In seven years, the sharing economy has achieved a global value of $15bn – according to Compare and Share's report, its growth rate is outstripping that of Facebook, Google and Yahoo combined.
Love Home Swap allows users to trade accommodation with each other.
Indeed, the study claims that growth of the sharing economy will rocket in the next ten years to a value of $335bn globally. However, that figure is somewhat skewed, as the valuation includes just five sectors – P2P finance; tasks, jobs and skills; P2P accommodation; car sharing, and media streaming of music and videos – suggesting the figure could climb higher still.
The report follows the launch of the Sharing Economy UK trade body on 6 March, which is designed to help shape the sector in Britain, providing support and protection for businesses and consumers and alike in order to increase growth and awareness.
It's a collaborative project and minster of enterprise Matthew Hancock has backed the involved parties, which include Love Home Swap, Airbnb, Hassle, Bla Bla Car and more.
With those names in mind – as well as the likes of Uber, JustPark and Borrowmydoggy – Compare and Share says it is technology that's acted as the enabler of the sharing economy. It's data found $28m is invested in startups in the sector each day, driven by the £3.5 trillion idle resource market, such as empty properties, cars, electronics, furniture and so on, becoming useful assets.
Read more on the sharing economy:
- Defining Britain's sharing economy with Hassle's CEO and Sharing Economy UK board member
- Google's rival Uber service a legal row looking to erupt
- Government-commissioned sharing economy report endorsed by Richard Branson
Benita Matofska, founder of Compare and Share, said: “The Sharing Economy has now become the growth sector to invest in. 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. The market has also been driven from the bottom up with consumers actively participating and driving it, making it unique.”
In terms of the adoption rate, the findings revealed 28 per cent of adults worldwide are sharing service members, with 46 per cent preferring to share items rather than own them, and 68 per cent willing to share or rent goods to make money.
As for the UK, which is described as a pioneer in the space, the British sharing economy has a current valuation of £500m that is set to rise to $9bn by 2025 as 64 per cent of adults are use the channel, the report said. However, Asia Pacific will be the market to invest in, as 78 per cent of the population is willing to share goods and 81 per cent would rent from others.
Matofska, added: “The Sharing Economy is now a worldwide phenomenon. In order to propel further global growth, I have led the development of a trust kitemark called Sharetrade that will enable consumers to engage in sharing activities safely and securely. Sharetrade will help to de-risk the Sharing Economy, hugely increasing investment in the sector, which in turn will make a significant contribution to the future global economy.”