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Wipro Chairman, Mr. Rishad Premji said:
We have to get comfortable with this model. I’m very excited about the gig way of working.

Businesses are increasingly seeking the new age skills in cloud computing, the Internet of Things, AI, ML, robotic process automation, advanced analytics & NLP.
Gig economy, coupled with the WFA (Work-From-Anywhere) model, can help organisations complement their existing channels of talent to discover new talent pools and new age skills.

Global Market | Growth Rate & Size: Double Digit CAGR

AI: CAGR of 36.62% from 2018-25 ($191Bn by 2025).
IoT: CAGR of 22% from 2017-21 ($235Bn to $520Bn by 2021).
Big Data: $49 Bn in 2019 (almost doubled in 3 years).

Four technologies identified (DARQ) Catalysts in post-digital era: Distributed Ledger (Blockchain), AI, Extended Reality (AR/VR) and Quantum Computing.

In order to thrive, Businesses will have to adopt these technologies

AR/VR: Globally, market would grow with a CAGR of 76% from 2019-23 ($16.8Bn to $160Bn; 10X)

WEF Report 2020.
Out of 11 Core Techs of 4IR, six are – AI, Blockchain, Robotics, IoT, AR/VR and Big Data

Blockchain market would grow globally: CAGR of 69% from 2019-25 ($58Bn by 2025).

Highest Gig Paying Jobs in 2021:
AI Developer, Blockchain, Robotics, AR/ VR

Adoption of FinTech during Covid Lockdown.

Paytm: 4X jump in Merchant receipts
PhonePe: Transactions higher than pre-covid. Launched Mutual Funds & Insurance. Hired 300 during Covid.

US Gig workforce to increase from 43% in 2020 to 52% by 2023.

Highest Paying Gig Jobs
AI (USD 115/ hour)
Blockchain (USD 87/ hour)
Robotics (USD 77/ hour)
Virtual Reality (USD 50/ hour)

Total freelancing income of USA was ¬$1.3 trillion (4.8% of USA 2018 GDP)

India: 97% people open to Freelance/ Contract; Younger work-force; prefers Gig working.

Organized Gig Platform Business will Grow @ CAGR 17.4% from $204Bn in 2018 to $455Bn in 2023.

44% of global Gig Gross Volume (GV) comes from USA customers.

Developing markets (e.g., India) represent a greater potential supply of freelancers due to
Expansive populations, with younger age profile, Increasing internet/ smart phone penetration, Rising digital banking access.

While US will lead Gig GV contribution, India expected to grow by 115% (YE2018 to YE2023)

Half of all Indian gig workers are in industries such as software and technology