Gig Economy Market Size, Trend & Growth [2024-2032]

Gig Economy Market Report Overview

The global Gig Economy Market size was USD 556.7 billion in 2024 & the market is expected to reach  USD 1847 billion in 2032, exhibiting a CAGR of 16.18% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with gig economy experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over. 

A gig economy is one in which independent contractors and freelancers, as opposed to full-time, permanent employees, predominately fill temporary and part-time positions.

While gaining flexibility and independence, gig workers have little to no job security. Many employers choose not to pay for benefits like health insurance and paid time off in order to save money. Others provide a few advantages to gig workers but contract out the management of the benefit plans and other management duties to outside organizations. The phrase is taken from the music industry, where performers schedule “gigs,” which are one-time or temporary engagements at different venues.

COVID-19 Impact: Interruption in Supply Chains to Deplete 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.

Latest Trends

“Enhancement in Opportunities to Intensify Market Magnification “

Jobs in the gig economy offer opportunities to earn extra money for university students or people who are already working full-time. These workers can continue pursuing their other commitments with the freedom of a flexible schedule while also making enough money to pay for some of their essential living expenses. Owing to the above-mentioned factor gig economy is the first preference of every individual who wants to earn extra money.

Gig Economy Market Segmentation

According to type, the market can be segmented into asset-sharing services, transportation-based services, professional services, household & miscellaneous services (HGHM), others

Asset-sharing services are the leading part of the type segment

According to application, the market can be segmented into traffic, electronic, accommodation, food and beverage, tourism, education, others

Traffic are the leading part of the application segment

Driving Factors

“Elevation in Delivery Apps to Boost Market Share“

Delivery apps make use of gig economy workers to deliver various foods and products to customers’ homes. Menu choices from nearby sit-down eateries, grocery store purchases, or standard items from mass-market retailers are examples of possible items. These platforms have improved consumer convenience and produced a brand-new category of gig-related jobs and furthermore, promoting the share.

“Independency in Setting Up of the Hourly Rates to Expand Market Forwarding “

Individual projects or tasks can be accepted or rejected at the discretion of the freelancer. In some circumstances, knowledgeable professionals in in-demand fields even have the power to set their own hourly rates. Many gig workers also claim that they favor not to report to a typical boss or manager on a daily basis. However, gig workers still must adhere to the rules established by the organizations whose online platforms or systems they use to look for work. Therefore, by the freedom in working on a daily basis by the gig workers impedes the growth.

Restraining Factors

“Low Financial Security to Deplete Market Advancement “

In economic downturns, short term or part-time job vacancies are typically the first to disappear. Additionally, the majority of gig jobs are low-skilled roles with high turnover, so they cannot offer the same level of financial security as a full-time role with a salary and benefits. Since each gig worker essentially runs their own small business, they are each in charge of creating their own budget. For instance, a shared-ride motorist must factor in the price of fuel, upkeep, insurance, and taxes for their vehicle. 

Gig Economy Market Regional Insights

“Appealing Marketing Tactics to Foster Market Growth in Europe and Asia Pacific “

North America dominates the as a whole and was responsible for the largest portion of global revenue. Because gig economy provides opportunities for flexible, part-time work, gig work benefits the economy. Additionally, a lot of gig workers have the option of working remotely, and research has shown that they are up to 47% extra productive than traditional employees.

During the forecast period, it is predicted that the Asia Pacific region will grow at the second-fastest rate. The Asia Pacific market is expected to grow quickly due to factors like quick urbanization and appealing marketing tactics used by international players. For offerings, key manufacturers in the area continued to broaden their geographic and retail footprints, frequently in conjunction with promotional discount activities. 

Key Industry Players

“Key Players Focus on Partnerships to Gain a Competitive Advantage “

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

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 industry’s growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.