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Gig Based Business Market Size, Growth Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2025

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Gig Based Business Market Size, Growth Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2025

Market Study Report has announced the launch of Gig Based Business market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

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Request a sample Report of Gig Based Business Market at: https://www.marketstudyreport.com/request-a-sample/2701136?utm_source=marketsizeforecasters.com&utm_medium=SHR

The Gig Based Business market report is a trove of information pertaining to the various aspects of this industry space. Encompassing the ongoing as well as forecast trends likely to fuel the business graph of the Gig Based Business market across various geographies, the report also provides details about the driving factors that would help propel this industry to new heights during the projected period. Alongside a collection of the driving parameters, the Gig Based Business market reports also include a spate of other dynamics pertaining to the industry, such as the nominal risks prevailing in this marketplace as well as the growth prospects that this business sphere has in the future.

A short outline of the pointers encompassed in the Gig Based Business market scope:

  • Global market valuation
  • Overall forecast growth rate
  • Industry trends – ongoing and upcoming
  • Competitive reach
  • Product scope
  • Application spectrum
  • Supplier analysis
  • Marketing channel trends
  • Sales channel analysis
  • Market Competition Trend
  • Market Concentration Rate

The report provides substantial data pertaining to the market share that every company holds currently in the industry, as well as the market share that each of these firms is anticipated to accrue by the end of the forecast timeframe. As per the study, the Gig Based Business market, pertaining to the regional hierarchy, is segregated into TaskRabbit, Fiverr, HopSkipDrive, BellHops, Upwork, Guru.com, Favor Delivery, Rover, Freelancer, DoorDash and Turo. The report expounds on the information pertaining to the products manufactured by these companies, that would help new participants and other major stakeholders work on their product portfolio strategies.

Questions answered by the Gig Based Business market report with regards to the geographical spectrum of the business:

  • The geographical expanse of the Gig Based Business market, as per the report, is split into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these territories is likely to accrue the maximum share in the Gig Based Business market over the forecast duration?
  • How much is the sales analysis of each regional contributor currently?
  • How do the revenue statistics pertaining to the current market scenario look like?
  • How much profit does each region hold currently?
  • How many proceeds will every geography account for, over the projected timeframe?
  • How much is growth rate that each region estimated to exhibit over the estimated timeline?

Ask for Discount on Gig Based Business Market Report at: https://www.marketstudyreport.com/check-for-discount/2701136?utm_source=marketsizeforecasters.com&utm_medium=SHR

What questions does the Gig Based Business market study answer with regards to the industry segmentation?

  • Which among the product segments split into APP-based and Website-based may procure the largest business share in the Gig Based Business market?
  • How much market share do each of the product types account for?
  • How much is the sales estimate as well as remuneration of each of the product types in the industry over the forecast period?
  • Which of the many applications spanning Freelancer, Independent Contractor, Project Worker, Part-Time and Other may crop up to be a highly profitable segment in the Gig Based Business market?
  • How much valuation is each application expected to record over the projected timeframe?
  • How much market share does each application account for in the industry?

A few other pivotal pointers encompassed in the report include market competition trends, industry concentration rate, and details about the sales channels deployed by prominent sellers.

For More Details On this Report: https://www.marketstudyreport.com/reports/global-gig-based-business-market-2020-by-company-regions-type-and-application-forecast-to-2025

 

 

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Payday: Helping gig and contract workers get paid| Payment Trends

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The pandemic changed many full-time positions into contract positions or ‘gig work.’ Many companies needed help to navigate how to streamline payment for contract workers. Craig J. Lewis, founder and CEO of Gig Wage, a fintech payroll platform, helps companies navigate in this new ‘gig economy.”

There’s more to running an ATM operation than just customers and hardware. When it comes to your staff, providing as streamlined a process for their paychecks as you do managing your operation, fleet or company is essential. ATM Marketplace interviewed Craig J. Lewis, founder and CEO of Gig Wage, a fintech payroll platform built for this new gig economy.

Q: Why was Gig Wage created?

Craig J. Lewis, founder, CEO Gig Wage

A: I noticed there was no banking solution specifically for independent contractors or under-banked consumers. I found that traditional banking solutions resulted in gig workers losing up to 20% of their income so I founded Gig Wage to fill that gap and provide an efficient way for employers to pay 1099 workers and for 1099 workers to get paid.

Q: How does your company help the gig economy?

A: Gig Wage is a seamless fintech platform that allows gig workers/contract workers to efficiently and reliably get paid for their work.

Q: How does your company help and service the underbanked and the unbanked?

A: The company offers immediate payment and wrap-around banking services for gig workers, a portion of the traditionally underserved workforce by banks.

Q: How does this technology simplify payroll for 1099 employees?

A. Our technology shapes the modern financial infrastructure for the future of work by tackling the complex challenge of handling contractor payroll, payments, and compliance. This unique insight is the primary driver of our competitive advantage.

Q: What do you offer that the traditional payroll system doesn’t?

A: In addition to being the first company to build a comprehensive technology product that considers how money moves through the entire gig ecosystem, not just how it gets to workers, our solution benefits both sides of a transaction. It enables employers to instantly pay 1099 workers with more control, flexibility, and scale and gives independent contractors a convenient and efficient way to receive payments.

