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Manonita Rathore
Gig economy and behaviour &soft skills Expert
Asked a question last year

What is on-demand economy?

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Manonita Rathore
Gig economy and behaviour &soft skills Expert

The on-demand economy is defined as the economic activity created by digital marketplaces and technology companies to fulfill consumer demand via immediate access to goods and services. The on-demand economy is also sometimes referred to as the “access economy,” and provides a convenient  way to provision goods and services to those who are in the market for them. There are thousands of companies currently making use of the on-demand economy.

With consumer behavior changing to prioritize fast, simple, and efficient experiences, the on-demand economy is growing at an unparalleled pace. Convenience, speed, and simplicity are at the top of the priority list for consumers looking to have their needs met. The ease of filling spare time and picking and choosing one’s hours is also appealing to those with skills to meet growing consumer demand.

The On-Demand Economy is defined as the economic activity created by technology companies that fulfill consumer demand via the immediate provisioning of goods and services.

Sujai Adithya
Business Development and Banking & Financial Services Expert

The on-demand economy is a service or product built on letting users request a physical object, a piece of data, or service and have it fulfilled soon after. The on-demand economy is large, and getting larger. Economic activities centered around online platforms, where independent sellers can offer goods or services to customers, are attracting significant consumer attention and spending, according to new data from the National Technology Readiness Survey, which has tracked technology behaviors and beliefs in the U.S. since 1999.

Also known as “the gig economy” and “the sharing economy,” this new economic model has become a phenomenon, with revenues in the automotive, hospitality, finance, staffing and media streaming sectors alone projected to grow from $14 billion in 2014 to $335 billion in 2025.