Collaborative economy may grow tenfold in the years to come
We may see very rapid growth in the collaborative economy in Finland in the near future. This is the conclusion of the review published today, commissioned by the Ministry of Economic Affairs and Employment.
According to the estimated growth, in 2020 the value of purchase events conducted via the collaborative economy platforms may be more than EUR 1.3 billion, while in 2016 the total value of individual purchase events in the collaborative economy market was a little more than EUR 100 million.
Based on the review, the collaborative economy may gain a permanent and economically significant foothold also Finland through its new operating culture, where the focus is on access to services, freedom of choice, sociability, and more efficient utilisation of resources.
– This is the first time we have estimates available on the scale of the operations we are concerned with and the growth potential relating to the collaborative economy in Finland, says Jari Gustafsson, Permanent Secretary at the Ministry of Economic Affairs and Employment.
– With this significant growth potential we must give a serious thought to the best ways of supporting the growth. In the context of the collaborative economy we often talk about the challenges relating to regulation. The aim is to guarantee equal opportunities for all actors without creating obstacles to market renewal and development through too strict regulatory frameworks, Gustafsson says.
The Permanent Secretary points out that the growth prospects in the collaborative economy are good news for many people. It offers various kinds of solutions to start-ups and other companies. For the citizens it offers new service options and opportunities to taking advantage of one’s special skills and for additional earnings. The unemployed may find new opportunities in the collaborative economy.
The estimated strong growth of the sector is based on the outlook of the collaborative economy platforms and the growth rate in other countries. In the European pioneer countries in the collaborative economy the growth has been rapid indeed after the markets have matured. Over the next few years Finland may well catch up with the head start of the European markets as the value of purchase events in the collaborative economy may more than double annually.
The Ministry of Economic Affairs and Employment commissioned PwC to review the current state of the collaborative economy and estimate its growth potential in Finland. In the review, the collaborative economy refers to phenomena where private individuals or other players such as micro-enterprises or small companies share under-utilised resources (product, time or skill) via a digital platform. Traditional B2C business systems using platforms and sales of used goods via platforms, for example, were excluded from the review.
Anu Laitinen, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7164, [email protected]