The on-demand marketplace is growing exponentially and is now a serious business. Companies around the country and around the world are disrupting traditional business models. The new Economy is called as “sharing economy”, companies are using peer-to-peer models to instantly provide services using people’s spare resources. Today, the sharing economy is about $18 billion but within 10 years it will become $330 billion.

Uber is an outstanding company in the shared economy marketplace. This company provides an on-demand app to book taxis from the convenience of a mobile phone. Passengers can track the car as it approaches and has an up to the minute reading of how close the car is. The payment mode and tariffs provided are verified with the user before the person sits in the car and the ride is generally more pleasant and professional than a typical taxi. Pricing is also determined dynamically so when there are many riders with fewer cars, prices rise and vice versa.

Other industries are similarly being disrupted. Many big brands are taking part in the on-demand market. As they are grown as the big brand on the internet, venture capitalists are earning profits into the space to take advantage of the opportunity. Larger players have earned a lot of profit from building on-demand apps.

The companies are not the only ones making a huge splash. For example, parking apps are revolutionizing the on-demand transportation app market. It is making a push to be a leader in the sharing economy and is growing rapidly. The concept is simple, attracting people to share their spaces without spending any money. The model solves multiple parking problems at once. When someone is leaving a spot, they simply register it on their app. This eliminates the hassle of endlessly circling and reduces the costs substantially.

Reasons for the Expansion of On Demand Apps

Consumer behavior is changing: The growth of communication tools will provide the access to media and other online functionality through smartphones. This has generated a sense of entitlement to fast, simple, and efficient experiences. The concept of the “convenience of delivery” has become famous among the smartphone users. These services are so much provoking that you are likely to use them. Once you start using on-demand services especially door dropping services, you will get used to using them.

Many Companies are Collaborating: As the online business is becoming tough, the companies are collaborating and joining hands to participate in the on-demand economy. They are single-mindedly working on providing better services to the consumers to get the benefit of on-demand apps.

Industry Restructuring: The mobile revolution will keep on restructuring our industry by many forces, which is transforming commerce and society. As on-demand businesses solve for the current technological and logistical challenges, a design will increasingly become one of the most meaningful forms of competitive advantage.

Conclusion

The On-Demand Economy is here to stay. The on-demand economy will change the market in the fastest way. This new industry, and its ability to satisfy consumers increasing demand for simplicity, efficiency, and convenience is novel today. Tomorrow, it will be the expectation. Mobile technology, the remote controls we use to navigate our daily lives, are transaction engines that never leave your pocket. Never before have consumers had this simple of a way to transact — and never before have businesses been equipped to satisfy this mounting demand.