Industries that Favor the Future of On-demand Economy
By alluring an approximate of 22.4 million novel customers into business every year, the on-demand industry is gradually conquering the global market. Above all, it is expanding its boundaries to other prominent markets such as health care, commuting, home services and so much more. The sole reason why the on-demand economy has become a massive success is, the millennial population appreciates and adore convenience, efficiency and timely response. And guess what! 49% of today’s on-demand services consumers are Millennials, while the other 30% belong to an age group of 35 to 54. However, here in this document, we include the current scenario of the on-demand economy, also portraits the potential industries that will influence the future of the same.
On-demand Industry – Present Market Condition
The gigantic success of on-demand businesses like Uber and Airbnb has shown the world how big an impact on-demand industry can create on our living. By offering 24*7 services Uber has completely reformed our perspective of commuting. Fundamentally, on-demand business thrives because we admire things that make our life a little easier, which is exactly what the on-demand industry has done. The current status of the industry is healthful since it managed to generate a $57.6 billion revenue this year. Besides, it is said that in the USA alone more than 280 companies provide on-demand goods and services, which was merely 76 companies 2 years before. In fact, one-third of the American workforce is working on a contract or on-demand.
Future of On-demand Industry – Industries Influencing the Growth
There is a multitude of factors that accelerate on-demand industry forward to the future. There are distinct industries that adopted on-demand services as part of their customer-satisfaction strategy. Moreover, technological advancements will have a crucial role as well. In this part, we feature the potential industries that will have a sheer impact on the future on-demand economy.
Emergency service requirements of the world’s population are huge and there was a time when we couldn’t efficiently manage satisfying those demands. On-demand services integrated with home service market revolutionized the total concept. Rather than, travelling long distances, searching for services, you can now avail any home service at your fingertips. The on-demand platform which acts as a middleman will connect the service seeker with the ideal service provider and thus help both entities achieve their goal. Since the conventional home services are way harder and inefficient, the on-demand industry will certainly be there in play for a very long time.
As the on-demand service marketplaces began taking over the home services segment, Agriya has developed a fully-fledged service booking solution, which can be employed by businesses to easily deploy an incredible service booking platform. This ready-made software from Agriya incorporates numerous built-in features to facilitate both the service seekers and providers.
On-demand Jobs/ Freelancing
Freelancers are expected to be the workforce majority of US within a decade. In fact, 50% of the workforce have already begun freelancing. So, don’t you think freelancing is the future? However, without doubt, on-demand jobs are going to be prevalent in America. By connecting the job seekers with the right employers, on-demand job portals will soon make a grand entry to the conventional workforce scenario. The current situation is clear that employers are not so interested in hiring a full-time employee for a short-term project, due to the reasons of cost and so. So, the future impact of on-demand industry on jobs will be substantial and it will reflect back on the economy as well.
Food Ordering and Delivery
Food ordering and delivery has experienced a rapid success and has become a norm as for now. The massive success of Swiggy is the best example for this. Similar to other on-demand services, customers can avail their favourite foodstuffs with the help of an efficient mobile app. Anyhow, the food is the basic necessity, thus and so, the business possibilities in the food business are limitless and there is no way we can stop this industry from growing over time. On-demand food delivery associated with food business is a prolongable and long lasting opportunity. Besides its a mutually benefiting concept that ultimately helps users as well. Hence, the future of the on-demand industry in Food delivery segment is secure.
Taxi Booking Services
On-demand taxi business has gained some serious attention since the massive success of Uber. They have invaded the market of classic taxi services by providing an easy medium to link the users with the right taxi services. Unlike traditional taxi businesses, Uber doesn’t own any vehicles but merely connect the users and drivers through an incredible mobile app. Back in 2017 alone, Uber generated 7.5 billion U.S. Dollars in net revenue worldwide. Moreover, they have completed 2 billion rides by the year 2016 as well. Besides, they have expanded their on-demand services to other streams like food ordering by introducing UberEats. Apart from Uber, businesses like Lyft, OLA etc has also achieved enormous success.
In the near future, we expect new and new businesses to step into the commuting sector. However, if you are an aspiring entrepreneur or a business organization who seek to be a part of future commuting, an all-inclusive taxi dispatch software is crucial.
Agriya’s premium Uber clone script – Taxipickr signifies the perfect choice, which allows you to set-up an Uber-like mobile app from the get-go. Here’s the demo,
Healthcare industry stands among some of the largest industries of all. Also, it is the one that undergoes frequent transformations and upgrades. This rapid innovation and technological advancements can benefit humanity big time, but to avail, these services to those who are the need was always a challenge. The inception of on-demand healthcare services can be the answer to this challenge. Imagine a situation when someone is ill and need an emergency assistance from a health expert. On-demand health care services will enable the person to quickly avail consultation services, fix appointments or even respond to requests for home visits by doctors. Virtual consultation via video chats is impressive as well.
Unlike other industrial segments, on-demand cannot be restricted to a particular sector. It is meant to be work alongside other industries, while mutually benefiting each other. Above all, its impact on user-satisfaction and experience is completely phenomenal. However, to be a part of the on-demand industry is no less complicated than any other. The process comprises market analysis, application development, user-experience, domestic transportation and so much more. However, taking chances on the on-demand industry is worth it, especially when it is considered as the next big thing in the business.