Gig Economy Market Report 2024 (Global Edition)

Global Gig Economy Market Report 2024 Market Size Split by Type Outlook: (Asset-Sharing Services, Transportation-Based Services, Professional Services, Household & Miscellaneous Services (HGHM), Other...

Gig Economy Market Report Description

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Gig Economy Market Insights Video

Competitive Landscape of the Gig Economy Market

Several platforms providing a broad range of services, from transportation (Uber, Lyft) and delivery (DoorDash, Grubhub) to freelance workers (Upwork, Fiverr), dominate the gig economy market's competitive environment. By offering creative solutions, improved user experiences, and flexible work schedules, these platforms compete. Technological developments, pricing schemes, and branching out into other industries are important tactics. Competition, however, is also fueled by regulatory obstacles, worker rights issues, and changing customer demands, all of which force businesses to adjust constantly.

In September 2021, Upwork Inc., the global marketplace that links companies with independent talent, published a new study called the "Future Workforce Pulse Report," which examines how companies are hiring. The report, which uses survey data from more than 1,000 hiring managers in the United States, shows that the usage of remote freelancing has significantly increased as a result of the epidemic and is expected to continue rising. (Source: https://investors.upwork.com/news-releases/news-release-details/business-use-freelancers-accelerates-amidst-pandemic-finds) In June 2021, the global worker marketplace Upwork Inc. and the Economic Innovation Group (EIG) announced that they will co-host a three-part virtual event series that will examine the long-term geographic, policy, and economic impacts of remote work. (Source:https://www.upwork.com/press/releases/upwork-and-economic-innovation-group-to-co-host-remote-work-event-series-exploring-post-covid-trends)

Top Companies Market Share in Gig Economy Industry: (In no particular order of Rank)

• Freelancer.com (Australia)
• Upwork (U.S.)
• Vrbo (U.S.)
• Etsy (New York)
• Airbnb (U.S.)
• Envato Studio (Australia)
• Uber (U.S.)
• Fiverr (Israel)
• Airtasker (Australia)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Gig Economy Market

Which Region Dominates the Gig Economy Market in 2024?

According to Cognitive Market Research, North America currently dominates the Gig economy market, and the region is expected to have significant growth during the projected period. The gig economy business is largely driven by North America, which is known for its sophisticated digital infrastructure, high smartphone usage, and growing demand for flexible work schedules. Gig workers are in more demand due to the region's thriving freelance, delivery, and e-commerce industries. Businesses with a wide range of employment options, such as Upwork, Uber, and Lyft, have made a significant impact on the market. Gig economy growth is further accelerated by North America's entrepreneurial culture and big pool of talented workers. But the region's gig economy's future course may also be influenced by changing labor laws and the drive for better worker rights.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Rapid urbanization, increasing internet access, and a growing population looking for flexible work options are all factors contributing to the gig economy's potential to grow significantly in the Asia Pacific area. Gig platforms in industries like transportation, distribution, and freelancing have grown in nations like China, India, and Southeast Asia. The area's youthful, tech-savvy populace is adopting digital platforms, making it a crucial market for the expansion of the gig economy. Furthermore, the growth of the gig worker industry in Asia Pacific is being fueled by the advent of e-commerce, mobile technologies, and government programs that encourage entrepreneurship.

The current report Scope analyzes Gig Economy Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Gig Economy

According to Cognitive Market Research, the global Gig Economy market size was estimated at USD 561245.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 224498.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Gig Economy market with a market size of USD 177128.99 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period. In the US, the robust culture of innovation and entrepreneurship encourages freelancers and startups to use gig-based services in fields like marketing, technology, and the arts.
• The Canada Gig Economy market had a market share of USD 26939.77 million in 2024 and is projected to grow at a CAGR of 16.2% during the forecast period. The need for flexible work arrangements is fueled by Canada's high standard of living and regional differences in the cost of living. In cities like Toronto and Vancouver, gig employment is very common.
• The Mexico Gig Economy market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 20429.33 million in 2024.

Europe Gig Economy

According to Cognitive Market Research, the global Gig Economy market size was estimated at USD 561245.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 168373.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031.

• The United Kingdom Gig Economy market had a market share of USD 28286.76 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. Gig work is a desirable alternative for workers looking for non-traditional employment because of the UK's emphasis on worker market reforms, which include allowing for flexibility in employment contracts.
• The France Gig Economy market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 15490.37 million in 2024.
• According to Cognitive Market Research, the German Gig Economy market size was valued at USD 33337.96 million in 2024 and is projected to grow at a CAGR of 15.9% during the forecast period. The need for skilled independent contractors is fueled by Germany's robust industrial base, especially in the automotive, logistics, and technology sectors.
• The Italy Gig Economy market is projected to witness growth at a CAGR of 15.1% during the forecast period, with a market size of USD 14480.13 million in 2024.
• The Russia Gig Economy market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 26097.90 million in 2024.
• The Spain Gig Economy market is projected to witness growth at a CAGR of 14.8% during the forecast period with a market size of USD 13806.63 million in 2024
• The Luxembourg Gig Economy market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 5219.58 million in 2024.
• The Portugal Gig Economy market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 3535.84 million in 2024.
• The Greece Gig Economy market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 2020.48 million in 2024.
• The Rest of Europe's Gig Economy market is projected to witness growth at a CAGR of 14.4% during the forecast period, with a market size of USD 26097.90 million in 2024.

