USD 1.95 trillion
Global Online Freelance Market Size, Share, Growth Analysis, By Application(Freelancer, Large enterprises), By Type(Web-based annd Cloud-based) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2055 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
61 |
Figures:
80
Global Online Freelance Market Insights
Online Freelance Platforms Market size was valued at USD 1.95 trillion in 2022 and is poised to grow from USD 2.19 trillion in 2023 to USD 5.63 trillion by 2031, at a CAGR of 12.5% during the forecast period (2024-2031).
Online resource, freelance platform help professionals to connect and work with clients. They can be used for a variety of purposes such as finding clients, tracking work, and hiring technical or creative freelancers. Some well-known freelance marketplaces are UpWork, Guru, and Fiverr. With over 2 million registered users, UpWork is the world's largest freelance marketplace. When choosing a freelance platform, some important factors to consider when choosing a freelance platform include user interface accessibility, client feedback system capabilities, payment processing options, and contractor management tools.
Freelance platforms typically have three main factors, platform owners who provide the infrastructure for centralized work, freelance workers who perform and submit work for compensation, and buyers who need to complete tasks for compensation. These platforms offer highly skilled or low skilled services. Require knowledge work in highly-skilled freelance platforms, projects such as software development, data science, consulting and web design are relatively demanding and specialized, also paying well. Most of these services are used for commercial purposes and are customized. Upwork is currently one of the largest freelance platforms in the market, with extensive expertise in areas such as software development, design and accounting. Upwork is also probably the most referenced high-skilled freelance platform.
According to a FlexJobs survey of more than 1,000 freelancers networking (56%) and job sites like FlexJobs, freelancers are the two most common ways to connect with clients. Freelancing offers flexibility in terms of time and duration. In the era of digital transformation, the nature of employment and workforce management has changed significantly. Freelancers have used their growing knowledge of the industry and the labour market to develop strategic approaches to promoting their skills. As a result, they earn more money, are generally happier at work, in their personal lives and in their social interactions, and can adjust their workload and compensation when they want or need to.
US Online Freelance Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Freelancers
Fastest Growth
Freelancers
Growth Rate
12.5% CAGR
Global online freelance market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global online freelance market, size by application, 2022-2030 ($ Bn)
Global online freelance market, size by application, 2022-2030 (%)
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Global Online Freelance Market Segmental Analysis
Global online freelance market is segmented on the basis of application, type and region. On the basis of application, global market is segmented into, Freelancers, Large Enterprises and Small and Medium Enterprises. On the basis of type, global market is segmented into web-based and cloud-based. On the basis of region, market is divided into, North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
On the basis of application global online freelance market is segmented into, freelancers, large enterprises and small & medium enterprises. Freelancer had the largest market share in 2022 and is expected to grow at fastest CAGR rate during forecast period. The pandemic came suddenly and turned millions of people into virtual workers. But the coronavirus has accelerated large numbers of people turning to freelancing for their work. A new study by Upwork, the freelance job platform, found that two million Americans have started freelancing in the past 12 months, and that the number of employees working freelance has increased to 36%. Today, large companies have to choose a gig platform. This allows them to scale effectively without the fixed costs of telecalling executives or other full-time employees.
Analysis by Type
On the basis of type, global online freelance market is segmented into web-based and cloud-based. Cloud-based segment is anticipated to grow at the fastest CAGR during the forecast period. Cloud-based services or resources refer to applications, services or resources made available on demand of customers over the Internet from a cloud computing provider's servers. Cloud-based computing is frequently used by freelancers to increase capacity, improve efficiency, or add new services on demand without committing to potentially expensive infrastructure costs or hiring additional workers. Factors such as the self-starter movement, independent professionals working remotely, communicating freely, and the ability to navigate the financial complexities of freelancing with skill and ease are driving the growth of this segment. AWS, Keeper Tax, All About PDFs, the Mayo app and delivery apps are five cloud-based services available in the market that are considered to be the top cloud-based services used by freelancers to work remotely.
