The sharing economy has expanded by $15 million in the past seven years, according to a report by compareandshare.com.
The paper What we know about the global sharing economy suggests this level of growth is higher that the combined financial expansion of tech giants Facebook, Google and Yahoo – estimated to be $11 billion.
In this time the sharing economy has, from a standing start, seen its worth increase to $15 billion, according to the report. Every day $28 million is now invested into the industry.
Based on just five market verticals – P2P finance, tasks/jobs/skills, P2P accommodation, car sharing and media – the report’s authors predict the area will be worth $335 billion by 2025.
>See also: Why the UK is the natural home of the Global Sharing Economy
The UK is at the forefront of the sharing economy revolution; with the current domestic market of just under $1 billion expected to grow to $9 billion by 2025.
However, Asia-Pacific is expected to outstrip all other markets as the trend catches on in the East – with 78% of adults there reportedly willing to share their goods with others.
Compareandshare.com founder and CEO Benita Matofska claimed the sharing economy is now a “global phenomenon”.
“The sharing economy has now become the growth sector to invest in,” she said. “It’s growing at an incredibly fast rate, faster than Facebook, Google and Yahoo together.
“What makes it valuable is that it not only provides an exceptional investment opportunity and economically is growing incredibly fast, but it puts the environment and sustainability at the heart of the way in which it operates.”
