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Sharing Economy

Definition - What does Sharing Economy mean?

The sharing economy is a concept in which IT products and services are used, shared and leased to individuals and organizations. It allows multiple end users to collectively develop and consume IT services and applications, versus purchasing and maintaining them on an individual basis.

The sharing economy is also known as the share economy, peer economy, mesh economy, collaborative economy and collaborative consumption.

Techopedia explains Sharing Economy

The sharing economy targets individuals and organizations that cannot afford the costs of buying and maintaining IT solutions. This concept is usually implemented through leasing or jointly consuming the solutions of an IT service provider.

Cloud computing is wholly focused on the sharing economy, in which an individual or organization leases IT services and products and pays only for what is used. This type of infrastructure is owned by a larger established organization that leases its services on a smaller scale to end users.

Crowdsourcing is another platform that enlists the help of multiple designers, developers and other IT resources to create applications or solutions by working together to benefit from the end product or service.

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