In just a few years, the sharing economy has risen from being a mere novelty to becoming the new way of doing business for several industries. Companies like Uber and Airbnb have both proven that tech companies can challenge well-entrenched traditional institutions. Uber has grown to become a $62 billion company with talks of an initial public offering by 2019 already moving through the grapevine.
A Bank of America Merrill Lynch (BofAML) report forecasts the continued growth of the sector and not just in the peer-to-peer (P2P) segment. Sharing economy platforms have now expanded to cover the business-to-business (B2B) transactions. For example, Yard Club is enabling construction firms to share building equipment. WeWork is also allowing companies to rent out extra workspaces to others.