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GIG ECONOMY

An employment landscape marked by the predominance of temporary contracts or freelance commitments as opposed to enduring, permanent roles.

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    What is GIG Economy?

    Digital platforms facilitate freelancers to connect with clients for short-term jobs, contracted work, or asset-sharing.

    Who works in GIG Economy?

    Independent contractors/consultants and freelancers.

    Why GIG Economy is growing?

    Mass adoption of remote and hybrid work models unlocked previously untapped talent pools, now highly sought-after candidates.

    GIG Economy Statistics

    Projected gross volume of GIG Economy in 2023: $455.2 billion USD: Statista

    In 2021, 33 million performed contingent work in the US, generating $1.7 trillion in revenue: SIA

    As of 2023, 73.3 million freelancers are estimated to work in the USA. 76.4 million are expected in 2024: Statista

    India is home to the 2nd largest market of freelancers, who constitute about 40% of total freelance jobs offered worldwide: ICRIER Future of Work in the Digital Era

    Number of freelancers in the USA from 2017 to 2028(In Millions)

    • 37% of full-time independent workers are aged 21-38: MBO Partners.
    • There are 31% of men and 18% of women employed in the GIG economy: Edison Research
    • 25–34 is the most prominent age group when it comes to independent workers: Payoneer
    • They get paid $19 per hour on average: Payoneer
    • The 55–64 age group makes up a small percentage of the total workforce, yet they get paid the most - $36 per hour.
    • Freelancers charge $21 per hour on average: Payoneer’s Income Survey
    • For 44% of GIG workers, their work in the GIG economy is their primary source of income: Edison Research
    • 64% of full-time workers want to do “side hustles” to make extra money: Deloitte

    US GIG Workers Demographic

    By Gender

    Male

    Male

    By Education

    Have a Diploma

    Have a College Degree

    By Age

    18 - 34 Yrs Old

    18 - 34 Yrs Old

    18 - 34 Yrs Old

    GIG Economy Benefits for Employees

    Projected gross volume of GIG Economy in 2023: $455.2 billion USD: Statista

    Components of GIG Economy

    Consumer or Clients

    GIG Workers

    On-demand Supply

    GIG Economy Features

    Flexibility

    Workers have option to choose when and where they work.
    Short-Term Engagements: It is frequently used for short-term assignments, which can take a day, a week, or months.

    Independent
    Workforce

    Workers are often independent contractors, freelancers, or self-employed individuals.

    Digital
    Platforms

    The work is facilitated through online platforms that serve as intermediaries.

    On-Demand
    Nature

    It operates on an on-demand basis, where clients or customers can request services when needed.

    Skill-Based
    Hiring

    Jobs are often based on specific skills or expertise, which can lead to a more meritocratic hiring process.

    Global Reach

    Gig platforms have a global reach. This expands opportunities for both workers and those seeking services.

    Income
    Variation

    The volume of work, the demand for specific skills, and the worker's capacity to find work impacts income.

    Upskilling and Entrepreneurship

    Opportunities for workers to develop skills, explore entrepreneurship, and start businesses.

    Challenges of the Gig Economy

    Income Instability

    Maintaining a stable income can be challenging for some GIG workers.

    Lack of
    Benefits

    GIG workers lack benefits and protections such as health insurance, retirement contributions, and paid time off.

    Controversies

    The GIG economy has sparked debates concerning worker classification, labor rights, and fair compensation.

    Concerns

    There are concerns regarding the absence of employment protections and the potential for exploitation.

    Marketplace
    Competition

    GIG workers contend with competition from others, which can impact their ability to secure work and the rates they can charge.

    Industries under GIG Economy

    • Food and beverages
    • Home Services
    • E-commerce
    • Technology

    Types of Work

    • Ride Sharing
    • Freelance Writing
    • Web Development
    • Food Delivery
    • Graphics Design
    • Consulting & more

    Trends and the Future

    • 86% of freelancers think the industry has a bright future: Upwork
    • Around 40% of executives worldwide expect freelancers to account for an increased share of their organization’s workforce over the next few years. 50% agree that corporate adoption of gig platforms would be a significant trend: BCG Henderson
    • By 2027, 60% of the US workforce will be independent: Business2Community
    • By 2027, the “alternative workforce” of GIG workers is expected to become the majority of the US workforce: Deloitte, Upwork
    • By 2027, companies will be spending $6 billion on improving the rights of GIG workers: Business2Community
    • By 2027, the number of freelancers is expected to reach 86.5 million in the USA: Wonolo, Statista, Upwork
    • 40% of organizations plan to use more gig workers in the next 5 years: Sama School
    • Millennials will make up 75% of the global workforce by 2025: Forbes
    • 1 in 6 traditional job workers would like to become an independent earner: Upwork, McKinsey

    Read More About

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