![]() Gig economy workers who said they chose to be self-employed fell to 59% in 2020. The percentage of independent freelancers who choose to freelance by choice increased from 55% to 67%.According to a recent survey, 78% of gig workers say they’re happier than those who work traditional jobs, while 68% say they’re healthier.About 36% of American workers are part of the so-called ” gig economy.” (Gallup).A survey found that 12% of the U.S workforce began freelancing after COVID-19.Nearly 40% of the American workforce now earns at least 40% of their income from gig work. ![]() Growth of the gig economy by statistics:įind the most up-to-date glorious statistics and facts on the global gig economy. They tend to prefer flexible work arrangements and they are willing to accept lower pay if it allows them to work from home. Millennials are the largest generation in the workforce today. As a result, many small businesses have shifted from traditional brick-and-mortar locations to digital platforms.ĭemographic shifts have also contributed to growth in the gig economy. Technological advancements have made it easier for small businesses to operate online. There are two growth factors of the gig economy. It is forecasted to grow at a CAGR (Compound Annual Growth Rate) of 25.7% during the period 2020–2025.Ī recent study found that the gig economy is projected to generate $1.5 trillion by 2024. Growth of the gig economyĪccording to recent research, the gig economy is set to experience exponential growth. For instance, China is predicted to have the largest number of freelancers by 2025. The gig economy is also expected to expand in emerging economies, especially those in Asia. About 60 million Americans are currently working as freelancers. What is the future?Īccording to a survey conducted by Gallup, around half of all U.S. As per a report published by Statista, the gig economy is expected to reach $4 trillion by 2023. ![]() Since the year 2019, the gig economy has been experiencing an unprecedented growth rate. The gig economy reached $2 trillion in 2018. According to one study, the gig economy grew by 50% between 20. Sharing economy platforms allow users to rent out their unused items. The concept of sharing economy was born in 2016. These markets allowed buyers to connect with sellers to buy goods and services. These include sites like Craigslist, eBay, and Etsy. In 2014, the first peer-to-peer marketplaces appeared. For example, they might have employees who worked remotely while sitting at home.įreelancer word came into use in the year 2012. Companies started hiring workers outside of their own offices to complete various tasks. In 2008, the idea of outsourcing was introduced to the world. However, these sites only provided a limited selection of jobs. At this time, online job boards began popping up which allowed employers to post their open positions. The gig economy can be traced back to the early 1990s when the internet became widely available. Some more freelance apps like UpWork, Fiverr, Peopleperhour, Elance, Guru, Workamajors, and Remote. Airbnb – Platform to find temporary accommodation such as apartments, rooms, villas, etc.Fiverr – Online marketplace for micro-tasks like graphic design, programming, SEO, virtual assistant, etc.HopSkipDrive – A car service platform based in New York City, New York, United States.TaskRabbit – An online marketplace for small jobs such as running errands, assembling furniture, and cleaning houses.Uber – A ride-sharing company based in San Francisco, California, United States.FieldEngineer – It’s an online platform for finding local field engineers for on-demand engineering (IT/Networking/Telecom/Help Desk) services.These gig companies allow customers to hire independent contractors (or freelancers) to perform specific tasks. Gig economy businesses include Uber, Airbnb, TaskRabbit, and many others. As a gig worker, you would be able to set your own price and work on projects based on how many hours you’re willing to commit to the job. In this economy, individuals can sell their time instead of selling their goods. It’s also called the collaborative economy because it allows people to work together to create products and services.Īccording to a study conducted by Google Trends, the search volume for the term “gigs’ has increased by 300 per cent since 2011. The gig economy referred to as “the sharing economy” refers to a business model where consumers share resources rather than purchase them.
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