Q: How does the money flow work from company to employee?

A: With our 1099 bankroll platform, employers can send automatic, instantaneous payments directly to their contractors’ bank accounts. The platform also allows employers to track payment status in real-time and keeps W-9 information up-to-date to avoid IRS penalties.

Q: You work with Green Dot. What is their role within your company?

A: Leveraging Green Dot’s Banking as a Service platform, we can design and deploy its customized banking and money movement solutions for our growing customer base. Powered by Green Dot, we plan to introduce a new debit card with no monthly fee, free online bill pay and free cash withdrawals at more than 19,000 ATM locations; free cash pick-up at over 7,000 retail locations nationwide; and other products and tools designed for gig/contract workers and their employers.

Q: Your company has enjoyed a 30% month over month growth. Why do you think that is?

A: The gig economy and on-demand tech have been prevalent, with 65-75 million people working as independent contractors, but with the pandemic, more and more people have been furloughed and laid off from their jobs. Contractual work has been increasingly growing, especially with the demand for grocery and food deliveries, so people don’t have to leave their homes.

Q: What has been your greatest success?

A: Without question, raising $13M to date and assembling our incredible team.

Q: How does your company handle customer experience/service?

A: We take the time to understand what our businesses and contractors need from a banking platform. Our customer success team is always working hard to make sure we can answer any needs our customers or their contractors have. We know how important it is to get paid on time, and we are here to make sure that happens.

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State gig law puts community theater at risk

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Californians have done without many pastimes because of the coronavirus, including concerts, museums, movies and live theater.

As the pandemic nears the one-year mark, infections are declining and some cultural activities are back. The Asian Art Museum in San Francisco reopened Thursday, the de Young Museum opens Saturday followed a day later by the Museum of Modern Art. In Marin County, two movie theaters resume screenings on Friday.

We hope live theater will be back soon, but some community playhouses are at risk of not coming back at all.

With shows canceled, their finances suffered during the lockdown. Of course, that’s true of countless businesses. What sets these arts groups apart is Assembly Bill 5, a state law passed in 2019 that restricts the use of independent contractors.

For community theaters, that has altered relationships with actors, musicians, costume makers, stagehands, technicians and others. For some actors and crew members, community theater is a hobby. Others are aspiring professionals looking to gain experience. Traditionally, many of them have been paid small stipends for their work on a particular show. Under AB 5, they must be full-fledged employees or unpaid volunteers.

Raising ticket prices to cover salaries and other employee expenses undercuts the model of offering an affordable alternative to expensive professional theaters, while an all-volunteer model may make it impossible for some people to participate.

With that in mind, Assemblyman Marc Levine introduced a bill to exempt community theaters from AB 5.

“California live theatre inspires us, provides needed cultural enrichment and has a significant impact on our state’s economy,” the San Rafael Democrat said in a statement announcing his legislation, AB 1227. “As we look toward a post-COVID future, AB 1227 will be an important part of ensuring the long-term sustainability of seasonal live theatre across the state.”

A thriving arts scene is a pillar of a healthy community, so we hope Levine’s bill moves quickly through the Legislature and gets signed into law by Gov. Gavin Newsom.

At the same time, however, Levine’s bill underscores the continuing disruption caused by AB 5’s blunderbuss approach to employment.

The law, strongly supported by organized labor, codified a state Supreme Court decision that established a new three-part test to determine whether someone could be classified as an independent contractor rather than as a statutory employee. A primary target of the law was gig-economy companies like Uber, Lyft and Door Dash, which responded with a ballot initiative exempting themselves from the law.

State lawmakers included exemptions in AB 5 for doctors, lawyers, securities dealer and numerous other professions. In response to objections from employers and self-employed contractors, lawmakers granted about two dozen more exemptions last year, including translators, freelance writers, youth sports officials and some, but not all, musicians. Newspapers continue to seek a permanent exemption for home-delivery carriers, and other employers and self-employed contractors want exemptions, too.

The gig economy isn’t going away. Many people prefer the flexibility of mixing work with child care, elder care or other pursuits. Employers, meanwhile, will scale back if they can’t afford higher labor costs. That benefits no one.

Levine’s theater bill is a good cause. But handing out exemptions on a case-by-case basis isn’t a long-term solution. Surely there’s a way for state lawmakers to provide more protection for independent contractors without denying flexibility desired by workers and employers.

You can send letters to the editor to letters@pressdemocrat.com.

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Do gig workers deserve better deal?

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As more people join the gig economy, the state is having to address issues of insurance, benefits and status. Arnun Chonmahatrakool
As more people join the gig economy, the state is having to address issues of insurance, benefits and status. Arnun Chonmahatrakool

It is common to see uniformed riders delivering food around Bangkok. People have also become accustomed to using ride-hailing apps instead of traditional taxis. Following the coronavirus outbreak, the demand for ride-hailing plunged during the lockdowns, before rising again as social restrictions were eased. On the other hand, demand for food delivery services continued to surge as more people dined at home. Queues outside restaurants, that were once crammed with customers, have been replaced by large groups of colourful platform delivery couriers.

