The platform model muddies the traditional employer-employee relationship by classifying work- Nonemployer statistics data, created by the Census Bureau from tax data provided by the Internal Revenue Service (IRS), offer another possible look at what's been happening in the gig economy. 3. About 49% of them would stay in their jobs if offered a higher salary. @Upwork. The global gig economy platforms market is anticipated to gain exponential industry growth over the given forecast period of 2020-2030, with a projected value of US$ XX Mn, from US$ XX Mn in 2020, indexing a CAGR of XX% by the end of the aforementioned timeline. That economy is going to grow to around $2.7 trillion by 2025.". The Engagement Bureau and the Beyond the Transaction Blog make up MasterCard's news-publishing and conversation ecosystem. Reliable data on the number of U.S. workers operating in the gig economy may be hard to come by, but Intuit recently reported that at least 40 percent of workers will be ditching their full-time positions to join this new wave of employment opportunities. India has become one of the largest markets for flexi staffing in the world due to the wider adoption of e-commerce and online retailing, according to the Economic Survey 2020-21 tabled in Parliament on Friday. Regulating the Gig Economy. Global Gig Economy Statistics. The global gig economy generates $204 billion in gross volume. The gig economy is in many ways the herald of the fast-moving office of the future. 3. Only 29% mentioned more benefits, while 27% wanted more flexibility in scheduling. This report provides detailed historical analysis of global market for Gig Economy and Sharing Economy from 2015-2020, and provides extensive market forecasts from 2021-2030 by region/country and subsectors. Examples include ride-hailing apps, food delivery apps, and holiday rental apps. Change in GDP and trade volume globally 2007 . Update: 36 percent/57.3 million according to the 2017 survey The study draws on data from more . 44% of gig economy gross volume comes from customers in the United States. The study draws on data from more . Global Gig Economy Stats 20-30% of the workforce in the US and EU-15 area countries is part of the gig economy. For example, as Hon. Gig wages and participation grew 33% in 2020 to represent 93 million U.S. adults earning $1.6 trillion compared to the 70 million adults who earned $1.2 trillion in 2019. 86 percent of professional freelancers choose freelancing. 97% of people living in Mexico and India are open to joining the freelance economy. "Globally, the number of workers aged 55-64 rose to 13% in 2015 from a steady 10% in previous years. 82% of gig workers say they are happier working on their own. 76% of gig workers say they are very satisfied with their choice. The gig economy is reshaping not only work, but also aspects of society more broadly. "As the global gig economy approaches $5 trillion and continues to grow, organizations need to pay attention to what's . Measuring the size of the gig economy is challenging because the work is largely invisible and not captured by existing labour market statistics and economic indicators. America's gig economy saw the greatest growth in 2019, with freelancer earnings up 78% year-on-year, according to the Global Gig-Economy Index released Tuesday. Gig Economy Stats & Facts - Highlights. 2.1 Global Gig Economy Sales and Share by . The gig economy uses digital platforms to connect freelancers with customers to provide short-term services or asset-sharing. But it's not just transportation-based services such as delivery drivers or ride share drivers. We present a global estimate derived from 18 countries representing approximately 90% of global contingent spend. Predictions are that the gross volume of the gig economy will reach $455.2 billion by 2023. The US knows it stands to gain little from political and economic isolation, and that it currently stands at a crucial juncture in global cooperation on issues like climate change." The precarious gig economy "The growth of the gig economy that we saw in 2021 will continue into 2022. Investec's global head of people and organisational development, Marc Kahn, believes that this will encourage not deter the growth of the gig labour market. (Web Planet, 2021) Freelancers age 55+ make up 26% of US freelancers. (PYMNTS) 19% say the . Nearly $1 trillion in income is contributed to the economy each year by freelancers. 88% of the global gig economy gross volume comes from ride-sharing platforms like Uber and asset-sharing platforms like Airbnb. REPORT. Gig work differs from traditional modalities of work in terms of the employer-employee relationship, especially the lack of accountability from platform businesses around . Global Gig Economy is expected to grow from $204 billion in 2018 to $455 billion in 2023, a Compound Annual Growth Rate (CAGR) of 17.4%. It is because work is allocated on a temporary basis, not . By VALENTIN RAKOVSKY. A gig economy is an economy that operates flexibly, involving the exchange of labor and resources through digital platforms that actively facilitate buyer and seller matching. In the gig economy, organizations hire independent contractors and freelancers instead of full-time employees. Overall, 38% of gig workers are 18-34, 25% are 35-54, and only 11% are 55+. The "gig" economy connects consumers with contractors (or workers) through online platform businesses to perform tasks (or "gigs"). In the gig economy, organizations hire independent contractors and freelancers instead of full-time employees. Susan Lund, economist and partner at McKinsey Global Institute, will draw on new research that shows the divergent experiences of workers in the gig economy around . The proliferation of on-demand services and the sharing economy have also created sizeable sub-sectors . But it's not just transportation-based services such as delivery drivers or ride share drivers. The gig economy has . 