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U.S. Gigs & Side Hustles Market Is Huge and Growing

Oct. 5, 2018 --

Marketdata LLC, a leading independent market research publisher of “off-the-shelf” studies about service industries since 1979, has released a new 66-page study: The U.S. Gigs & Side Hustles Economy: A Market Analysis. This is a complete analysis and forecast for “gig” work, freelance and part-time jobs—the nature and structure and size of the market, key issues, trends, and competitors.

“Gig work soared after the Great Recession, as workers were laid off and Millennials entered the market, coupled with new technology such as ride sharing apps and the ability to telecommute and provide freelance services from home. Millennials and others embraced this more flexible lifestyle in an effort to find life/work balance.”, according to Research Director, John LaRosa.

Major Findings:

Market Value… Marketdata estimates that the U.S. market for gigs and side hustles is worth at least $2.58 trillion.

For Millennials, who now outnumber Baby Boomers at 75 million, 47% of them freelance, more than any other generation. As people consider new forms of employment, many organizations are turning toward this growing alternative workforce.

Marketdata estimates that the top 9 gig company competitors combined, generated at least $13.6 billion in revenues in 2017. The temporary help agencies industry was responsible for another $150 billion.

The U.S. Bureau of Labor Statistics (BLS) finds that all contingent workers (incl. both Uber type drivers and highly skilled freelancers) earn from $851 to $884 per week, or $45,084 per year.

56% of the current market is related to transportation gigs, i.e. driving for Uber and Lyft. These workers earned, on average, $9,936 per year. The other 44% is related to freelancer platforms (the number of which has risen from 42 to 128), working for temp help agencies, part-time personal coaching, and other part-time gigs.

Currently, analysts estimate that 36% of the U.S. workforce of 160 million works in gig jobs. This percentage is forecast to grow to more than 50% by 2027. That means that 83 million Americans will perform gig work  by 2027, versus 57 million now.

During the course of a year, America’s staffing companies hire more than 15 million temporary and contract employees. The average wage is more than $17 per hour. Total revenues of temp staffing companies are now $150 billion.

About The Report

The U.S. Gigs & Side Hustles Market: A Market Analysis, published in October 2018, is an independently researched “off-the-shelf” study.  The study is 66 pages in length and costs $995.  Available in pdf format. A free table of contents is available by email Contact: Marketdata LLC, 7210 Wareham Drive, Tampa, FL  33647, (813) 971-8080. John LaRosa is available for interviews.

About Marketdata LLC

Marketdata is a 39-year old private market research and consulting firm that has specialized in the tracking and analysis of a wide variety of service industry and healthcare sectors. The company also provides custom research and consulting services, and holds teleconferences and webinars. The company website is: www.marketdataenterprises.com.

 

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