The global sharing economy is expected to reach $40.2 billion in 2022, in terms of platform provider revenue, up from $18.6 billion in 2017.
This is according to research from Juniper released this week.
The new study, Sharing Economy: Opportunities, Impacts & Disruptors 2017-2022, adds the sharing economy is set to see substantial growth, "as players in more established sectors, such as transport and space, press their first mover advantage".
The study, conducted in eight regions including Africa and the Middle East, found that sharing economy leaders such as Uber and Lyft have seen much greater returns from driver operations than expected, particularly in emerging markets, adding the space and transport sectors will continue to dominate.
The research noted the proportion taken by these platforms is now around 30% per journey, as providers capitalise on an established driver network.
Speaking on the topic at a recent event, Michael Jordaan, venture capitalist and former CEO of First National Bank, noted business needs to "embrace the disruption being caused by digital technologies".
"Disruption isn't going to happen, it has already happened. Various industries have been disrupted beyond recognition. Data-driven companies like Uber, Airbnb, WeChat, Skype and Alibaba have all come to dominate their markets completely. If you look at the growth rates they currently have, they are only going to become bigger."
Uber currently operates in 15 African cities, including Dar es Salaam, Johannesburg, Accra and Cairo. The taxi-hailing service launched in SA in 2013.
Airbnb listings are forecast to grow from two million at the end of 2015, to three million this year. Airbnb operates in 192 countries and more than 65 000 cities. According to an overview of the Airbnb community in South Africa for 2016, the company contributed R2.4 billion to SA's economy.
The research identified corporate space as the next high-growth sector in the sharing economy. Research author Lauren Foye explained: "The sharing of corporate space via platforms such as WeWork and PivotDesk is the next growth area of the sharing economy, with entire floors of office blocks kitted out and primed for office sharing."
This week, Grapnel Property Group opened the doors of its first Perch Co-Working Space in SA in the business district of Rosebank.
Perch Rosebank is accessible to a membership community, who subscribe on a monthly basis, and is also open to walk-ins through day passes and week passes. The membership costs R3 200 per month, while day and weekly passes are R250 and R1 000 respectively.
Juniper found the sector will deliver substantial returns of over $10 billion by 2022.
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