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August 06, 2018, 01:14:27 PM |
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PWC forecasted the global revenue of the sharing economy to hit $350 billion by 2025, expecting factors
like trust, convenience and a sense of community to push the adoption of the sharing economy. Juniper
Research identified 3 industries in the sharing economy that they have termed as “ripe for disruption”,
forecasted significant growth specifically in shared transport, shared space and shared logistics.
In 2016, The Yano Research Institute estimated that transactions on Japan’s sharing platforms would
grow from 29 billion yen ($260 million) to around 60 billion yen ($540 million) by 2020 (Takeo, 2017). In
China, the government promotes sharing to “improve efficiencies in resource usage” and “[make] people
more affluent”: its Sharing Economy Research Institute suggests the market value of China’s sharing
activity will grow at 40 percent per year and account for 10 percent of GDP by 2020 (Yan, 2017). In
essence, the 3 main factors that will continue to drive the advancement and evolution of the sharing
economy are:
● Increased participation rates in the sharing economy resulting in increased demand and supply
● Rise of integrated communications and transaction platforms such as WeChat Pay and Alipay to
enable greater user convenience
● Deeper penetration of Internet of Things to make the sharing economy more user-friendly and
efficient
Our team strongly believes that the sharing economy is a powerful economic sector that will continue to
exhibit exponential growth and it has contributed some of the most impactful innovations that have
enhanced the consumer experience greatly since its advent in the last decade.
Hence, there is an urgent need to disrupt this first-generation sharing economy by plugging the gaps to
pave the way for the second-generation sharing economy.
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