Sharing economy to reach $40.2 billion in five years

Published: July 30, 2017

Updated: July 24, 2018

Author: Brad Neal

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The sharing economy will grow on the back of established companies pushing into the sector over the next five years. UK-based Juniper Research says the market will reach US$40.2 billion by 2022.

In a report titles Sharing Economy: Opportunities, Impacts & Disruptors 2017-2022, Juniper Research says the 2022 figure will mean the market has doubled from 2017’s US$18.6 billion. The research and analytical services providers analysed major drivers and potential disruptors in the market to assess the main sectors within the sharing economy.

These core sectors include ridesharing, shared transport, space, services, money, logistics, agriculture, B2B, manufacturing, and more. Canada is named as one of the key global regions for development of shared services.

Established names in transport and space (Airbnb) will press towards the sharing economy and bring growth to the market: “The space and transport sectors will continue to dominate the sharing industry,” Juniper Research points out.

Juniper says sharing has already grown since its last research, noting companies like Uber and Lyft “have seen much greater returns from driver operations than expected. The research noted that the proportion taken by these platforms is now around 30% per journey, as providers capitalize on an established driver network,” the statement adds.

Since 2015, Airbnb has seen its listings grow from 2 billion to 3 billion.