53% of gig workers between 18-34 rely on gig work as their primary source of income. Whether you're an engineer, a freelance writer, an artist or a web developer, you can browse through jobs from all over the world. Statistics that explain the gig economy. As per a BCG report . The global freelance market is expected to continue its rapid growth at a compound annual rate of 15%. (PYMNTS, 2018) 53% of US Gen Zers opt to freelance. Google Play - Free. In 2023, the projected gross volume of the gig economy is expected to reach 455.2 billion U.S. dollars. 29% of US workers have an alternate work arrangement, thus contributing towards the the size of the US gig economy. The gig economy goes by many names and has many variants, such as 'platform economy' and 'peer -to-peer economy', and has been the subject of much controversy in European media over the last few years. 5. By the most conservative estimates of global Gig Economy Platforms market size (most likely outcome) will be a year-over-year revenue growth rate of XX% in 2021, from US$ xx million in 2020. A surge in crude oil and commodity prices since Russia invaded Ukraine in February has boosted inflation globally. There are an estimated 1.1 billion freelancers worldwide as of 2021. In Cairo, Mohamed Nagy, who earned about 5,000 Egyptian pounds (RM1,172) a month at a bus ride app, SWVL, was suddenly laid off along with dozens of fellow drivers. Globally, 52% of workers participating in the gig economy lost their jobs because of COVID-19. In the United States, it has been predicted that by 2027, the country may have more "giggers" than non-gig workers. A gig economy . 36% of U.S. workers participate in the gig economy through either their primary or secondary jobs. 24% of small businesses outsource to increase the efficiency of their . The gig economy denotes a free market system based on short-term work arrangements between companies and independent workers. Two experts explain coping strategies that . According to recent analysis, 94% of all net new jobs in the past ten years are freelance, temp, part-time, or gig labor. Monthly change in goods trade globally 2018-2022. Gig Economy Growth. Since then, the gig economy has grown into a force to be reckoned with, and the new COVID-19 reality feels like a good moment to have a closer look at the gig economy statistics. Uber and its rival platforms have largely treated their workforce as independent . It defines and examines five major categories of gigs. A broad definition of the gig economy might include all freelance and contract workers anyone taking a job for a finite amount of time. These, too, are considered gig economy jobs. Our research reveals considerable opportunity and demand for real-time disbursements across all the sectors of the global gig economy. General Freelance Statistics 1. That's roughly 5% of GDP. Upwork is one of the larger and less specific gig economy sites. The Egyptian startup said last . The Impact on Society. However, recent usage of the term "gig economy" has tended to focus on workers who find work through and are paid by technology platforms. That "counts as gig work, too," he says. 47% of America's independent workers are female. (1) Since 2010, the share of gig workers at businesses in the United States grew 15%. This makes sense demographically, as the largest number of gig workers are 18-34. Local gig work includes food delivery, couriering, transport and manual labour. Technology also removed geographical barriers fueling the need for global payment solutions. Almost 40% of the US workforce now earns atleast 40% of their total income through gig work. The growth of the gig economy is a global trend and this trend does not show signs of slowing. While demographically diverse, independent workers largely fit into four segments (exhibit): free . The global gig economy is experiencing exponential growth as technology and changing human behaviour combine to change the way that we all work. Fast forward to the 21st century and the year 2021, the gig economy is still thriving and has proven itself to be a driving force in shaping the future of the Indian economy. By some measures, 40% of US workers will be in non-standard jobs by the year 2020. May 2019. (Web Planet, 2021) 40% of US Millennials are freelancing. Roughly 45% of American freelancers have a postgraduate degree. 40% of US-based workers generate a large part of their income via the gig economy. Freelancing accounts for 5% of the US GDP. Pakistan - freelancing in Pakistan increased by 47% over last year and the public sector is playing a key role in promoting freelancing in the country. The share of the U.S. workforce in the gig economy rose from 10.1 percent in 2005 to 15.8 percent in 2015. 