What is a “Gig economy” and how big is it?
A gig economy is a free market system in which temporary positions are common and organizations hire freelancers, independent contractors, project-based workers for short-term commitments.
According to Forbes and Medium, and supporting report by PwC, 77 million freelancers have already contributed over $1.5 trillion in annual earnings to the global economy, which is $100 million more than in 2020. See the map below for percent details.
In particular, the most prominent countries are as follows:
  • United States: $1+ Trillion market cap and almost 57 million freelancers;
  • India: $680 Billion market cap and almost 15 million freelancers;
  • Canada: $130 Billion market cap and almost 3 million freelancers;
  • Great Britain: $100 Billion market cap and almost 2,1 million freelancers;
  • Russia: $41 Billion market cap and almost 14 million freelancers;

Based on the given scenario of market capitalization, it is expected to increase by 16% - 19% until 2025. Such a tendency is based on the factors defining supply and demand for growth opportunities.

The demand factors include:
  • Decreasing payout expenses by 51%;
  • Filling the skill gap by 57%;
  • Time management optimization;
  • Decreasing the speed of completing product development tasks;
  • Increasing business flexibility.

The supply factors include:
  • Flexible schedule;
  • Opportunity to take only desired projects;
  • Remote work opportunities;
  • More working hours compared to in-house work.