The Gig Economy: Paving the way for a global workforce?

The pandemic-induced lockdown was effective in dispelling doubts about the dependability and long-term viability of a gig workforce. Many organizations are beginning to recognize the benefits of remote working in terms of reduced overhead expenses and stretched liquidity, and many are seriously evaluating their operational strategy.

Gig work has proven to be advantageous to both companies and employees. Businesses are discovering that hiring gig workers saves them money on office space and equipment while also providing them with greater recruitment flexibility. Workers, for their part, benefit from flexible hours, a variety of jobs, and the option to supplement their income by working multiple jobs.

The Global ‘gig’ workforce:

More than 200 million people are now considered part of the global ‘gig’ workforce, thanks to the rise of technology-enabled gig employment platforms.

Vast majority of the gig economy grow value comes from transportation-based services (such as Uber) and asset-sharing platforms (such as Airbnb).

In terms of gross volume transactions, the gig economy is predicted to reach $455 billion by the end of 2023. We can observe that the global gig economy produced $204 billion USD in 2018 and is anticipated to produce $455 billion USD by 2023. This equates to a remarkable compound annual growth rate of 17.4 percent. In other words, the global gig economy more than doubles in terms of economic production every five years!

In the United States:

How big is the gig economy in the United States? In the United States, 57.3 million people work as freelancers. It is anticipated that there will be 86.5 million freelancers by 2027.

In 2018, freelancers in the United States contributed over $1.28 trillion to the gig economy. The gig economy accounts for 5.7 percent of US GDP.

More than half (52%) of the US population is expected to be gig economy employees or have worked independently at some time in their careers by 2023. If the gig economy continues to develop at its current rate, it will employ more than 50% of the US workforce by 2027. According to recent projections, the number of freelancers in the United States would reach 86.5 million by 2027.

In India:

As the novel coronavirus prompted businesses throughout the world to reconsider their operational strategy, maybe nothing has had as big of an impact as the mainstreaming of India’s formerly marginalized gig economy. The gig workforce has grown steadily in recent years, and this trend appears to be here to stay.

At present, India has a pool of 15 million gig workers staffed in projects across IT, HR and designing. In addition, India’s workforce is growing by 4 million people annually. And as most of them are young millennials, they are showing an increasing preference for gig contracts.

This trend is expected to significantly impact gig economy in the near future. Gig economy statistics indicate that India has emerged as the fifth largest gig economy market in 2021.

TraQiQ: Powering the ‘gig’ economy in India

TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates.

MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas.

Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration.

For more information regarding our services please contact us at https://www.traqiq.com/#contact

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