1 In 2016, . One of the key factors driving the rise in the gig economy are changing demographics and work attitudes, particularly among older workers. Persons aged 18-34 are more likely to work within the gig economy. (daVinci Payments, 2021) In 2019, 20% of freelancers in the US became high-earners or those who earn $100,000 annually. Gig Economy: In a gig economy, temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. 83% of IT leaders are planning to outsource their security to an MSP in 2021. About 58% of professionals will likely consider freelancing in the future. This has hit platform workers particularly hard, squeezed by higher fuel prices . This information can only . 4. However, this growth comes with increasing instability. The gig economy in the UK doubled in size between 2016 and 2019, accounting for 4.7 million workers. (Edison Research) For 53% of gig workers aged 18-34, their work in the gig economy is their primary source of income. The share of independent workers at U.S. businesses stood at 16% last year, according to a report published Feb. 4 by the ADP Research Institute, which analyzed payroll data from more than 18 . Walking your neighbor's dog, shoveling the snow off driveways, even babysitting. Critics see this shift as the death of the good job, while proponents see this as liberation from the 9-to-5. Uncertainty, money worries and stress - gig workers need support and effective ways to cope. December 9, 2021 Order Reprints Print Article The global gig economy VALENTIN RAKOVSKY Professional services (translation, data analysis) . Almost half of all millennials use online gig economy platforms to find work. The Global Gig Economy. (Gallup) For 44% of gig workers, their work in the gig economy is their primary source of income. According to Statista's gig economy data published at the end of 2020, 52% of global gig economy workers lost their job due to the Covid-19 pandemic. - Freelancing In America, 2016, UpWork/Freelancers Union. Many gig workers fit the Census definition of a nonemployer: in most cases, a self-employed individual operating a very small, unincorporated business . The global gig economy is experiencing exponential growth as technology and changing human behaviour combine to change the way that we all work. The gig economy, however, has a lot of potential and is still at a very early stage of development. A 2021 survey revealed that 20% of people are considering becoming freelance workers. The global gig economy. Workplaces of the 21st century are no longer bound by the cords and cables that kept traditional offices in . The growth of gig economy 's industry size can be attributed to rising investments in research & development activities, entry of new players, product innovation, technological breakthroughs, effective allocation of resources, and growing competition among business rivals to expand its regional as well as customer base. More than 90% of US workers would consider freelancing or independent contracting work. The global gig economy is projected to reach $455 billion by 2023. The increasing role of the gig economy was evident through the significant growth of online retail businesses during the Covid-19 induced lockdown, the survey pointed out. In the 25 years since its founding, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. In 2020, the estimated total earnings of adult US-based gig economy workers was $1.6 trillion. These could be a series of part time roles, or as a freelance contractor working via a technology platform such as Uber. Towards an understanding of workers' experiences in the global gig economy 3 Workers' experiences of the gig economy are important to understand because the platform labour market has several features that distinguish it from other work: 1. Brazil - ranking for the first time in 2019, Brazil has seen a 48% rise in freelancer revenue which has pushed it into the top 10 freelance countries. Measuring the size of the gig economy is challenging because the work is largely invisible and not captured by existing labour market statistics and economic indicators. This innovation in technology provides businesses and consumers access to low-cost, on-demand labour, but gig workers' experiences are more complex. The proliferation of on-demand services and the sharing economy have also created sizeable sub-sectors . Number of freelance workers is steadily increasing in the Western World. (Upwork & Edelman, 2020) It provides people the opportunity to engage with the brand, and to discover amazing and sharable content not only about MasterCard, but the future of payments and the cashless society overall. Only 16% of gig workers have access to retirement plans. Previously Elance-oDesk, Upwork gives you the option to offer your professional services in all areas. Gig economy statistics show that 67% of employees said they would leave their current full-time position for a gig. And there are roughly 6 million more of these workers than there were 10 years ago. The research compiled data from over 300,000 freelancers in the Payoneer network.