Quick Take: The Boom in Marketplace Platforms
In this report, we review the different types of marketplace platforms.
- Platform provider revenues in the global sharing economy are expected to more than double from $18.6 billion in 2017 to $40.2 billion in 2022, according to data from Juniper Research.
- Marketplaces are about much more than just selling products. Portals serve demand among consumers for resale and rental of products, as well as for finding and booking services.
- Service industries, especially those purchased by consumers, such as local restaurants and hair salons, have traditionally been fragmented. Marketplaces aggregate these providers, making it much easier for shoppers to find, compare and book services.
- We think the ease that these platforms bring has been one reason for strong growth in spending on discretionary services in the US in recent years: it is now as easy to buy services as it has long been to buy products.