Sharing Economy – Thematic Intelligence
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The sharing economy is an economic system in which private individuals share assets and services, either free or for a charge, often using a community-based online platform. As the world grows ever more interconnected, the sharing economy is based on ideas of community. Individuals can share assets such as clothes and toys or services such as household skills and insurance. The sharing economy displaces the notion of ownership as individuals can rent rather than buy assets.
What are the key technology trends impacting sharing economy?
The key technology trends of sharing economy are social media, artificial intelligence (AI), cybersecurity, and blockchain.
Social media
Social media has significantly influenced the way people travel, dine, and shop. For example, travelers visit websites like TripAdvisor and Airbnb to plan their itineraries and look at ratings on Zomato before choosing a restaurant. Individuals active on social media are happy to trust others’ opinions online, which has been the backbone of the sharing economy.
AI
Sharing economy platform providers use AI to improve customer experience. According to GlobalData’s Emerging Technology Trends Survey 2020, 45% of executives believe that AI will play a vital role in improving efficiency in their existing business operations over the next three years. Analyzing user data such as age, location, previous searches, and browsing history allows them to offer a more personalized service.
Cybersecurity
A sharing economy company’s success rests on using data to offer better services and a more personalized experience. This requires collecting and storing vast amounts of user information, including (but not limited to) personal, medical, and financial information. In most cases, individuals access sharing economy platforms from personal devices that lack standard enterprise-level security.
Blockchain
According to the Blockchain Council, the major challenge with the sharing economy’s current business model is that its profits are not shared fairly among all involved. Instead, most of the profit generated is captured by the large intermediaries that operate the leading sharing economy platforms. Blockchain technology can potentially introduce a new, decentralized sharing economy business model.
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What are the key macroeconomic trends impacting sharing economy?
The macroeconomic trends impacting sharing economy are COVID-19, China, urbanization, strategic partnerships, ESG.
COVID-19
The COVID-19 pandemic has caused significant problems for sharing economy companies worldwide. With extended lockdowns in many countries and the global economy entering a deep recession in 2020, companies like Uber, Lyft, Grab, and Airbnb saw bookings drop sharply.
China
China has adopted a general regulatory framework for all sharing economy activities, and the government has created policies to encourage growth. Currently, the regulatory environment of China’s sharing economy is fragmented. The regulations around the sharing economy are largely industry-specific (i.e., there are separate regulations for online taxi service management and shared accommodation) and are implemented by local governments and departments.
Urbanization
Similarly, rapid urbanization coupled with limited housing options has driven the need for shared accommodation in urban areas. In cities with large numbers of young people, there has been a surge in demand for professionally managed co-living or student accommodation.
Strategic partnerships
Old economy companies across a range of sectors have forged strategic partnerships with sharing economy companies to sell sharing economy services. For example, in June 2020, Volvo partnered with Waymo to develop an autonomous electric vehicle for ride-hailing services.
ESG
The sharing economy is based on the principle of sharing or renting assets. This leads to a reduced need for goods, which results in reduced production. A decrease in production should mean less pollution, supporting environmental sustainability.
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What are the key regulatory trends impacting sharing economy?
The key regulatory trends impacting sharing economy are carbon emissions, data privacy, labor rights.
Carbon emissions
The auto industry is led by regulation as much as it responds to consumer demand. From Corporate Average Fuel Economy (CAFE) regulations in the US to Regulation (EU) 2019/631 setting CO2 emission performance standards in the EU and the Bharat regulations in India, all have shaped the average CO2 emission performance standards for the sale of new passenger cars and light trucks.
Data privacy
Participation in the sharing economy typically requires users to provide personal information, including their location, consumption habits, photos of personal items, credit card information, and travel habits. Consumer and data protection laws mostly cover the deceptive use of personal information. However, the speed at which the sharing economy is evolving will require agile responses from a data privacy perspective.
Labor rights
A persistent criticism of the sharing economy relates to its classification of workers (commonly referred to as gig workers) as independent contractors. This disqualifies them from receiving the basic protections and benefits of full employment, such as maximum working hours and paid time off. In most countries, including the US and the UK, labor laws continue to depend on distinctions between employees and independent contractors.
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What was the impact of COVID-19 on sharing economy?
COVID-19 had a significant impact on sharing economy. Worldwide travel restrictions badly hit the accommodation and transport sectors. At the time of writing, travel restrictions are easing in many countries, and people have started traveling more widely again. Consequently, demand for shared accommodation and ride-hailing services has begun to improve.