Global online freelance market, by application 2022 (%), 2023 (%)
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Global Online Freelance Market Regional Insights
On the basis of region, market is divided into, North America, Europe, Asia-Pacific, Latin America, and MEA. North American economies, especially the US and Canada, account for a large share of the global online freelance market in 2022. It is mainly due to changes in work culture, company policy and balanced work culture among them. In North America, the work culture is largely balanced, with hourly rates. US freelancers have a $1.4 trillion economic impact and are expected to make up the majority of US employment within a few years due to steady growth in the number of qualified individuals. According to a Bloomberg survey, Google had more than 102,000 permanent employees on payroll as of March 2019. But interestingly, it had more than 120,000 freelancers working on contract basis.
Asia pacific is predicted to hold the second-largest share in the global online freelance market. India is the second-fastest growing online freelance market in the world, with a significant increase in the number of freelancers every year. According to the study, India has the second-fastest growing freelancing market in the world, with an estimated 15 million freelancers.
Global online freelance market by geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Online Freelance Market Dynamics
Driver
Number of women freelancers is increasing rapidly
- Increasing number of women in online freelancing industry is one of the major factor that driving the global online freelance market worldwide. Working online from home allows brave, self-assured women to deny traditional expectations. Online freelancing becomes popular among women who cannot leave home due to personal reasons. A recent Payoneer analysis found that one out of every five freelancers is a woman.
Restraint
High upfront costs associated with implementation and integration
- High upfront cost associated with implementation and integration is the major challenge that hampers growth of the global online freelance market.
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Global Online Freelance Market Competitive Landscape
Key market players are focusing on growing their customer base in order to gain a competitive advantage. As a result, key players are adopting variety of strategic initiatives, such as mergers & acquisitions and partnerships. For example, Upwork announced the launch of Talent Scout, a recruiting solution. Also, Fiverr announced the acquisition of freelance management platform, Stoke Talent for USD 95 million.
Top Player's Company Profiles
- Upwork Inc.
- Freelancer.com
- Fiverr International Ltd.
- Toptal LLC
- PeoplePerHour Ltd.
- Guru.com
- 99designs Pty Ltd.
- Simply Hired Inc.
- Task Rabbit Inc.
- Designhill Inc.
- Nabbesh FZ LLC
- Truelancer.com
- Hirable Ltd.
- Textbroker International LLC
- Skyword Inc.
- Aquent LLC
- DesignCrowd Pty Ltd.
- WriterAccess LLC
- OnSite.io
- Crowdspring LLC
Recent Developments
- In March 2024, Qonto, a Europe-based business finance solution for SMEs and freelancers, announced its plan to acquire France-based fintech, Regate.
- In October 2023, FinTech startup Vlorish launched its freelancer finance platform, aiming to simplify bookkeeping, budgeting and credit scoring models for the freelance market.
- In September 2023, Wishpond Technologies Ltd., a provider of marketing-focused online business solutions, announced a partnership with Fiverr International Ltd., the company who is changing how the world works together, to be part of its Fiverr Certified program and create a unique and certified freelance marketplace for the Propel IQ platform.
- In June 2021, Freelancer.com collaborates with the Bureau of Reclamation and NASA to improve the reliability of hydroelectric systems.
- In February 2021, Skyword partnered with Seismic, a leading sales enablement solution and marketing orchestration platform provider.
Global Online Freelance Key Market Trends
- Getdone is a blockchain-based platform is used in the freelancing industry is a key trend in global online freelance market. It connects globally trusted freelancers in the blockchain industry. Believing in the future of business, technology, and innovation, Getdone is used in all the industry and also centralized on the blockchain industry. It is a comprehensive application that offers a wide range of blockchain freelancers so that clients can find any freelancer to take their jobs as a web/app developer, translator, copywriter, designer, internet marketer or community manager.
Global Online Freelance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global online freelance market analysis, freelancer segment had the largest market share in 2022. By region, North American economies, especially the US and Canada, account for a large share of the global online freelance market in 2022 and is expected to grow at significant CAGR during forecast period. India has the second-fastest growing freelancing market in the world, with an estimated 15 million freelancers.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.95 trillion |
| Market size value in 2031 | USD 5.63 trillion |
| Growth Rate | 12.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Online Freelance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Online Freelance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Online Freelance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Online Freelance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Online Freelance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Online Freelance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Online Freelance Market Report Snapshots
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