What are the main factors driving the rapid expansion of the gig economy in recent years?
SP India’s gig economy is growing at a Compound Annual Growth Rate (CAGR) of approximately 17%. The workforce grew from 7.7 million in 2020-21 to an estimated 12 million in FY 2024-25, according to https://www.ibef.org/ (a Ministry of Commerce & Industry initiative).
The International Labour Organisation (ILO) defines the gig economy as encompassing two types of jobs: First, micro tasks that can be performed online and organised on a global scale. Second, services enabled by online companies using websites and mobile apps that are typically performed locally (i.e. on-demand services).
If we look at a broader landscape, gig-workers range from fractional CXOs, solopreneurs, independent professionals & freelancers to online platform workers, on-demand workers & temporary workers from contract firms.
Rapid growth of the gig-economy and the adoption of gig-work is driven by technology shifts, economic pressures, and...