The sharing economy business model is adjusting to the changing market landscape. Alongside its negative effects, the pandemic also generated new opportunities for P2P knowledge and skill-sharing services. In addition, office closures increased the demand for freelance work. Below are some examples of sharing economy companies that benefitted from the pandemic.
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What are the different categories of assets and services involved in sharing economy?
The different categories of assets involved in the sharing economy are vehicles, property, consumer goods, and equipment. The different services involved in the sharing economy are financial services, educational services, and personal and professional services.
Which are the key companies associated with the sharing economy theme?
Some of the key companies associated with the sharing economy theme are Airbnb, Comuto (parent company of BlaBlaCar), Didi Chuxing, eBay, Expedia Group, IWG, Kickstarter, Lyft, ShareNow, Uber, and WeWork.
Market report scope
| Key technology trends | Social Media, Artificial Intelligence (AI), Cybersecurity, and Blockchain |
| Key macroeconomic trends | COVID-19, China, Urbanization, Strategic Partnerships, and ESG |
| Key regulatory trends | Carbon Emissions, Data Privacy, and Labor Rights |
| Key companies | Airbnb, Comuto (parent company of BlaBlaCar), Didi Chuxing, eBay, Expedia Group, IWG, Kickstarter, Lyft, ShareNow, Uber, and WeWork |
Scope
- This report provides an overview of the sharing economy theme.
- It identifies the key trends impacting growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
- It includes comprehensive industry analysis, including analysis of company filings, hiring, and social media trends.
- It contains details of M&A deals driven by the sharing economy theme, and a timeline highlighting milestones in the development of the sharing economy.
- The detailed value chain is split into four segments: shared assets and services, infrastructure, sharing economy platforms, and use cases.
Scope
This report provides an overview of the sharing economy theme.
It identifies the key trends impacting growth of the theme over the next 12 to 24 months, split into three categories: technology trends, macroeconomic trends, and regulatory trends.
It includes comprehensive industry analysis, including analysis of company filings and hiring trends.
It contains details of M&A deals driven by the sharing economy theme and a timeline highlighting milestones in the development of the sharing economy.
The detailed value chain is split into four segments: shared assets and services, infrastructure, sharing economy platforms, and use cases.
Key Highlights
According to consensus forecasts, the sharing economy market is expected to reach over $1 trillion in revenue by 2031. As the sharing economy model reaches maturity, companies that made their name as disruptors, like Uber and Airbnb, are now the incumbents. They face a new wave of disruption from smaller players harnessing technologies such as artificial intelligence (AI) and blockchain.
New technologies such as generative AI allow sharing economy platforms to enhance their services. Companies such as Airbnb and Lemonade have integrated AI into their offerings to provide more personalized recommendations or more efficient services. As AI develops, sharing economy platforms will use it to understand their consumers better and provide more personalized offerings.
Reasons to Buy
Over the past few years, the sharing economy has grown rapidly, driven by increased urbanization, technological advancements, greater familiarity with peer-to-peer sharing, fewer entry barriers, and the financial gains it offers to consumers. Moreover, high mobile penetration and the increasingly important position of millennials in the global economy-alongside increased demand for shared assets-have paved the way for new business opportunities and additional revenue streams for both individuals and businesses.
This report provides a detailed overview of this increasingly important theme, including identifying leading companies across all aspects of the sharing economy.