Asia Pacific Gig Economy

According to Cognitive Market Research, the global Gig Economy market size was estimated at USD 561245.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 129086.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Gig Economy market size was valued at USD 58088.88 million in 2024 and is projected to grow at a CAGR of 18.7% during the forecast period. China has a sizable gig economy workforce due to its massive population and urbanization trends, particularly in the areas of food delivery, e-commerce, and ridesharing (Didi Chuxing).
• The Japan Gig Economy market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 17813.92 million in 2024.
• The India Gig Economy market had a market share of USD 15490.37 million in 2024 and is projected to grow at a CAGR of 21.0% during the forecast period. India's skilled worker pool is being used more and more for remote gig work, which offers international businesses cheap pricing.
• The South Korean Gig Economy market is projected to witness growth at a CAGR of 18.3% during the forecast period, with a market size of USD 12908.64 million in 2024.
• The Australian Gig Economy market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 6712.49 million in 2024.
• The South East Asia Gig Economy market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 8906.96 million in 2024.
• The Rest of Asia Pacific Gig Economy market is projected to witness growth at a CAGR of 19.0% during the forecast period, with a market size of USD 9165.13 million in 2024.

South America Gig Economy

According to Cognitive Market Research, the global Gig Economy market size was estimated at USD 561245.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 28062.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Gig Economy market size was valued at USD 12010.65 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period. Brazil's need for gig workers in delivery and transportation services is being driven by rising urbanization and smartphone use.
• Argentina's Gig Economy market had a market share of USD 4714.46 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. Workers in Argentina turn to the gig economy as a feasible way to make money because of the country's comparatively high unemployment rates.
• Colombia Gig Economy market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 2497.54 million in 2024.
• Peru Gig Economy market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 2301.11 million in 2024.
• Chile's Gig Economy market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 2020.48 million in 2024.
• The Rest of Latin America's Gig Economy market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 4518.02 million in 2024.

Middle East and Africa Gig Economy

According to Cognitive Market Research, the global Gig Economy market size was estimated at USD 561245.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 11224.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031..

• The GCC Countries Gig Economy market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 4804.26 million in 2024. In GCC countries, governments are supporting entrepreneurs, encouraging freelancing, and fostering innovation and digitization.
• The Egypt Gig Economy market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 1178.61 million in 2024.
• The South Africa Gig Economy market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 1773.53 million in 2024. The gig economy's growth in South Africa is aided by the increasing usage of mobile technologies, particularly in delivery and transportation services.
• The Turkey Gig Economy market is projected to witness growth at a CAGR of 16.4% during the forecast period, with a market size of USD 965.34 million in 2024.
• The Nigeria Gig Economy market is projected to witness growth at a CAGR of 16.0% during the forecast period, with a market size of USD 1178.61 million in 2024.
• The Rest of the MEA Gig Economy market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 1324.54 million in 2024.

Gig Economy Market Analysis

How are Segments Performing in the Global Gig Economy Market?

Gig Economy Market Type Segment Analysis

According to Cognitive Market Research, transportation-based services are likely to dominate the Gig Economy Market over the forecast period. The gig economy market's growing reliance on ridesharing, food delivery, and last-mile logistics services is driving demand for transportation-based services. Platforms that provide drivers and delivery workers with flexible income options, such as Uber, Lyft, DoorDash, and Instacart, have become essential to urban mobility. Technological developments in mobile apps and payment systems, along with consumer demand for efficient, on-demand transportation and delivery services, are driving this rise. With the growing need for affordable and effective transportation services in cities, the industry gains from the move towards digital and contactless solutions.

The professional services is the fastest-growing segment in the Gig Economy Market. The gig economy industry has seen a sharp increase in demand for professional services as companies and individuals look for more skilled, adaptable workers for jobs like writing, web development, graphic design, and consulting. In order to meet this need, platforms such as Upwork, Fiverr, and Freelancer link qualified workers with clients around the world. The demand for affordable, on-demand expertise and the growth of remote work are the main drivers of this expansion. Businesses may scale swiftly and acquire specialized expertise without long-term commitments because of the flexibility of gig-based professional services, which propels continued growth in this market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Gig Economy Industry. Request a Free Sample PDF!

Gig Economy Market Application Segment Analysis

According to Cognitive Market Research, the traffic segment dominates the market. The goal of traffic applications in the gig economy market is to increase the effectiveness and security of transportation services, particularly in the delivery and ridesharing industries. Predictive analytics, GPS navigation, and real-time traffic data are used by apps like Uber, Lyft, and DoorDash to improve driver performance, expedite deliveries, and optimize routes. By facilitating gig workers' more effective navigation of cities, these traffic apps raise client satisfaction and service quality. Furthermore, they make it possible for platforms to control traffic flow, reduce gridlock, and boost operational effectiveness, which propels the expansion of gig services centred around transportation in cities.

Electronic is projected to be the fastest-growing segment in the Gig Economy market. The market for the gig economy is expanding due in large part to electronic tools that make it easier for clients and employees to communicate. Gig workers can find job openings instantly through mobile apps and web interfaces on platforms like Uber, Upwork, Fiverr, and TaskRabbit. Communication, payments, ratings, and job searching are all made easier by these apps. They also make gig workers more accessible and effective for customers and employees by facilitating safe transactions, clear pricing, and flexible scheduling. These electronic applications are being adopted worldwide at an accelerated rate due to the widespread use of smartphones and internet connections.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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