In this article, we will list the 20 biggest gig economy companies in the world. If you want to skip our discussion about the gig economy, go to the 7 Biggest Gig Economy Companies In The World.
The gig economy is a labor market that utilizes part-time and temporary roles. These roles are usually occupied by freelancers and independent contractors. It gives the workers freedom and independence and allows companies to save on costs. However, gig work comes at the cost of job security, paid leaves, and health insurance among other benefits of permanent employment.
A gig economy company is any entity that facilitates gig workers to secure temporary or contractual positions. However, there are gray areas that might make it difficult to identify a gig economy company. It is straightforward to identify companies such as Upwork Global Inc. (NASDAQ:UPWK), Uber Technologies, Inc. (NYSE:UBER), and Fiverr International Ltd. (NYSE:FVRR) as gig economy companies. However, it might not be easy to notice that e-commerce platforms such as Shopif, Inc. (NYSE:SHOP) also belong to the gig economy.
The e-commerce platform offers numerous ways for gig workers to procure freelance work from marketplaces such as Fiverr and Upwork, thus facilitating them. Some experts, for example, earn money by setting up entire Shopify websites for their clients. For our list of the 20 biggest gig economy companies in the world, we have included some companies that might not appear to belong in the gig economy but actually have a place there. If you are interested in gig economy stocks, check out this list of the best gig economy stocks to invest in.
Gig economy workers are on the rise in the United States and the world. According to the 2023 Freelance Forward Report by Upwork Global Inc. (NASDAQ:UPWK), 39% of Americans did some sort of freelance work in 2022, up from 36% in 2021. Upwork’s Future Workplace 2022 report also reported that 66% of the surveyed hiring managers who engage with independent talent, plan to increase their utilization of freelancers over the next two years. These gig workers have a significant economic footprint in the United States. According to Upwork’s Freelance Forward Report, they contributed $1.35 trillion to the US economy in terms of annual earnings in 2022. It is no surprise, therefore, that the United States has the biggest gig economy.
The American Opportunity Survey by McKinsey, which involved more than 25,000 Americans, found that one-third of its respondents doing independent work earn more than $150,000 per year. The category of high-earning remote workers includes lawyers, accountants, actors, and social media influencers, among others. However, these high earners are in the minority as young people and those with less training take work with fewer barriers to entry, such as driving passengers or delivering takeout meals. In addition, the majority (54%) of independent workers were concerned about the stability of their jobs.
A recent World Bank report Working Without Borders, explains that many young workers are using digital platforms to access work from all over the globe. According to the World Bank, youth make up over half of the online gig workforce. Therefore, it is not wrong to assume that any improvement in the gig economy will lead to improvement in the working conditions of the youth. Many policymakers around the world have now turned their attention to the gig economy. Since President Biden took office, the US Labor Department has taken significant regulatory action, which includes rules that spell out the process by which companies must determine how a worker is classified and the benefits they should receive. However, several US businesses have recently escalated their legal battle against the Biden administration’s measures by claiming that these rules are costly and can decimate the gig economy.
With that backdrop, let’s look at the 20 biggest gig economy companies in the world.
A close up view of a hand holding a smartphone, using a ride sharing app.
Methodology
To curate our list of the 20 biggest gig economy companies in the world, we first curated a list of the major publicly listed gig economy companies. For each company, we also noted its market capitalization and then sorted the list according to it.
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20 – Freelancer Ltd (ASX:FLN)
Market Cap – $96.95 Million
Freelancer Ltd (ASX:FLN) is one of the 20 biggest gig economy companies in the world. It is an Australian freelance marketplace that was founded in 2009. Freelancer Ltd (ASX:FLN) has offices in major cities like Vancouver, London, and Buenos Aires, but it is headquartered in Sydney, Australia.
19 – Talkspace, Inc. (NASDAQ:TALK)
Market Cap – $613.12 Million
With a market capitalization of more than $600 million, Talkspace, Inc. (NASDAQ:TALK) is 19th on our list of the 20 biggest gig economy companies in the world. Founded in 2012, it is a mobile therapy company based in New York City. Talkspace, Inc. (NASDAQ:TALK) gives its users access to licensed therapists through its website and mobile apps.
