Sharing economy is a system in which activities are based on sharing, providing, or acquiring services and goods. The shared economy now and later is a co-working environment as it provides a platform where customers can rent their goods and earn when it is not in use. It was seen that before private goods such as vehicles were remained unused but with the evolution in technology, it has provided a bigger platform as individuals could use online media for sharing and using products. The price of the sharing company is also decreasing day by day which is gaining more market and proving beneficial for both owner and customer.
What is the Current and Future State of the Sharing Economy?
Sharing economy is growing very fast, and it has been estimated that by 2025 it will reach up to $335 billion. Online platforms are gaining more trust due to their credibility and regulation of the government. It will grow more in the future as it welcomes many new start-ups for citizens and is also profitable for the government.
What is the New Sharing Economy?
A new sharing economy simply means connecting the suppliers and the users through new media or new technologies. It is not only a form of new business but also cost-efficient as it does not require a third person because the user and supplier are directly connected with one another.
Also See: Role of Cities in the Sharing Economy
How Much Is the Sharing Economy Worth Nowadays?
The sharing economy is gaining importance nowadays as it is expected to grow around USD 758507.39 million by 2027 and is at a CAGR of 23.31% during the forecast period.
Is the Shared Economy Growing?
There is a lot of development in technology and due to this shared economy is also growing rapidly as it has proven beneficial for both the consumer and the supplier.
Why is the Sharing Economy Growing?
The main reason behind the growth of the economy is the collaborating platform. This has provided a ground where unused products are listed by the owner and used by the people where they are not required to buy the product but just rent the items.
Today sharing economy is not limited to one sector but has expanded to many sectors such as clothes, vehicles, etc. People can rent their cars that are just standing in the garage and earn a decent amount from them. The same is true of clothes as many people buy very expensive clothes that cannot be used more than once, that could be rented and they could recover their cost price. Thus, there is rapid growth in the shared economy now and later.
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