Transformative Trends Shaping the Gig Economy

Business World Shifts toward an Alternative Workforce

INDUSTRY
Macroeconomics

RELEASE DATE
03-May-2023

REGION

DELIVERABLE TYPE
Megatrends

RESEARCH CODE
PE3C-01-00-00-00

SKU
CI00869-GL-MT_27676

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Transformative Trends Shaping the Gig Economy
Published on: 03-May-2023 | SKU: CI00869-GL-MT_27676

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Description

Since the COVID-19 pandemic forced changes across the global business landscape, the labor market has transformed drastically and will evolve even more, driven by technological innovation and the risk of recession. These swift changes have boosted demand for gig workers. Frost & Sullivan expects the gig economy to become a workforce mainstay.

This study explores the evolution of gig work and its current and future value on a global scale. Various factors, such as uncertainty about the job market, rising inflation and cost of living, shrinking and expanding demand for delivery services, and COVID-19-induced exposure to work flexibility, have boosted demand for gig work among employees and employers. This growth has increased demand for gig platforms and the latest technology to manage and monitor workers and their productivity. Frost & Sullivan expects the gig economy to reach $455.63 billion by 2030, driven by factors such as increasing adoption of digitalization, changing work preferences, and rising inflation. More than half of the gig workforce will fall within the age group of 28 and 43 years, with the rate of female participation in freelance jobs increasing.

Key Issues Addressed:

What are the major factors driving gig economy transformation?
How big is the gig economy and its global reach?
What is the major gig economy by platform service types, and what is their future outlook?
What are the key technologies supporting the gig workforce and economic growth?
Which critical success factors and growth opportunities should companies consider before strategizing long-term business plans?

Author: Drisya Chandran

Table of Contents

Strategic Imperative

Why is Growth Becoming Increasingly Difficult to Achieve?

The Strategic Imperative 8™

Our Mega Trend Universe—Overview

Growth Opportunities Fuel the Growth Pipeline Engine™

Growth Environment

Our Mega Trend Universe—Transformative Trends Shaping the Gig Economy

Key Findings

Critical Growth Opportunities

Strategic Context Overview and Evolution of Gig Economy

Evolution of the Term Gig

Gig Economy—Market Size and Global Influence

Companies Transitioning toward a Gig Economy

Traditional Gig Economy Transmuting to Gig 2.0

Gig Economy—Key Drivers

Key Factors Driving the Transformation of the Gig Economy

Driver 1—Lucrative Market for Delivery & Mobility Services

Driver 2—Changing Career Aspiration of Future Workforce

Driver 3—Changing Employment Regulations and Status

Driver 4—Volatile Demand and Uncertainty in Market

Gig Economy—Types of Gig-based Platform Services

On-demand Delivery and Mobility Services Market

On-demand Personal Services Market

On-demand Staffing and Administrative Services Market

Gig Economy—Technology Focus

Key Technologies Shaping the Gig Economy

Blockchain Technology—An Easy Solution for Gig Management and Payments

Freelance Management Software—A Requisite for Organizing a Gig Workforce

Trend Impact Analysis

Trend Opportunity Impact and Certainty Analysis

Trend Opportunity Impact and Certainty Analysis (continued)

Trend Opportunity Disruption Index

Trend Disruption Attractiveness Score

Trend Opportunity Growth Index

Growth Attractiveness Score

Growth Opportunity Universe

Growth Opportunity 1—Personalized Branding Model

Growth Opportunity 1—Personalized Branding Model (continued)

Growth Opportunity 2—Platforms Monetizing Passion Creators

Growth Opportunity 2—Platforms Monetizing Passion Creators (continued)

Growth Opportunity 3—Personalized Microlearning

Growth Opportunity 3—Personalized Microlearning (continued)

Critical Success Factors for Growth

Conclusion—The Way Forward

Next Steps

Identifying Your Company’s Growth Zone

Your Next Steps

About The Growth Pipeline Model™

Appendix

Our Mega Trend Universe

Our Mega Trend Universe (continued)

List of Exhibits

Legal Disclaimer

List of Figures & Charts

List of Figures

Gig Economy Market Size Global, 2022–2030
Percentage Share of Contract Employees to Total Contract Employees (Age Group 15–64), by Region, 2022
Process Companies Follow in Transition toward Gig Economy, Global, 2023
The Traditional Gig Economy Transmuting to Gig 2.0, Global, (1900–2020 and beyond)
Hyperlocal Delivery Services Market Size, Global, 2022, 2026 and 2030
Share of Temporary Employees to All Employees per Sector, 2022
Regulatory Landscape for Gig Economy by Region, Global, 2023
Inflation Rate and Gig Economy Market Size, Global, 2021–2025
Market Fluctuation-induced Increase in Gig Work, Global, 2023
Viscous Cycle of Gig Economy and Rate of Unemployment, Global, 2023
Gig-based Platform Services, Global, 2023
On-demand Delivery and Mobility Services Market Size, Global, 2022–2030 2
On-demand Personal Services Market Size and Share to the Total Gig Economy, Global, 2022–20302
On-demand Staffing and Administrative Services Market Size, Global, 2022–20302
Transformative Trends Shaping the Gig Economy: Trend Analysis, Global, 2022–2030
Transformative Trends Shaping the Gig Economy: Trend Impact vs. Certainty, Global, 2022–2030
Transformative Trends Shaping the Gig Economy: Disruption Attractiveness Score, Global, 2020–2030
Transformative Trends Shaping the Gig Economy: Growth Attractiveness Score, Global, 2020–2030

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Details

Since the COVID-19 pandemic forced changes across the global business landscape, the labor market has transformed drastically and will evolve even more, driven by technological innovation and the risk of recession. These swift changes have boosted demand for gig workers. Frost & Sullivan expects the gig economy to become a workforce mainstay. This study explores the evolution of gig work and its current and future value on a global scale. Various factors, such as uncertainty about the job market, rising inflation and cost of living, shrinking and expanding demand for delivery services, and COVID-19-induced exposure to work flexibility, have boosted demand for gig work among employees and employers. This growth has increased demand for gig platforms and the latest technology to manage and monitor workers and their productivity. Frost & Sullivan expects the gig economy to reach $455.63 billion by 2030, driven by factors such as increasing adoption of digitalization, changing work preferences, and rising inflation. More than half of the gig workforce will fall within the age group of 28 and 43 years, with the rate of female participation in freelance jobs increasing.--BEGIN PROMO--