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The Gigs & Side Hustles Economy: A Market Analysis

The Gigs & Side Hustles Economy: A Market Analysis

This new Marketdata report examines the fast-growing “gig” economy—what it is, how it works, who the leaders are, and why it has grown. Gigs, or short-term, part-time jobs, have become a lot more popular among U.S. consumers, many of whom were hurt by the Great Recession and want to diversify their income streams. Technology has played a big part, as mobile apps and online platforms have made it much easier to connect with customers and get paid quickly.

The report examines: the evolution of gig work, pros and cons, major findings of recent studies by JP Morgan Chase, Fiverr, MetLife, Prudential, Bankrate, the Bureau of Labor Statistics and Freelancer’s Union, why demand has risen among young and older workers, average earnings, and profiles of leading gig work sectors (ride sharing, temporary staffing agencies, food delivery services, personal coaching, home rentals, freelancer platforms). Also: nature of the gig workforce, Millennials usage of gig work (top occupations/earnings/reasons why they prefer gigs), top 15 metro markets in the U.S., market size & forecasts: 2016-2022, plus a reference directory of additional information sources.

The report provides competitor profiles for: Airbnb, Uber, Lyft, Door Dash, Postmates, GrubHub, Instacart, Fiverr, Upwork, Udemy, Coursera, the personal coaching industry, temp help staffing industry, and more.



Study Scope and Methodology: sources used

Overview of Key Takeaways

Market Nature & Structure
Summary & discussion: definition of a gig job
Who measures the gig economy?: reports and studies published
Pros & cons of gig work
The evolution of gig work: 3 phases from 2000 to present time
Major findings of study: Freelancing in America 2017 (reasons why people freelance, attitudes toward traditional work, etc.
Why demand for gigs has risen, for young and older workers (BLS earnings data)
Types of gig jobs: the main sectors, profiles of:
- Ride sharing apps (Uber, Lyft)
- Taxis and non-employers (Census data - 1997-2016, no. of non-employers)
- Freelancing platforms for virtual work by contractors (Fiverr, Upwork)
- Food and package delivery services (Uber Eats, Door Dash, Postmates)
- Working for temporary staffing agencies (2003-2016 industry revenues)
- The personal coaching industry (2011-2002 mkt. size)
- Hospitality/home rentals (Airbnb)
Average gig worker earnings, by type job
Tables:
- No. of non-employers: taxi & limo services: 1997-2016
- Avg. monthly earnings, by age group: 1994-2015
- Temp help industry revenues: 2003-2016
- Estimated Value of U.S. vs. Global Coaching Industry: 2006-2022F

The Gig Workforce
Estimated share of the total workforce, current vs. 2027 forecast
Reasons for growth of gig jobs
Findings of Freelancers’s Union study, BLS government study, IRS 1099 tax forms data (no. and percent of freelancers, avg. yearly earnings, weekly earnings, growth rate) discussion of limitations of BLS study
Tables:
Tax forms issued by the IRS (1099s, W2s): 1994-2014

Millennials and Gig Work
Summary & discussion of motivations for gig work
Findings of Deloitte study: workforce participation, earnings, most common gig jobs for Millennials
Prudential study findings: gig worker typical profile, characteristics
Definition of who is a Millennial
Number of Millennials vs. baby Boomers, growth rate
Job prospects of Millennials - discussion
Tables:
- Percentage of income represented by gig work: 2003-2015
- Median income reported by alternative workers: 2003-2014

Market Size & Growth
Estimates of no. of gig workers and percent of workforce, avg. earnings, by JP Morgan Chase, Freelancer’s Union, and other sources
Discussion of possible reasons for decline in gig job earnings for ride sharing services
Trends in gig work: participation by Millennials, business use of freelancers
Marketdata estimates of major competitor and industry revenues.

Competitor Profiles (Company description, headquarters address, model used, services, financials and estimated revenues when available)

• Uber
• Lyft
• Airbnb
• Door Dash
• GrubHub
• Instacart
• Postmates
• Fiverr
• Upwork
• Udemy
• Coursera
• Udacity
• Personal coaching industry profile
• Temporary staffing industry profile

Reference Directory
List and contact information for relevant trade associations, reports, surveys, published articles, websites, other sources

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