Gig Economy Targeted to Grow Beyond $440 Billion by 2023

Gig Economy Targeted to Grow Beyond $440 Billion by 2023

The Gig Economy had made quite a splash in recent years and according to recent reviews, it will continue to grow for the next several years… at least.

Since the term “gig economy” became popularized in 2008-2009, task-based labor has evolved and has become a significant factor in the overall economy. The concept of creating an income from short-term tasks has been around for a long time but the rise of the Gig Economy has created an ever growing demand for these workers and the supply is also rising accordingly. The size of the Gig economy workers segment in 2017, represented 31% of all US workers in 2017 — a total of 48 million workers — according to recently released research by Staffing Industry Analysts, an industry insider.

That’s up from 29% in SIA’s previous report based on 2015 data which increased according to a Harvard Business Review in 2018, which said that: “… it was equal to approximately 150 million workers in North America and Western Europe (who) have left the relatively stable confines of organizational life to work as independent contractors…” and the need for workers has continued to rise since then.

Active companies in the markets recently include: YayYo, Inc. (NASDAQ:YAYO), LMP Automotive Holdings (NASDAQ:LMPX), Lyft, Inc. (NASDAQ: LYFT), Uber Technologies Inc (NYSE: UBER), Groupon, Inc. (NASDAQ: GRPN).

A recent report projected that the Gig Economy was targeted to grow to $443 billion by 2023 from 204B in 2018. This 123% increase in 5yr had investors paying attention for emerging companies in the space.

Another report from Statista had an even higher projection saying that: “In 2023, the projected gross volume of the gig economy is expected to reach $455.2 billion U.S. dollars.”

Helping push the economy along is the growing demand and supply on the driving-service side of the business. Two of the biggest players are Uber (NASDAQ: UBER) and Lyft (NASDAQ: LYFT) and they both need drivers to continue to scale their ride share businesses.

Yayyo, through its subsidiary, RideShare Rentals, supplies vehicles to these drivers on a daily basis. Drivers renting vehicles through YayYo have the ability to work for multiple platforms which allows drivers to maximize their time, take more fares which equals more money per day.

Also according to Statista.com, “the ridesharing market has seen significant growth in recent years. A survey of almost 11,000 people in the U.S. indicated that 36 percent of people used ride sharing services in 2018, an increase from 15 percent in 2015. The largest two companies in the U.S. ridesharing market are Uber and Lyft, which reported net revenue in 2018 of $11.3 Billion U.S. dollars and $2.6 Billion U.S. dollars respectively.”

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