Remote Work Economy, Gig Economy, and EOR: Market Sizing
Delivered April 15, 2021. Contributor: Dagmawit W.
To obtain the market size of the remote work economy, the gig economy, and the global EOR (employer of record) industry.
The research team was unable to find any source that would provide the market size for the global Employee of Record industry. A thorough analysis of market research reports from trusted sources withholds the market size and CAGR information, which is behind a paywall. Some of these reports include Market Research Reports, Absolute Reports, and NelsonHall Market Analysis.
We were also unable to provide the global market size for the gig economy and the remote work economy. Our research journey revealed that the remote work economy includes various industries and we have attempted to get the market size for the different segments. In the next phase of research, the team could provide additional insights that would be beneficial in providing an overall estimate.
Remote Work Economy
Prior to the COVID-19 pandemic, the global remote workforce stood at 16.4%. In 2020, this percentage increased to 72%.
According to Global Workplace Analytics, if half the population that wanted to work remotely (79%) were given the chance to do so, it would have an economic benefit of $700 billion a year.
According to Owl Labs, about 52% of the global workforce have the opportunity to work from home at least once a week, while 68% can do so once a month. The key constraint here is that globally, 44% of companies do not allow/accommodate/offer remote working opportunities
The remote work economy consists of other markets/industries. For example, one industry that has seen tremendous growth is the global remote desktop software market size. In 2019, the value stood at 1.53 billion. This market size is projected to reach $4.69 billion by 2027.
The global Remote Access Software market size in 2019 was $1.596 billion and is expected to reach $3.829 billion by 2025. Key players include AnyDesk Software GmbH, LogMeIn, Inc, TeamViewer, Splashtop Inc., BeyondTrust Corporation, Zoho Corporation, Microsoft, Kaseya Limited, Drive Inc. RemotePC, and Remote Utilities LLC.
Another industry directly impacted by the increase in remote working due to COVID-19 is the global collaboration software market. In 2019, the market size was $8.9 billion. This value rose to $23 billion in 2020. Key players in this industry include Citrix Systems Inc., Slack Technologies, Inc., Oracle Corporation, IBM Corporation, AT&T Intellectual Property, Cisco System, Inc., Microsoft Corporation, Google (Alphabet Inc.), BOX, Inc., TeamViewer GmbH, LogMeIn, Inc., and Zoom Video Communications, Inc.
A report released by 360 Research Reports withheld the market sizing information. Key players in this market include TaskRabbit, BellHops, Guru.com, HopSkipDrive, Freelance, Rover, Upwork, Fiverr, DoorDash, Favor Delivery, Turo, Twago Enterprise, and Handy.
According to data presented in 2017, the total addressable market of the global gig economy was estimated to have reached $1.5 trillion.
Employee of Records
Top players in the global Employee of Record industry include iWorkGlobal, ELEMENTS GLOBAL SERVICES, Shield GEO Services, Universal Hires, Safeguard Global, New Horizons Global Partners, Velocity Global, InCorp Group, Globalization Partners, and FoxHire.
The market size of this industry could exceed $1 billion by 2024.
Summary of our Early Findings
Our initial one-hour research was able to do a quick scan for the market size of the requested industries: remote work economy, gig economy, and employee of records market. Although we were unable to provide credible information on the market size, the research team was able to provide insights from industry reports that would address all three sections.
This google spreadsheet will be populated with the data for the key players across the different industries highlighted in this research.
Following these findings, the research team has outlined a comprehensive research plan below that you can activate by selecting all the options or those that would best meet your need.
Only the project owner can select the next research path.