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. The publisher 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. The publisher 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?
