Gig economy growth is being driven by a variety of factors. These include social trends like millennials’ preference for flexibility over benefits, economic pressure on businesses pushing them to adopt flexible working practices, and the increasing number of freelancers who find themselves choosing this type of work over traditional employment. Technological advances also play a key role. From digital platforms that facilitate efficient matchmaking to digital payment systems that streamline transactions, a range of technology has enabled the gig economy to grow and thrive.
Among the most significant technological advancements are communication tools that have facilitated seamless collaboration between flexible employees and their customers. These are allowing gig workers to offer a more personalized and customized experience, and thereby boosting their earning potential.
Another significant development is the use of AI and ML to improve the efficiency of the gig economy. By enabling automation, these technologies are helping to increase productivity and reduce the time it takes for companies to hire and manage gig workers.
In addition, these technologies are also making it easier for large enterprises to take advantage of the flexible workforce. By introducing tech-led gig platforms, these companies can quickly identify and engage the right gig partners to meet their needs. This approach helps them to be more agile and responsive to changes in consumer demand. As a result, they can avoid the high costs associated with employing full-time staff and instead shift to leveraging gig workers to achieve outcomes and scale their business.