New PwC Analysis Predicts Dramatic Rise of the Sharing Economy Over Next Decade…
Earlier this month, analysis conducted by professional services outfit PwC found that the five most prominent sharing economy sectors have the potential to rise to around £9 billion in the UK by 2025, up from just £0.5 billion, and could hit $335 billion globally. Digital platforms play a key role in the sharing economy in assisting peer-to-peer (P2P) finance, online staffing, P2P accommodation, car sharing and music/video streaming.
The sharing economy has grown significantly over the past few years from small dealings between friends and family to global business now valued in the billions. Robert Vaughan, an economist at PwC commented that this is “a result of long-term megatrends colliding together, driven by advances in technology, resource scarcity and social change”.
John Hawksworth, a chief economist at PwC, added that “modern digital communications allow sharing to happen across a global village of consumers and providers, with trust established through electronic peer reviews”
To achieve the potential that the sharing economy has to offer the UK digital sector should be at the forefront of the drive. This includes pushing to overcome regulatory and competitive challenges at the national and international levels, such as laws controlling short-term rentals of P2P accommodation sites. The UK is indeed well placed to take advantage of this potential provided it maximises its opportunity through continued broadband and wireless services infrastructure.
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