Gig Based Business Market Size, Share, Growth, And Industry Analysis, By Type (APP-based, Website-based), By Application (Freelancer, Independent Contractor, Project Worker, Part-Time, Other) and Regional Forecast To 2031

Updated On: 15 April 2024

Gig Based Business Market Report Overview

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The global gig based business market size was 14750 million in 2021 & the market is expected to reach USD 95784 million by 2031, exhibiting a CAGR of 20.4% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with the gig based business market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A big business is a free market system in which enterprises hire independent individuals for short-term commitments and frequent temporary roles. A "gig" is a colloquial phrase for temporary employment. There has been a shift towards a gig economy in recent years. A number of reasons have contributed to the increase in short-term jobs. For one thing, the workforce is becoming more mobile, and more work is being done remotely via digital platforms. A gig economy is a free and global market in which firms and contractors (independent workers) establish flexible and skill-based short-term and on-demand professional interactions. Digital platforms such as Upwork and Fiverr have enabled a large number of freelancers (or those with full-time jobs looking for extra money) to demonstrate their abilities. Businesses, on the other hand, can hire specialized personnel from all over the world.

The global gig economy is being propelled forward by a surge in demand for gig-based businesses from online start-ups, solo entrepreneurs, large corporations, and medium-sized businesses. Despite this, the scarcity of permanent jobs, changing workforce lifestyle choices in many advanced countries to avoid binding rules and regulations imposed by permanent employers, and digital start-ups are adopting gig-based business. Furthermore, educated professionals joining massive global freelancing platforms are expected to represent significant growth prospects for the global gig economy.

COVID-19 Impact: COVID-19 has significantly impeded market growth

The covid-19 outbreak shut down all companies and industries around the world. This resulted in massive losses for the industries. Covid-19 resulted in the loss of permanent jobs as well as a scarcity of available positions. This enabled workers to pursue part-time work to supplement their income or to bridge the gap between jobs. This resulted in the rapid expansion of the worldwide gig economy market. The gig economy allows workers to remain safe while earning money at their own pace and convenience, pushing the worldwide gig economy market. Furthermore, the crisis upended the traditional labour model, prompting many blue and white collar professionals to transition to the gig economy. As the world begins to embrace the new method of working, it is projected to continue after the epidemic, assuring the global gig economy's long-term viability.

Latest Trends

"Rising adaptability and advantages leading market expansion"

Factors such as a scarcity of permanent jobs, widespread internet adoption, and increasing smartphone penetration connect online workers or users across countries via digital platforms, allowing organisations to share their talent needs and contact remote online workers. These are the key trends fostering remarkable progress in the global gig-based business market. Advantages such as career advancement, extra income, immediate workforce availability, the ability for employers to tap the most recent and relevant knowledge and expertise, reduced HR costs, the ability to find work during a recession, convenience, comfort, and flexibility encourage continued adoption.

Gig Based Business Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into APP-based, Website-based. APP-based is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Freelancer, Independent Contractor, Project Worker, Part-Time, Other. Freelancer will be dominating segment.

Driving Factors

"Opportunities for Growth in Startup Companies Aid Market Expansion "

Based on the Working Model, the global Gig Based Business market is divided into fixed-term contracts and paid per project. Among these, the paid per project working model is rapidly expanding in the global Gig Based Business industry. Key considerations like as extra earnings, flexibility, freedom from employer-imposed norms and regulations, comfort, and convenience have enhanced the demand for paid per project working models in the worldwide Gig Based Business industry. According to the sources, the worldwide Gig Based Business market is divided into recruitment firms, professional Facebook pages, networking sites, social media platforms, word of mouth/referral, and online marketplaces. Among these, online marketplaces are the most important sources for connecting freelancers and recruiters, and they are likely to remain the most essential category for growth of the global Gig Based Business market in the forecast years.  Internet connectivity, rising marketing tactics, increasing smartphone usage, and availability to better connectivity allowing workers and recruiters to quickly interact are significant drivers driving the growth of online marketplaces in the global Gig Based Business market.

"Many Freelance Workers in the Gig Economy discover that their status allows them greater flexibility and independence"

Individual employees, small agencies, freelancers, freelancing agencies, independent consultants, third-party, and intermediary platform organizations make up the global Gig Based Business market. Among these, freelancers and freelance agencies are essential players in the gig economy, contributing significantly to the growth of the global Gig Based Business market. Based on Recruiters, the worldwide Gig Based Business market is divided into internet start-ups, solo entrepreneurs, large corporations, and medium companies. Online start-ups are predicted to expand the most in the worldwide Gig Based company market, as they progressively shift to gig-based company to save HR costs. Most essential, workers are available at minimum wage, with recent and relevant knowledge and expertise, and with an immediate workforce.

Restraining Factors

"lack of opportunity for upgrading and participating in the gig economy and reduced projects may restrict the market growth"

Bargaining power of recruiters, lack of opportunity for upgrading and participating in the gig economy, reduced quality of work/projects, fragile laws for addressing gender disparities, inclusion of policies that do not fit within current labour laws, workers not entitled to benefits like permanent employees are some of the challenges surfacing in the gig economy that are likely to stymie the global gig-based business market.

Gig Based Business Market Regional Insights

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"North America accounted for the largest share of the global market during forecast period"

The global gig economy is rising in North America, thanks to an increase in the number of freelancers, the rise of gig online platforms, and the changing lifestyle choices of a new generation of educated professionals joining huge global freelancing platforms. The United States and Canada are two of the most advanced nations in North America in terms of gig economy appeal. This is due to the emergence of well-known gig work outsourcing sites such as Upwork, Freelancer, Guru, and Fiverr.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• TaskRabbit (U.S.)
• BellHops (U.S.)
• Guru.com (U.S.)
• HopSkipDrive (U.S.)
• Freelancer(Australia)
• Rover (U.S.)
• Upwork (U.S.)
• Fiverr (Israel)
• DoorDash (U.S.)
• Favor Delivery (U.S.)
• Turo (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.