In a recent article by Logan Merrick (@LoganTjm) on Buzinga, discussion surrounds collaborative consumption. We’ve seen the collaborative economy take off and disrupt traditional business models in the past, but what’s to say about the future of this game changing economy? The collaborative consumption as defined by Fastcoexist, is “An economic model based on sharing, swapping, trading, or renting products and services, enabling access over ownership. It is reinventing not just what we consume but how we consume.”

A decade ago, would we have been able to predict the sharing, selling, and renting between businesses and consumers? Now, the collaborative economy has expanded its services, beyond the traditional Airbnb and Uber’s of the world. We can now get legal advice, buy someone’s leftover dinner, share solar energy, share parking permits, and even book parking spaces months in advance.

Here are a few predictions for the future:

1. Sensory technology -  being the backbone of the collaborative economy, sensory technology will surely integrate into this model. Sensor enabled products and services, along with real time data, will enhance web-based and cloud-based platforms.

2. Luxury fashion and home electronics will be hit the hardest - they are the most susceptible to collaborative business models due to their under use of products and resources, which sit around idle for a majority of time.

3. B2C service industries will become more collaborative - education systems, and financial services are a few examples of where we will see more collaboration.

4. Legislation will be updated - taxes, and regulations will be modernized.

5. Hospitals will save money - renting machines from other hospitals when during inactivity will save hundreds of dollars from purchasing new equipment.

There's no denying it -- collaborative consumption is truly an efficient and sustainable economic model. It will only advance from here. Where there is demand, there will be supply. Consumers are feeding off the benefits from this model: trust, convenience, and accessibility. The possibilities for the future of the collaborative economy are endless; but we do know that it will continue to play a role in the rapidly changing society.