilizing their products to significantly impact society. This study looks at the outbreak's regional and worldwide impacts, primarily on the market. The market growth and share characteristics by type, industry, and client sector are described in the study.

This study examines a report that includes in-depth research that describes the market firms that have an impact on the forecasted period. By examining the elements such as segmentation, opportunities, industry advancements, trends, growth, size, share, and constraints, among others, it provides a thorough analysis based on thorough research. If the major companies and the likely analysis of market dynamics change, this study could be modified.