August 13, 2015
Intuit Forecast: 7.6 Million People in On-Demand Economy by 2020
QuickBooks Survey Reveals New Era of Entrepreneurship
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–An estimated 7.6 million Americans will be regularly working as providers in the on-demand economy by 2020, more than doubling the current total of 3.2 million, according to a new study and forecast from Intuit Inc. (Nasdaq:INTU) and Emergent Research.
The study also found that:
- 79 percent of existing on-demand providers said their on-demand activity is part-time.
- The on-demand labor market will grow by 18.5 percent a year over the next five years.
“The rapid growth of on-demand marketplaces is reducing the traditional friction of finding customers, enabling a new class of entrepreneurs to find a hungry market for their products and services,” said Alex Chriss, vice president and general manager of Self-Employed Solutions at Intuit.
“The rise of the on-demand economy is also forcing policy makers, companies, and concerned citizens to ask important questions about the future of work and how best to create stability for this new breed of entrepreneur. At Intuit, we’re committed to creating solutions that strike a balance between the advantages of innovative business models, while ensuring that entrepreneurs receive the supports and stability they deserve.”
Intuit is forecasting a100%+ increase in the size of what we call the sharing economy. Not included in these numbers is the gig economy; and the shift from traditional FTE employee like relationships into contractor roles.
Contractors, sharing economy workers & gig workers will all be required to bring the own tools to the jobsite or increasingly to their home office. Employers will be downloading the cost of these assets : PC, Phone, Plan for Phone, etc. to their contractors. Contractors will need a tool that allows them to be reimbursed for the legitimate client usage of their equipment (traditionally known as materials.)
The tax authorities will require a level of detailed analytics that no operator can provide; but that mobilityView can provide around the business and personal costs & usage so as to ensure that a contractor can legitimately deduct the business/client usage from their personal and corporate taxes.
Intuit Forecast: 7.6 Million People in On-Demand Economy by 2020
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