Worker participation in the gig economy, especially food delivery and private ride-hailing services, may continue to grow. Revenue for the Thai online food delivery business is projected to grow at 11.3% between 2021-2024, increasing its market value from $329 million (about 10 billion baht) in 2020 to $455 million in 2024. The market value of Thailand’s ride-hailing sector in 2020 was $1.1 billion and is expected to grow further. In addition to the growing demand for these services during the pandemic, many whose jobs were affected also joined the gig economy.

Prior to the pandemic, many Thai workers turned to gig jobs as a “side hustle” to top up their incomes. The two main reasons why gig platforms are so popular among the Thai workforce are: 1) the relatively good compensation, and 2) these workers enjoy greater flexibility in terms of hours worked. However, due to the recession caused by Covid-19, many workers have begun to rely on gig jobs as their primary source of income. As a result, there was a surge in the supply of gig workers which led to greater competition, impacting their compensation.

Many gig workers in Thailand, as well as civil society, have called on governments and platform companies to provide improved social welfare and change the legal status of gig workers from “independent contractors” to “employees”. For instance, a group of delivery riders gathered in front of Grab Thailand’s headquarters and Government House in Dec last year to demand better service rates, insurance, employee benefits and employee status — the lack of recognition of gig workers in the Thai labour law means they are not eligible for social welfare or legal protection. This situation has fuelled debate about whether these provisions should be extended to the gig economy.

Gig workers can rely on the Thai social security fund in case of illness, disability, death and for their pension, but only 55% of the 38.3 million people in the fund are informal workers, with the rest being formal workers. Consequently, many informal workers are still not protected under the security fund.

This call for better welfare is not unique to Thailand. On Dec 7, 2020, hundreds of GrabBike riders gathered in front of the company’s office in Hanoi to protest over its increased commission rate. In the same month, Garda Nasional, an Indonesian motorbike driver union, threatened to organise a nationwide protest if the merger between Grab and Gojek continued without their consent, fearing it could lead to massive job losses. In January 2021, a food delivery driver in China who worked for Ele.me, a company owned by Alibaba group, set himself on fire to protest unpaid wages. These incidents have placed the gig economy in the global spotlight.

The problem that Thailand and many other countries face is outdated labour laws that do not adequately embrace (or protect) gig economy workers. In Thailand, labour law only classifies workers into two types: formal workers and informal workers. According to the Social Security Act of 1990, gig workers are not covered by the formal social protection scheme, receiving only partial protection instead as voluntarily insured persons.

There is an argument that gig workers do not fit into either of the categories. Although they are classified as independent contractors in practice, some observers argue that the relationship between gig workers and platforms are more akin to employee-employer relationships. For example, some platform companies can determine the jobs that gig workers receive, including the destination they must travel to, and there may be penalties for refusing jobs or failing to complete their tasks.

But changing the status of gig workers from independent contractors to employees is not straightforward. Gig workers are people who value freedom and flexibility over the demands of their jobs. On the other hand, the ability to rely on gig workers has also allowed businesses to scale rapidly. Emerging platform companies may find themselves in a more difficult situation if they are expected to rely strictly on employee-employer relationships. A study showed that reclassifying drivers as employees in the US would increase Uber’s business expenses by 20-40%, which would require the American ride-hailing firm to increase their service charges between 25% and 110% to cover the cost. Incremental costs like this may affect the stability of emerging companies and negatively impact the Thai digital ecosystem. Moreover, when faced with greater costs, companies could pass those onto consumers.

Governments around the world are attempting to address these issues, but not all will take a similar approach. In the US, as a result of strong lobbying by ride-hailing companies, the State of California passed ballot measure Proposition 22 after 58% of the ballots voted in favour of continuing to classify gig workers as independent contractors. The South Korean government has been planning to introduce a law to protect gig workers working through online platforms. The proposal would ensure that platforms provide health insurance and unemployment insurance for gig workers. In Vietnam, the Minister of Labour, Invalids and Social Affairs (Molisa) is considering several options to regulate gig workers. One of the proposed policies is the applicability of the Employment Act 1955 to protect these workers.

On the issue of the Thai social security fund and concerns over the low participation rate, merely changing the employment status of gig workers would not resolve this issue. Instead, the government could focus on improving financial literacy or developing the skills of workers who rely on gig jobs, enabling them to transition into a higher value role.

A more holistic approach

Policymakers and regulators should begin to look at gig workers’ social security issues from a holistic point of view and collaborate with the private sector, academics, gig workers and think tanks to identify solutions that are applicable to Thailand’s situation.

Another way to improve social welfare is to encourage consistent upskilling or personal development. Workers can be given incentives to take on new courses or do on-the-job training, allowing them to take up new roles in industries where there is demand.

It may be tempting to make quick changes to the regulation in order to address the challenges faced by workers on the ground, but the solution has to be sustainable for the long term. While discussion on gig workers will continue, any strategy to solve this problem must be balanced against Thailand’s longer-term objectives, such as creating sustainable jobs and ensuring workers can adapt to the changing economic environment.


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