December 02 ,2015 | by Hari Sri

UK ‘gig economy’ set to be worth £2bn by 2020, shows research

According to new research, the so-called 'gig economy' (in which people buy and sell services and jobs via online platforms) may be worth nearly £2bn in the UK and $63bn globally by 2020.

The report from Big 4 firm PwC reveals that the connected work market - professional networking, freelancing and global web conferencing platforms, as well as remote working apps - will become an increasingly important part of the wider UK economy.

Huge potential

Although this market only makes up 2% of the total recruitment market, PwC's new report says the growth potential is huge.

This is due to an increasing number of professionals who are choosing to work flexibly, with part-time and contract work likely to increase over the next five years.

‘The Future of Work’ report revealed almost half (46%) of HR professionals expect at least a fifth of their workforce to comprise contractors or temporary workers within five years.

Changing world of work

Head of PwC’s global people & organisation practice, Jon Andrews, commented: “The world of work is changing. Contract work is in many cases trumping full-time, permanent roles for people due to the flexibility, autonomy and control it offers. People are increasingly using the technology of the connected work market to dictate where and when they work, and for who."

The report adds that connected work technology combined with an innovative and entrepreneurial middle market will mean more businesses adopt a policy of sourcing workers on a project basis.

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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