99designs
9flats
Abcomrents
Advance Mobility
Agiliti
Agoda
Airbnb
Alibaba
Alliant Credit Union
Alphabet
Amazon
Anyplace
Appear Here
Babonbo
Baboodle
BetterLesson
BigRentz
BillionElectric
BlaBlaBus
BlaBlaCar
Blend Network
BlueSG
BMW
Boatsetter
Bolt
Bolt Technologies
Boohoo
Booking Holdings
BoxMySpace
Brainly
Breather
Brixmor
By Rotation
Byju’s
Care.com
Carma Technology
CarNextDoor
Carsharing Russia
Carvolution
Caterpillar
Certilligo
Ceva Logistics
CheapTickets
Chegg
China Rapid Finance
Chowbotics
CircleUp
Classy
Clever Tots Toy Club
Click & Boat
Cloud of Goods
Cocoon
Codeacademy
Cohealo
Coleman Research
Collateral Medical
Coursera
Coursmos
Coworking Bansko
Craigslist
Crowdcube
Daimler
Dance
Degreed
Delimobil
Deliveroo
Deskpass
DHL
Didi Chuxing
DoorDash
Dozr
DreamBox Learning
Drivezy
Drizly
easyCar Pool
eBay
EdisonLearning
EquipmentShare
Etherisc
Europcar Mobility Group
EvCard
evmo
Expedia
FedEx
Fenix Technologies
FirstUp
Fiverr
Flex IT Rent
Flexjet
Fluro
Freelancer
Friendsurance
GamePlanner.AI
Getaround
Getmyboat
Gett
GetTaxi
Glamcorner
GoFundMe
GoGet
Gojek
Goldbell Engineering
Goldman Sachs
Gores Metropoulos II
Grab Holdings
Green Mobility Holding
Groupe Beneteau
Grover
GSE AudioVisual
Guru
Gwynnie Bee
Hala Mobility
Hamilton Rentals
Heetch
Herc Rentals
Hilton Worldwide
Holiday Swapping
Home Depot
HomeAway
HomeExchange
HomeToGo
Hoop Carpool
Hoop Solutions
Hotels.com
Houghton Mifflin Harcourt (HMH)
Hubstaff
HumanForest
Hurr
HyreCar
IBM
Impact Hub
Indiegogo
Industrious Offices
InPost
Interep
IWG
Jump Bikes
Justos
Kayak
Kickstarter
Kiki
kion group
Kiva
KiwiCo
KnownOrigin
Kuadi Dache
Laka
Lakestar SPAC I
Landbay
Lark
Lark Technologies
Learning Pool
Ledger Investing
Lemonade
Lenders Funding
Lendingclub
Lendis
Liftshare
Loop
Lyft
MadeComfy
Mahindra and Mahindra
MakeMyTrip
Marriott International
Masterclass
Maxi Mobility
McGraw Hill
MedShare
Meru Travel Solutions
Meta
Microsoft
Mindspace
Minut
Mondee
Mondial Relay
Motional
Mottu
MyWardrobeHQ
Naver
Nestaway
NetJets
Networking Premium Coworking
Newmark Group
Newsela
Nextdoor
Nexus Mutual
Nippon Express
Nooka Space
Ola
Ola cabs
Openbazaar
OpenTable
Orbitz
Oriental Land
Palm Teknoloji
Pango Mobile Parking
Pathfinder
Patreon
PBSC Urban Solutions
Pearson
Peerform
PeoplePerHour
Porch Group
Poshmark
Postmates (acq)
Premier Workspaces
Pricepally Nigeriar
Prosper
ReadySpaces
Rent The Runway
Rentacomputer
Rush Computer Rentals
Seedrs
ServiceScape
Sety
Shared Medical Services
Sharing Economy International
Shein
Shquared
Shuidihuzhu
SK Telecom
Skillshare
Skillsoft
Skootel
SkyHive
Socar
SoFi
Softbank
Sonder
SparkPlus
Spartan Logistics
Stashbee
Stellantis
Stoke Talent
Storefront
Storefrpnt
Stylework
Sunbelt Rentals
SurfAir
Target
TaskRabbit
Teachers Pay Teachers
The Volte
The Wing
Thumbtack
TikTok
Tokopedia
Toptal
Toy Box Monthly
ToyRentJunction
Travelocity
Travelscape
TripAdvisor
Uber
Ucommune
Udacity
Udemy
United Rentals
Upshift
Upstart
Upwork
Uride
US Med-Equip
vacationspot
VELCO
Venture X
Via Transportation
VisasQ
Vistajet
VOI Technologies
Vrbo
VTB Bank
Walmart
WareSpace
WeWork
Wheels Up
Whirli
Wiziboat
Wolters Kluwer
Wonolo
Woven Planet
Wunder Mobility
xNomad
Yamaha Motor
Zipcar
Zomato
Zoomcar
Table of Contents
Frequently asked questions
-
What are the key technology trends impacting sharing economy?
Social media, artificial intelligence (AI), cybersecurity, and blockchain are the key technology trends in sharing economy.
-
What are the macroeconomic trends impacting sharing economy?
COVID-19, China, urbanization, strategic partnerships, ESG are the macroeconomic trends impacting sharing economy.
-
What are the key regulatory trends impacting sharing economy?
Carbon emissions, data privacy, labor rights are the key regulatory trends impacting sharing economy theme.
-
Which are the key companies associated with the sharing economy theme?
Airbnb, Comuto (parent company of BlaBlaCar), Didi Chuxing, eBay, Expedia Group, IWG, Kickstarter, Lyft, ShareNow, Uber, and WeWork are the key companies associated with the sharing economy theme.
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