Transformative Trends Shaping the Gig Economy
Business World Shifts toward an Alternative Workforce
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?
- 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
- 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 Disruption Index
- Trend Disruption Attractiveness Score
- Trend Opportunity Growth Index
- Growth Attractiveness Score
- Growth Opportunity Universe
- Growth Opportunity 1—Personalized Branding Model
- Growth Opportunity 2—Platforms Monetizing Passion Creators
- Growth Opportunity 3—Personalized Microlearning
- 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
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