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.
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.
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.
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.
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.
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.
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.
Some major international organizations hire freelance talent, whether it’s a long-term assignment or contractual hiring for some projects.
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.
As a result of its cost-effective and flexible solutions, freelancers are helping small & medium size businesses achieve their goals.
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.
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.
At 60%, development-related skills stand as the primary criteria for freelancers using platforms like Upwork, Fiverr, and Freelancer.
Well, there has never been a better time to invest in any innovative freelance marketplace idea than today!
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.
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.
Sign up on the platform using an email address with just a few clicks.
Find relevant job opportunities using our advanced search panel.
Get instant payment using PayPal, direct deposit, wire transfer, and more.
Discuss all the project-related queries using our in-app chat feature.
Talent hires can add multiple job postings on the platform.
Whether you want to add a project timeline or pricing details to the app, a catalog manager feature helps efficiently.
Allows job providers to easily set and update their availability & timings for meetings, etc.
Get instant access to all the reports related to freelancers’ work history, weekly billings, earnings, etc.
Select from a wide range of themes that feel fit for your freelance marketplace.
Offers hassle-free categorization of all the projects posted by job providers to the clients on the platform.
Get a bird’s eye view of all technical aspects of your platform that helps you understand customers, analyze performance, and improve your services.
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