Localization Gig Economy Market Growth 2
The video creation, laundry services, and healthcare industries are three examples of markets where the localization gig economy could be expanded.
- Brands, businesses, and agencies today face several challenges with video creation. This aspect of their business is quite essential to brand promotion and marketing campaigns.
- However, there is the challenge of producing high-quality content as frequently as is needed. Most brands currently rely on "word-of-mouth and informal networks" to procure content creators' services, which can be both inefficient and time-consuming.
- Location-based gig platforms have recognized this opportunity and are beginning to expand their services to cater to the same. The localization gig economy is expanding in two ways; "companies are either expanding into new sectors or becoming 'super apps,' where they offer a broad range of gigs under a single platform."
- With the onset of the coronavirus pandemic, remote-produced videos are soaring in demand, as access to studios and production crews has become more challenging.
- Examples of platforms that are following this trend include VidOps and Vimeo.
- The expansion of existing gig companies to become super apps can be seen in the extension of the localized gig economy to include the laundry services market. Besides services such as ride-hailing and food delivery, laundry services are now being incorporated into freelance gigs.
- A report by Jungleworks cited a study which revealed that "the majority of millennials do not want to invest their time in taking care of daily household chores and commitments, stating that it is hectic and tedious."
- Further studies also revealed that the dry cleaning and laundry services market is projected to reach $7.66 billion by 2022 in the US alone.
- As such, gig-based companies such as Go-Jek and Uber are expanding their services to venture into this market. In 2019, Uber announced its plans to launch a new program in addition to its ride-hailing and food delivery services that allow gig drivers to render laundry, cooking, and cleaning-related services.
- The program, Uber Works, is expected to "expand the staffing industry in the same way Uber Eats expanded the restaurant industry."
- The localization gig economy is poised to expand into the healthcare industry due to modifications in how healthcare is delivered and managed. Technological advancements in digital health propose a future where care delivery is more decentralized and mobile.
- "Doctors and medical professionals are seeking more flexible options, with 16% of healthcare professionals in 2017 stating that they would leave the traditional full-time clinical employment by 2018."
- On the other hand, healthcare institutions indicated talent shortages as their primary reason for considering more temporary staffing, as the United States healthcare industry is expected a shortage of workers in the range of 40,000-104,000 physicians by 2030.
- The number of millennial workers seeking flexible work and those who want more convenient healthcare options is expected to grow between 10-15% annually. These statistics are thus creating a possible market for the expansion of the localization gig economy.
- Wheel, Nomad Health, and Medley are three examples of platforms taking advantage of this market opportunity.