How Will Technology Impact the Gig Economy?
Welcome to the future. By the year 2000, many prognosticators expected the world to have flying cars, extraterrestrial colonies and robots. All those technologies are still in development, but the internet has changed everything about daily life, from how we communicate to how we work. That technology has impacted — and will continue to impact — the gig economy.
In particular, three technologies stand ready to change the way you will do your job, how you fit in and the type of work you do in the gig economy that’s already experiencing rapid evolution. These three technologies involve:
- Artificial intelligence (AI)
- The fifth-generation of wireless networks (5G)
- The internet of things (IoT)
Artificial Intelligence (AI)
Many gig workers fear AI, believing that artificial intelligence is gunning for their jobs. And some industries may see upheaval due to the development of job-reducing AI. But the goal of AI isn’t to steal jobs, but make the gig economy more dependable and fairer, broadening the access for gig workers.
In fact, AI is more likely to add jobs than steal them. What no one knows yet is what type of jobs the technology will add. Some reports suggest that gig workers will have to continue to learn new skills as they change jobs more frequently. AI may destabilize the gig economy, at least in the short term. The desired skills in the near future may include:
- Agility in the job market
- The ability to learn new skills quickly
- Discipline and organization
- Technical literacy, being able to adopt technology
Fifth-Generation of Wireless Networks (5G)
Like AI, 5G is going to reshape the economic landscape. The newest network capabilities won’t just make communication speed faster, but it adds bandwidth. 5G will enable new technology that we can’t even imagine yet. Gig workers are likely to benefit from the better communications capacity in ways that include:
- Adding $1.5 trillion to the U.S. economy, which will include increases in gig workers’ income
- Increasing productivity for gig workers will reduce project durations
- Diversifying the job market, possibly including more gig workers
It may take several years for 5G to proliferate across the country and become the de facto standard for telecommunications, but it’s coming. By 2025, just three short years into the future, the gig economy may look very different, and gig workers are well-positioned to tap into the economic gains.
The Internet of Things (IoT)
If you’ve never heard of this term, you will. IoT will link more and more devices to the internet. You can expect smart cars, smart homes and smart cities as more things not only get connected, but leverage that connectivity into more features and capabilities. The ways that IoT will likely affect the gig economy may include:
- Gig workers are the most prepared to use IoT in their jobs.
- IoT will create new gig jobs in new and established fields.
- The need for on-demand work will surely increase, benefitting gig workers.
In the final analysis, the world’s economy may change significantly over the next decade. It may become more democratic, allowing even smart workers in poor countries to participate on an equal footing. That means that gig workers today are well-suited to benefit from the technological changes, but they may face greater competition. To learn how content plays a role, subscribe to the Ray Access monthly newsletter.
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