What types of technology have helped the gig economy grow?

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In 2024, the gig economy has become a trending topic for all. Technology has been a helping hand for all individuals and organizations. I’m pretty sure that you are also searching for information related to the gig economy. Yes, you are at the right place. In this article, you will be clear regarding the gig economy and the types of technology that have helped the gig economy grow along with a downside of working in the gig economy.

What is the gig economy?

The gig economy is a global labor market where every individual prefers to work as a freelancer, part-time rather than a full-time permanent employee. For example, Graphic Designers, Affiliate Marketers, and different ride-sharing services. In Ride-sharing services where a driver serves passengers to reach their location and gets paid according to the distance traveled.

In this digital era, technology plays a significant role in the connection of people. Similarly, it helps freelancer job seekers in finding jobs within a short period. Many people use online platforms as their career professions.

The development of advanced technologies has changed the gig economy and has been turning into a positive path. For sure, in the coming days, it will change every individual’s lifestyle and organization’s work environment.

Below in this article, we’ll be exploring different essential technologies for the gig economy. Similarly, supporting technologies for enhanced efficiency and lastly, emerging technologies with potential impact.

Essential Technologies for the Gig Economy

Mobile technology and Apps

The gig economy is a global labor market where people prefer freelance rather than half or full-time employees. So working as a freelancer these mobile technology and apps helps to connect with potential clients. Freelancers can connect potential clients and customers from every corner of the world. It also helps to manage transactions and reward ratings from those clients through mobile apps and more.

Moreover, people are using the GPS on their mobile phones during the time of ride-sharing. Even riders and passengers can track the location through it. Not only sharing rides, it also helps individuals to transport goods from one place to another. Some of the most popular gig economy apps that provide services and opportunities for an individual are as follows:

Uber: It is one of the popular company, that provides different connections of individuals for transportation. It helps the individual as a potential client and a rider. It provides an opportunity for every class of people. Even though most people use it while going to home or the office after duty or before duty.
Airbnb: it is one of the well-known company that provide opportunities to individuals in the hospitality sector. It adopts an innovative concept by empowering freelance workers to earn some revenue by providing affordable rentals.
Pathao: it is another start-up company that offers individual riding services like Uber. Recently, Pathao has been using different things like Pathao food, riding services as usual, and many more. It helps individuals to save time for employees and gives chances to earn some revenue for riders.

Online Platforms and marketplaces:

Online platforms and marketplaces have been a business hub for the gig economy. It helps businesses/ organizations to seek freelance workers easily. Just like a business/ organization can post their works in different freelance sites like Fiverr, and Upwork and find possible targeted freelancers who can work for them.

Not only organizations/ businesses, It helps freelancers to show their talents through different online platforms. For example, providing services to clients with affordable prices in Fiverr, and Upwork. Uploading their working document certificate as proof related to the targeted works. Let’s discuss some of the online platforms and marketplaces that help gigs grow:

Fiverr

It is one of the renowned online platforms and marketplaces for digital services. It helps to connect businesses with freelancers in the form of digital platforms. In this platform, freelancers provide services to businesses at affordable prices. Businesses can find targeted freelancers easily within a short period of time. Freelancers such as designers, digital marketing service providers, website developers, and others can easily be found here.

Upwork

It is one of the other renowned online platforms and marketplaces for digital services like Fiverr. It helps to connect businesses with freelancer professionals around the world. Both freelancers and organizations can work flexibly, transparently, and securely under the form of hourly tracking and milestone-based payment systems.

Supporting Technologies for Enhances Efficiency:

Cloud Computing and Data Analytics:

Cloud computing and data analytics are another technology that helps to grow the gig economy. It handles the flexible nature of the gig economy. It provides remote access to essential tools and project information. So with the help of this, it can easily save data and information regularly without any hard drives or any other devices.

Popular gig economy platforms can be easily connected with modern cloud computing and data analytics systems by allowing for better flexibility and efficiency. It also centralized the work environment for customers and gig workers.

Social Media and Networking:

In this 21^st century, every individual has access to social media. Even from the age of 16 to mid-50 are engaged and attached to social media like YouTube, TikTok, Instagram, Facebook, and more. But for professional uses, people prefer LinkedIn, Twitter, and Skype. It enhances online visibility and attraction of potential clients for freelancers and potential freelancers for organizations.

Similarly, social media and networking help in building professional networks and communities within the gig economy. It helps to share reviews and recommendations to the freelancers as well as clients. It helps to establish worker credibility.

Emerging Technologies with Potential Impact:

Artificial Intelligence (AI):

Artificial Intelligence (AI) has become one of the most top-rated technologies that helps to grow the gig economy. It helps in matching algorithms with freelancers and clients based on their choices and preferences or simply with their interests and skill sets.

Similarly, Artificial Intelligence helps to provide historical data, trend predictions, and demand for specific skills for both gig workers as well as clients. AI has defined many future aspects of the gig economy like:

Job matching algorithms: This Artificial intelligence helps in matching worker skills with the client’s project requirements more effectively.
Streamlining administrative tasks: It helps in automating administrative tasks to streamline platform operations.
Improved decision-making: It helps to decide for an individual for different works. For example, if someone is searching for a keyword for any information then they can directly ask for AI so that they can easily get information without any doubt.
Workflow optimization: It has potential AI-powered tools to assist with gig work itself. For example: content creation, video script, pottery writing, and more.

Blockchain Technology:

Blockchain technology is one of the hidden technologies that helps to grow the gig economy. It helps in enhancing security and transparency in online transactions. During the time of payment freelancers and clients may doubt the payments. For this blockchain technology has enabled secure and trackable micropayments for gig work. Similarly, it helps in creating new models for worker ownership and control within platforms. Some of the most popular payment systems that help to proceed with transactions between clients and the gig works are as follows:

PayPal
Payoneer
Native Teams
Western Union
Google Pay

Conclusion:

In sum, the gig economy is a global labor market where every individual prefers to work as a freelancer, part-time rather than a full-time permanent employee. Different Mobile technology and Apps, Online Platforms, and marketplaces are the essential technologies for the gig economy. Similarly, Cloud computing and data analytics are the supporting technologies for enhancing the gig economy efficiency. Trending technologies like Artificial Intelligence (AI) and blockchain technology are emerging technologies with a potential impact on the gig economy.

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