Owing to benefits such as efficiency, innovation, competitive advantage, minimum human resource cost, flexibility, employment, freedom as opposed to traditional work economy such full-time job, gig based business is becoming more relevant and prominent in today’s digital world thus fostering the global gig based business market.
With a CAGR of 20.4% from 2022 to 2028, the global market for gig-based businesses is projected to grow at a rate of USD 54880 million in 2028.
Covid-19 Impact & Market Status
The covid-19 pandemic put an immediate halt to all the businesses and industries across the world. This led to huge losses to the industries. Covid-19 caused workers to lose permanent jobs and also led to paucity of employment. This allowed workers to pursue gig work for additional income or bridge employment amidst covid. This led to expansive growth of global gig based business market. The gig based business enabled workers to stay safe while earning money at their own pace and convenience thereby propelling the global gig based business market. Furthermore, the crisis upended the traditional work model and caused many blue and white collar professional shift gig economy. As the world starts to embrace the new way of working is expected to undoubtedly continue after the pandemic thereby ensuring global gig based business market’s long-term viability.
This global gig based business market report is a comprehensive study of the current state of the global gig based business market and its future. Market forecasts, growth opportunities, investment and other barriers, key players dominating the global gig based business market, and more such information is provided in the global gig based business market report.
Website-Based Gig Based Business Type Segment to Emerge as the Most Lucrative Segment
The global Gig Based Business market is classified into App Based and Website-Based, based on Type. Among these, the Website-Based gig based business segment has accounted for maximum market share in the global Gig Based Business market. The key factors such as paucity of permanent jobs, mass adoption of the internet, increasing penetration of smartphones, flexibility, extra earning, better employment opportunities provided by the web-based gig economy have boosted its market growth in global Gig Based Business market.
Paid Per Project Working Model to Remain Atop
The global Gig Based Business market is classified into fixed-term contract and paid per project based on Working Model. Among these, the paid per project working model segment is experiencing rapid growth in the global Gig Based Business market. The key factors like extra earning, flexibility, freedom from rules and regulations implemented by employers, comfort and convenience have increased the demand for paid per project working model in the global Gig Based Business market.
Freelancers and Freelance Agencies Segments to Ensure Revenue Maximization
The global Gig Based Business market is classified into individual workers, small agencies, freelancers, freelance agencies, independent consultants, third-party, and intermediary platform firms based on Actors. Among these, freelancers and freelance agencies are the key actors in the gig economy making a considerable contribution to the growth of the global Gig Based Business market.
Online Start-ups to Experience Intense Market Competition
The global Gig Based Business market is classified into online start-ups, solo entrepreneurs, big corporation, medium enterprises based on Recruiters. Among these, online start-ups are expected to record maximum growth in the global Gig Based Business market because they are increasingly shift to gig based business to cut HR costs. Most importantly, the workers are available in minimum wages, availability of talent with recent and relevant knowledge and expertise, and immediate workforce.
Online Marketplaces Sources Segment Surrounded with Potential Growth Opportunities
The global Gig Based Business market is classified into recruitment firms, professional Facebook page, networking sites, social medial platforms, word of mouth/referral, and online marketplaces based on sources. Among these, the online marketplaces are the biggest sources that enable freelancers and recruiters connect to each other and are expected to remain the most important segment for growth of global Gig Based Business market in forecast years. The internet connectivity, increasing marketing approaches, growing penetration of smartphones, access to better connectivity enabling workers and recruiters to connect easily are key factors boosting the growth of online marketplaces in the global Gig Based Business market.
North American Region to Render Ample Investment Avenues
The global gig based business market is booming greatly in North America due to the increasing number of freelancers, emergence of gig online platforms, changing lifestyle choices of new generation, educated professionals joining large global freelancing platforms. Some of the most advanced nations in North America with popularity of gig economy are USA, and Canada. This is because of the presence of popular gig work outsourcing platforms like Upwork, Freelancer, Guru, and Fiverr.
The increasing number of workforce, digital disruption, and covid-19 led recent economic downturn making jobseekers difficult to secure permanent jobs has accentuated the reliance on gig based business.
Rapid demand for gig based business from online start-ups, solo entrepreneurs, big corporation, medium enterprises are propelling the global gig based business market.
Advantages such as career advancement, extra earning, immediate workforce availability, opportunity for employers to tap the most recent and relevant knowledge and expertise, reduced HR costs, opportunity to get employment during recession, convenience, comfort and flexibility encourage further adoption.
The factors such as paucity of permanent jobs, mass adoption of the internet, increasing penetration of smartphones connecting online workers or users across countries through digital platforms which is further allowing organizations share their talent needs and contact remote online workers are the key trends fostering remarkable progress in global gig based business market.
Gig based business is a free market system where organizations contract with independent workers for short or long duration and pay the workers per project or based on fixed term contract.
However, bargaining power of recruiters, lack of opportunity for upgrading and participating in gig economy, reduced quality of work/projects, fragile laws for addressing gender disparities, inclusion of policies that do not fit within the current labour laws, workers not entitled to benefits like the permanent employees are some challenges surfacing the gig economy likely to hamper the global gig based business market.
Nevertheless, the paucity of permanent jobs, changing lifestyle choices of workforce across many advanced countries to avoid binding rules and regulation implemented by permanent employers, and digital start-ups are adopting gig based business. Furthermore educated professionals joining large global freelancing platforms are anticipated to be major growth opportunities for the global gig based business market.
The important players in global Gig Based Business marketplace are Turo, Favor Delivery, Favor Delivery, Fiverr, Upwork, Rover, Freelancer.com, Guru.com, BellHops, and TaskRabbit. These companies have millions of registered users from around the world. Freelance platforms to stay ahead of the competition and ensure advanced services have taken various measures such as user verification, background verification, delisting inactive profiles, and many other strategies which has made these companies most preferable brand in the global gig based business market.
Latest Innovations in the Global Gig Based Business Market: a Snapshot
- Global firm and leader in the global gig based business market Upwork recently partnered with Catch to enable freelancer’s (US independent professionals) access to benefits such as health insurance and financial services.
- Friverr, the New York based firm in the past week introduced “Inspire, a new interactive mobile experience. The new Pinterest-like feature provides users with inspiring, engaging, and tailored visual content. The feature is enabling employers to connect with new freelancers and search talent to work on projects and collaborations.
Gig Based Business Market Scope
|Revenue forecast in 2028
|US$ 54880 million
|CAGR of 20.4% during 2021-2028
|by Product, by End User, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|TaskRabbit, BellHops, Guru.com, HopSkipDrive, Freelancer, Rover, Upwork, Fiverr, DoorDash, Favor Delivery, Turo
Key Segments of the Global Gig Based Business Market
Type Overview, (USD Billion)
Working Model Overview, (USD Billion)
- Fixed-term contract
- Paid per project
Actors Overview, (USD Billion)
- Individual workers
- Small agencies
- Freelance agencies
- Independent consultants
- Intermediary platform firms
Recruiters Overview, (USD Billion)
- Online start-ups
- Solo entrepreneurs
- Big corporation
- Medium enterprises
Sources Overview, (USD Billion)
- Recruitment Firms
- Professional Facebook page
- Networking Sites
- Social medial platforms
- Word of mouth/referral
- Online marketplaces
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa