A gig economy is where most people work on a part-time basis or on a contract or job basis. The traditional way of working that involves 40 hours a week restricts the employees to switch and has less growth as compared to the gig-based economy, where people work as individual contractors and freelancers.
The reason behind the increased ratio of gig-based workers is the technology that has made across the globe provision of services more cost-efficient. For example, a new company needs a logo for its brand. Instead of hiring a full-time designer, a cheaper and more efficient way is to hire a freelancer that will work from anywhere for you as per your requirements.
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