Microtasking market to reach $26Bn by 2030

DUBLIN, IRELAND — The Global Microtasking Market is projected to soar to US$26.83 billion by 2030, with a compound annual growth rate (CAGR) of 35.49%.

Valued at US$2.36 billion in 2022, the microtasking industry refers to the process of breaking down a large job into smaller tasks that can be shared. This is usually done online to a large workforce.

According to ResearchAndMarkets.com, this growth trajectory is influenced by events like the COVID-19 pandemic, the Russia-Ukraine tension, and inflation spikes. The pandemic, in particular, reshaped consumer patterns and disrupted supply chains.

Eastern Europe’s instability, arising from the Russia-Ukraine situation, impacts demand-supply balances, pricing, and trade dynamics. Additionally, the influence of global inflation and its counter-strategies are noteworthy.

The industry’s growth is also fueled by enhanced internet access, the appeal of remote work, the operational benefits of microtask outsourcing, and its reliability as a supplementary income.

However, ResearchAndMarkets also revealed that the market could face challenges in platform security concerns and trust issues in virtual setups.