Bangladesh (Commonwealth Union)_ During a seminar held at the BIISS auditorium, analysts predicted that the ride-sharing market in Bangladesh is expected to reach a target of $1 billion within the next five to seven years. According to Mohammad Mahfuz Kabir, the research director at the Bangladesh Institute of International and Strategic Studies, the ridesharing sector accounts for the largest portion of the gig or digital economy in the country and is currently worth $259 million.
Kabir made these remarks while speaking at the seminar, which focused on exploring the challenges and opportunities faced by the gig economy in Bangladesh. According to Kabir, the gig economy is expanding rapidly and has become a significant element of Bangladesh’s informal economy, which constitutes 43% of the country’s total economy. This type of labor market mainly supports temporary and part-time positions that are typically filled by independent contractors and freelancers instead of full-time permanent employees.
Further, Kabir noted that the remote platform economy, also known as cloud work, generates approximately $100 million in revenue on an annual basis. He said, “The platform economy model continues to attract workers as they feel the sector can offer cash flow and flexible work hours.” Further, the growth and expansion of the gig economy in Bangladesh have been heavily influenced by the availability of smartphones and internet access. The seminar, which was chaired by Zaidi Sattar, the chairman of the Policy Research Institute of Bangladesh, was also attended by Mashiur Rahman, the economic affairs adviser to the prime minister.
Commuters in Dhaka, a city known for its high population density and congestion, require efficient, reliable, and safe mass transportation options. However, ridesharing services offer benefits that are not provided by traditional modes of transportation. The introduction of app-based ridesharing services has made it easier for commuters to find transportation, with doorstep pick-up and app-based fare estimates being particularly convenient. Further, the emergence of motorbike-based ridesharing saves time for commuters by bypassing gridlocked traffic as well as generating thousands of job opportunities. In contrast to Western cities that have seen growth in car-based ridesharing services, Dhaka has experienced a boom in motorbike-based ridesharing, which is often cheaper than auto-rickshaws and taxis.
