Sharing Economy Market to grow at a CAGR of 28.96% during 2024-2028
The Sharing Economy Market is expected to grow at a CAGR of 28.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 761.76 billion. The implementation of blockchain technology within the sharing economy sector is set to instigate significant growth by tackling pivotal challenges and bolstering trust through heightened security, transparency, and immutability. As a decentralized and distributed digital ledger, blockchain ensures secure, tamper-proof records of transactions and smart contracts, thereby diminishing the risk of fraud and fostering a more dependable ecosystem in the global sharing economy market. A noteworthy benefit is the enhancement of identity verification and reputation systems. Blockchain technology facilitates secure and transparent user identity authentication, thereby reducing the occurrence of fraudulent activities. Reputation scores, an essential factor in peer-to-peer transactions, can be securely archived on the blockchain, providing a robust measure of trustworthiness for both service providers and consumers.
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Technavio analysts predict that the Individual subsegment will lead the End-user segment during 2024 and 2028 In the business context, the global sharing economy market caters to individual consumers who leverage platforms for cost-effective and convenient access to various services, including ridesharing, accommodation, and peer-to-peer transactions. These users opt for sharing economy solutions to avoid the financial burden and responsibilities of ownership. Sharing economy platforms, such as mobile apps, offer on-demand, user-friendly access to these services, making them particularly attractive for those seeking minimal effort and maximum convenience. Whether it's securing a ride, finding accommodation, or borrowing tools, sharing economy solutions provide accessible and sustainable alternatives to traditional ownership models.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising use of online ride-hailing services
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The Sharing Economy market is revolutionizing the way we consume goods and services, with mobile apps acting as the catalyst for this transformation. This peer-to-peer economy is characterized by sustainable services, affordable prices, and flexibility, making it a popular alternative to traditional capitalism. Freelancing platforms and co-working facilities enable individuals to offer their skills and workspaces to others, while peer-to-peer financing channels allow for the exchange of capital. Home-sharing services like Airbnb and ride-sharing services such as Uber have disrupted the hospitality and transportation industries, respectively. The circularity of the sharing economy promotes environment-friendly practices and reduces waste. Information and knowledge are also shared through community-based online platforms, fostering a culture of collaboration and innovation. Digital platforms and online markets facilitate peer-to-peer transactions in various assets, from goods to services. The sharing economy's emphasis on community and collaboration challenges traditional notions of ownership and consumption. As the sharing economy continues to grow, it offers new opportunities for individuals and businesses to engage in a more sustainable, affordable, and flexible economic system.
According to Technavio's market research, the global sharing economy market is a significant segment of the broader specialized consumer services industry. This market encompasses the revenue generated by providers of various consumer services, which include residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Notably, the report excludes consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services. Technavio's analysis of the specialized consumer services market size is based on the revenue generated by specialized providers of residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral services.
The Sharing Economy Market is experiencing significant growth, fueled by the rising use of online ride-hailing services. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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