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Tuesday, 24 May 2016 11:19

Sharing economy revenues exploding from US$6.4 billion to US$20 billion


Sharing economy revenues are set to explode over the next few years, tripling to US$20 billion by 2020 from just US$6.4 billion in 2015, according to Juniper Research analysts.

The latest forecasts by Juniper predict that sharing economy platforms like Uber, Airbnb and TaskRabbit will be three of the companies reaping the benefs from the huge service uptake by the end of the decade – while the  expansion of sharing services into emerging markets, coupled with growth in what are deemed more established regions, will drive a surge in returns for investors.

Research author Lauren Foye points to Uber already taking advantage of the opportunities from the sharing economy, with the ride-sharing company launching its UberRUSH local delivery service, as well as UberEATS, which utilises freelance drivers to deliver food, disrupting the logistics sector.

UberEATS recently launched in Melbourne, bringing the total number of cities in which it is available globally to 13, with plans to continue expansion throughout 2016.

Foye says that while a number of industries have already been impacted by the sharing economy, other core markets would see “significant disruption” over the next few years. By example, Foye says providers of shared personal services such as TaskRabbit, Airtasker and the Japanese platform Anytimes would see their time-saving solutions prove popular with consumers striving to maintain a healthy “work-life balance”.

Juniper believes that a number of smaller and emerging shared economy industries are primed for significant growth over the coming 10 years, namely the shared delivery and manufacturing sectors. “As such we have already witnessed large players in both the technology industry, and the shared economy itself, branch into these emerging sectors.

"Shared manufacturing is one such emerging industry backed by major players, with significant scope for growth and development.” Foye says.

“GM already operates its FirstBuild platform, utilising the concept of collaborative innovation, with a number of projects already completed and shipped to consumers. Other providers, such as TechShop, enable access to technologically advanced workshops, reducing the production times for prototypes and concepts, whilst aiding in the scaling-up of production projects designed by young start-up businesses.”

To view Juniper’s full report on the sharing economy, click here.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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