The gig economy is a rapidly growing workforce segment, with millions of people now working as independent contractors or freelancers. As the gig economy continues to expand, understanding the latest statistics and trends is essential before deciding to enter the world of gig work and side hustles.
Gig workers are a diverse group. The gig economy includes people of all ages, races, and genders. However, some groups are more likely to participate in the gig economy than others. For example, younger workers and workers with college degrees are more likely to be gig workers.
Here are some of the top gig economy statistics that you may find interesting:
• On a global scheme, gig workers are expected to rise by more than 30 million by next year, as many workers are seeing the benefits and flexibility of contracting and independent work.
• From 2018 to now, it is estimated that the number of gig workers has risen from 43 million to 78 million.
• 16% of Americans have completed a job via an online gig platform.
• 44% of the gig economy gross volume comes from customers in the United States.
• 88% of the global gig economy gross volume comes from ride-sharing platforms like Uber and asset-sharing platforms like Airbnb.
• At 40% of organizations, one in four workers on payroll is a gig worker.
• The United States has one of the biggest markets for freelance work, with
• 30% of freelancers work in the web and graphic design field.
• Gig workers report being the happiest and most fulfilled by their gig job.
• A study by the Pew Research Center found that 76% of gig workers are very satisfied with their choice to work in the gig economy. This is higher than the satisfaction rate for traditional employees, which is 61%.
• 49% of gig workers said the most crucial factor when choosing to work in the gig economy was the flexibility, the ability to set their own work hours.
• 63% of gig workers said they prefer a flexible work schedule over a bigger salary.
• 84% of freelancers say they are living the lifestyle they prefer, while only 54% of traditional employees feel that way.
• One downside to working in the gig economy is that only 40% of workers have access to medical insurance.
There is money to be made in the gig economy.
• 21% of independent contractors make more than $100,000 per year.
• On average, gig workers in the recreation industry can make upwards of $7,000 monthly. That’s $2,000 more than a traditional employee working in the same industry.
• More commonly, the average gig worker will make $5,120 per month.
• Ride-sharing or transportation services like Uber or Lyft make up 58% of the gig economy revenue.
• 56% of gig economy workers say they take gig jobs to earn money on top of their primary source of income.
The gig economy is a complex and rapidly changing landscape. While these are just a few of the top gig economy statistics, they should provide insights into the size, scope, and demographics of the gig workforce. As the gig economy continues to grow, it will be important to track these statistics and trends to better understand the impact of the gig economy on the workforce and the economy as a whole. One thing is for certain; the gig economy is looking bright.
Content Writer and Researcher