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A Detailed Insight to Freelance Services Marketplace Industry Report

Freelancers contributed $1.4 trillion to the US economy in 2022. This is no secret to the world considering millions of working-class people are turning to freelance marketplace work opportunities. While flexible schedules and improved work-life balance are some of the fundamental reasons for such a huge shift for freelancers, SMEs and enterprises are also leaning towards remote contractors as it reduces their overhead costs. 

If you are looking to enter the freelance services marketplace with an innovative idea, here’s a look at top industry competitors, projected market size, statistics, and more.

Key Freelance Industry Statistics

As per Verified Market Research, the freelance market size was valued at USD 3.8 billion in 2020. Growing at a CAGR of 15.02%, it is expected to grow over USD 12 billion from 2021 to 2028.

global freelance market analysis

Verified Market Research 

The US has over 56 million individuals working as freelancers contributing over USD 1.4 billion to the US economy. 

At the current rate, freelancing is more likely to become the leading workforce in the coming few years. 

freelance workforce in USUpwork

As per a survey from Bloomberg, Google had over 102,000 permanent employees on its payroll as of March 2019. But interestingly, it had over 120,000 freelancers working on a contract basis.

 

analysis between Google's permanent and freelance employeesBloomberg

Out of the total freelance workforce in the US, 32% are working on a contractual basis, 21% of freelancers are moonlighters, 6% are business owners, and the rest 5% are temporary workers.

 

freelance workforce distributionZippla

 

Interestingly, as per a 2022 survey, 75% of freelancers aged above 18 years earn about the same or more money in freelancing as compared to their traditional jobs.  

82% of the freelancers in the US are freelance writers 

This makes writing a popular gig among freelance writers. In addition, 24% of these freelancers earn over USD 50,000 annually

A huge number of freelancers are working in creative fields with most of them belonging to the art & design niche.

Total workforce analysis by industryZippia

30% of the Fortune 500 companies work with freelancers

Some major international organizations hire freelance talent, whether it’s a long-term assignment or contractual hiring for some projects.

70% of the small businesses hire freelancers for their operations

Freelance talent acquisition isn’t just limited to large companies. Small enterprises also depend on freelancers as it gains highly from the low overhead that freelance work offers.

Freelancers from low domestic work opportunities in countries like India, Pakistan, and Bangladesh are more inclined towards freelancing as a viable carrier option. 

freelancing market based on earnings

Source: CNBC

 

As a result of its cost-effective and flexible solutions, freelancers are helping small & medium size businesses achieve their goals.

 

freelancers contribution in SMBs growthSource: LinkedIn

 

Online Freelance Services Marketplace – Trend & Analysis

The Tech domain is projected to gain the most among all segments

A freelancer specializing in a specific skill is more likely to earn than a general skill. For instance, a freelance software developer can make up to $500 – $1000 per hour

The global workforce is gradually shifting from working for an organization to freelance work. As per an estimate, 73% of non-freelancing workers consider moving to freelance as it yields high productivity.

Total work performed by freelancers will increase to 168% over the next decade

Cost efficiency and ease of talent hiring are two of the biggest reasons for the increased use of freelancers by organizations across multiple countries.

Global freelance platforms market value is expected to reach $455 billion by 2023

The United States had over 57 million freelancers in 2017. This figure is expected to double by 2028 with an estimation of 90 million freelancers in the country.  

Top 20 in-demand Skills for Freelancers

At 60%, development-related skills stand as the primary criteria for freelancers using platforms like Upwork, Fiverr, and Freelancer.

  • Blockchain
  • TensorFlow
  • Amazon DynamoDB
  • Voice Over
  • Subtitling
  • Art Direction
  • Content Strategy
  • Computer Vision
  • Microsoft Power BI
  • Augmented Reality
  • Chatbot Development
  • React Native
  • Media Buying
  • Go Development
  • Information Security
  • Scala Development
  • Instagram API
  • Adobe Premiere
  • Machine Learning
  • AngularJS Development

Top 10 Freelancing Platforms

  • Upwork
  • Fiverr
  • Freelancer.com
  • PeoplePerHour
  • Toptal
  • 99designs
  • Flexjobs
  • Linkedin
  • Behance
  • Dribble

Is this a good time to invest in a freelance marketplace idea?

Well, there has never been a better time to invest in any innovative freelance marketplace idea than today!

Here’s why!

Upwork, Freelancer, and Fiverr majorly accounts for net freelance platforms market size. While Upwork’s global addressable market stands at $1.3 trillion, Fiverr is next on the list at $750 billion.

Upwork has over 7 million registered users and 12 million registered clients. And this clientele avails over 100,000 jobs across various skills on the platform.

More than half of the US working population will be working as freelancers. If the current growth rate of freelancers continues, almost 51% of the US population will indulge in freelance work by 2027.

These statistics are a clear indication of substantial growth in the coming years. And with a large number of highly skilled workers seeking more flexible work options, furthering exponential growth in the freelance platform’s market. 

Why Choose us as your favorite app-building outsourcing company?

Our expert development team has built over 10,000 apps for various industries like social media, on-demand ride-sharing, online food delivery, e-commerce, online education, healthcare, and a lot more.

Also, check out our recent blog on how it costs to build an app like Upwork.

Here’s an advanced tech stack that offers unique freelance marketplace services.

Job Seeker Website & App

  • Easy Registration

Sign up on the platform using an email address with just a few clicks.

  • Advance Search

Find relevant job opportunities using our advanced search panel.

  • Seamless Payment

Get instant payment using PayPal, direct deposit, wire transfer, and more.

  • Real-Time Chat

Discuss all the project-related queries using our in-app chat feature.

Client-Side Interface

  • Recruiter Panel

Talent hires can add multiple job postings on the platform.

  • Catalog Manager

Whether you want to add a project timeline or pricing details to the app, a catalog manager feature helps efficiently.

  • Manage Availability

Allows job providers to easily set and update their availability & timings for meetings, etc.  

  • Reporting

Get instant access to all the reports related to freelancers’ work history, weekly billings, earnings, etc.  

Admin Dashboard

  • Active Themes

Select from a wide range of themes that feel fit for your freelance marketplace. 

  • Project Categorization

Offers hassle-free categorization of all the projects posted by job providers to the clients on the platform.

  • Business Analytics  

Get a bird’s eye view of all technical aspects of your platform that helps you understand customers, analyze performance, and improve your services.

Final Thoughts

Though highly competitive but if you have an exceptional idea for an online freelance marketplace, this is indeed a great time to start such an endeavor. 

Looking to build an advanced-feature-loaded Freelance Marketplace App? Code Brew is here to help!

Our expert app development team will provide you with all the necessary support throughout the app development cycle.   

Contact us today to get a free demo!

 

  

 

 

 

 

 

 

 

  

 

  

 

 

    

 

  

 

August 29, 2022

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