18 – Fiverr International Ltd. (NYSE:FVRR)
Market Cap – $775.98 Million
Fiverr International Ltd. (NYSE:FVRR) is one of the most popular gig economy platforms in the world. It is an Israeli multinational online marketplace for freelance services. Unlike other freelance market platforms, it lets the sellers set up their own gig and lets buyers look for the sellers offering the service they require. As of the third quarter of 2023, Fiverr International Ltd. (NYSE:FVRR) had 4.2 million active buyers.
17 – Angi Inc. (NASDAQ:ANGI)
Market Cap – $1.15 Billion
Angi Inc. (NASDAQ:ANGI) is 17th on our list of the 20 biggest gig economy companies in the world. The company operates an online portal for home improvement. Angi Inc. (NASDAQ:ANGI) offers a digital platform that lets homeowners look for home service professionals.
16 – Upwork Global Inc. (NASDAQ:UPWK)
Market Cap – $1.64 Billion
Upwork Global Inc. (NASDAQ:UPWK) ranks 16th on our list of the 20 biggest gig economy companies in the world. Headquartered in San Fransisco, California, Upwork Global Inc. (NASDAQ:UPWK) connects businesses with independent professionals and agencies around the world.
15 – Deliveroo PLC. (LON:ROO)
Market Cap – $1.98 Billion
Deliveroo PLC. (LON:ROO) was founded in 2013 in London, England. It is an online food delivery company that operates in the United Kingdom, France, Belgium, Ireland, Italy, Singapore, Hong Kong, and the United Arab Emirates. The company announced earnings of $109 million in 2023.
14 – LegalZoom.com, Inc. (NASDAQ:LZ)
Market Cap – $2.47 Billion
LegalZoom.com, Inc. (NASDAQ:LZ) is 14th on our list of the 20 biggest gig economy companies in the world. It is an American legal technology company that provides its customers access to independent attorneys and self-service tools. LegalZoom.com, Inc. (NASDAQ:LZ) was launched in 2001.
13 – Just Eat Takeaway.com N.V. (AMS: TKWY)
Market Cap – $3.26 Billion
Just Eat Takeaway.com N.V. (AMS: TKWY) is one of the biggest gig economy companies in the world. It was launched in 2020 with the merger of London-based Just Eat and Amsterdam-based Takeaway.com. Currently, it is headquartered in Amsterdam, the Netherlands.
12 – Lyft, Inc. (NASDAQ:LYFT)
Market Cap – $6.96 Billion
Lyft, Inc. (NASDAQ:LYFT) is an American company that offers mobility as a service. Some of its products include ride-hailing services, motorized scooters, rental cars, bicycle-sharing systems, and food delivery in the country. With a market capitalization of $6.96 billion, Lyft, Inc. (NASDAQ:LYFT) is 12th on our list of the 20 biggest gig economy companies in the world.
11 – Etsy, Inc. (NASDAQ:ETSY)
Market Cap – $7.76 Billion
Etsy, Inc. (NASDAQ:ETSY) is one of the largest e-commerce companies in the United States. It is focused on handmade or vintage items and craft supplies. Some of the categories of products that Etsy, Inc. (NASDAQ:ETSY) caters to include jewelry, bags, clothing, home decor, and furniture.
10 – Maplebear Inc. (NASDAQ:CART)
Market Cap – $10.2 Billion
Maplebear Inc. (NASDAQ:CART) is 10th on our list of the 20 biggest gig economy companies in the world. It is an American delivery company that does business as Instacart and operates a grocery delivery and pickup service. Maplebear Inc. (NASDAQ:CART) operates in the United States and Canada.
9 – Grab Holdings, Ltd. (NASDAQ:GRAB)
Market Cap – $13.37 Billion
Grab Holdings, Ltd. (NASDAQ:GRAB) is ninth on our list of the 20 biggest gig economy companies in the world. It is a Singaporean multinational technology company that operates the Grab app. It is a multipurpose platform that offers food deliveries, mobility services, and financial services, among others. Grab Holdings, Ltd. (NASDAQ:GRAB) is headquartered in One-North, Singapore.
8 – Block, Inc. (NYSE:SQ)
Market Cap – $46.01 Billion
Block, Inc. (NYSE:SQ) is the 8th biggest gig economy company in the world. It is a financial technology conglomerate that serves 56 million users. The company was incorporated in 2009 and is based in San Francisco. Block, Inc. (NYSE:SQ), along with its subsidiaries, creates tools that enable gig economy workers to accept card payments.
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Disclosure: none. 20 Biggest Gig Economy Companies In The World is originally published on Insider Monkey.