I've been doing a bit of writing about "the sharing economy" lately. This is because I'm involved in a shamelessly ambitious project (datashare.co.nz) that aims to bring "big data" to everybody. More on that another day. If you haven't heard of the sharing economy, think AirBnB. It has fundamentally rewired the tourism industry. In 2017 Morgan Stanley predicted: "Airbnb’s cannibalization of hotels business will hover at approximately 50 percent for both business and leisure travel". As well as accommodation, there are companies that facilitate the sharing of transport, labour, storage, clothing, parking spots, skills, technical equipment, food, finance, household goods, office space and pet care... In fact, between 2013 and 2016 the amount of venture capital invested in sharing economy companies grew from $US 3 billion to $US 30 billion. For those that are mathematically challenged, that's a 900% increase in three years. The total is predicted to reach $335 billion by 2025 (more).
But the significance of all this goes far beyond growth and upheaval; there's a deeper disruption at play. According to PWC research in the USA, 43% of the population now feels that "owning" feels like a burden. 57% agree with the statement: "access is the new ownership" (more). Perhaps it's just me, but isn't that kind of radical?
You'll find a good introduction to the sharing economy here.