In the realm of digital technology, sharing is about more than just showing compassion; it also means bigger profits. For all who can adapt. According to the findings of a recent survey, the number of individuals using “sharing economy” applications such as Uber, Airbnb, and Lyft is expected to continue expanding at a rapid pace in the future.

According to a survey conducted by the business services company PwC, nearly half of all adults in the United States are familiar with sharing economy enterprises, and the majority of respondents anticipate making use of these organizations within the next two years. Not only do individuals think they have excellent cause to turn to those businesses more regularly, but they also plan to turn to them more frequently. There are currently 44 percent of adults in the United States who are aware of the sharing economy. Of those adults, 86 percent believe that the sharing economy makes life more affordable, 83 percent believe that it makes life more convenient, and 78 percent believe that it builds a stronger community.

But consider

According to the findings of a report compiled by PwC, “Trust, convenience, and a feeling of community are all characteristics that are helping propel adoption of the sharing economy forward.” “The innovation clock is now set to fast-pace, and it will get even quicker as consumers become more trusting in relationships tied to social sentiment and communities of users.” “The clock is now set to fast-pace, and it will get even faster.”

There is a wide variety of businesses operating within the sharing economy. People are able to trade their bicycles, cameras, tools, and musical instruments through the use of certain services. Others, such as Airbnb and VRBO, enable people to rent out individual rooms in their houses or even the entire property while they are away. Car-sharing services, such as Uber and Lyft, enable individuals to serve as unofficial taxi drivers by giving rides in their own vehicles to complete strangers. In addition, there are firms such as Feastly that facilitate a dining experience that is comparable to that of a restaurant but takes place in the diner’s own home.

The results are in

The results of the poll conducted by PwC are likely to contribute to the bubble-like nature of huge sharing economy companies such as Uber, which currently has a valuation of $41.2 billion and is the world’s second-highest valued venture-backed company. The concept that people should pool their resources, goods, and services in order to make the world a place that is more cooperative and produces less waste is central to the sharing economy. Yet, there are many who believe that while certain companies in the sharing economy do generate money off of the people who work for them, this does not necessarily mean that these enterprises make everyone’s life better.

PwC polled 1,000 persons in the United States over the month of December, gathering responses from a variety of locations, age groups, and income levels for its report. According to the findings of the study, the proliferation of social networking sites, the usage of mobile devices, and the cloud will lead to an increase in people participating in the gig economy. 19% of the overall adult population in the United States has participated in the sharing economy, with the age group ranging from 18 to 24 years old constituting the largest age group. 

According to PwC’s research, the market for sharing economies is now awash with cash, but this abundance of wealth is only going to increase. According to the findings of the research company, the global revenue generated by sharing economy enterprises, which is approximately $15 billion at the present time, will increase to approximately $335 billion by the year 2025. According to a survey published by PwC, in order for businesses to maintain their level of success, they will need to place a greater emphasis on earning the trust of their customers. 

Discerning customers

“Discerning customers are adding friction into the value equation,” said Deborah Bothun, who is the leader of PwC’s entertainment, media, and communications practice, in a statement. “Creating a frictionless experience will be a necessity for success,” Bothun continued. “Flawless digital tools, stunningly simple search, and smooth transactions are not only a nice-to-have for enterprises in today’s day and age; rather, they are a need for all players in the sharing economy.”