Freelance Platforms Global Market Report 2024

Freelance platforms are online hubs that connect qualified and skilled freelancers with job opportunities, allowing them to work and receive payment from any location globally. These platforms provide access to talent worldwide, appealing particularly to millennials, and offer various other benefits.

The primary types of freelance platforms are categorized as cloud-based and web-based. Cloud-based applications or platforms represent more advanced versions of web-based apps, evolving from their web-based counterparts. A cloud-based freelance platform assists companies in deploying, sourcing, and managing freelancers. It also facilitates the consolidation of invoices and automates payments. These freelance platforms typically offer models based on hourly or monthly rates, catering to the needs of large enterprises, small and medium enterprises (SMEs), as well as individual freelancers.

The freelance platforms software market research report is one of a series of new reports from The Business Research Company that provides freelance platforms software market statistics, including freelance platforms software industry global market size, regional shares, competitors with a freelance platforms software market share, detailed freelance platforms software market segments, market trends and opportunities, and any further data you may need to thrive in the freelance platforms software industry. This freelance platforms software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The freelance platforms market size has grown rapidly in recent years. It will grow from $6.46 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The expansion observed in the historical period can be attributed to the trends of globalization and remote work, skill specialization, an entrepreneurial culture, economic uncertainty, and the increasing acceptance of remote talent.

The freelance platforms market size is expected to see rapid growth in the next few years. It will grow to $13.92 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth in the forecast period can be attributed to the expansion of the gig economy, an increased focus on diversity and inclusion, the adoption of blockchain and smart contracts, the rise of niche platforms, and government policies and regulations. Major trends expected during the forecast period include global expansion, the integration of AI and automation, collaborative workspaces and project management tools, remote work flexibility, and the rights and benefits of gig workers.

The anticipated growth of the freelance platform market in the future is expected to be propelled by the increasing adoption of freelance platforms by established companies. Established companies, recognized for their specific products, processes, services, or platforms, are turning to freelance platforms as online connections where qualified and skilled freelancers can find work and receive payment remotely. These platforms enable established companies to hire temporary workers for projects and immediate openings without the need for permanent employment, leading to cost savings, the elimination of overhead costs, and access to specialized talent. The use of freelance platforms by established companies has witnessed significant growth recently. For example, in July 2022, WINaTALENT, an Estonia-based company connecting talented IT professionals from the Middle East to international employers, reported that over 48% of Fortune 500 companies utilized freelance platforms for hiring freelancers in 2022. Furthermore, in 2023, Don't Do It Yourself (DDIY), a US-based company offering advice and reviews to help businesses grow, noted that the number of freelancers in the U.S. reached 73.3 million, marking an increase of almost 3 million from 70.4 million in 2022. The increasing adoption of freelance platforms by established companies serves as a driving force for the freelance platform market.

The anticipated growth of the freelance platform market in the future is expected to be propelled by the e-commerce boom. E-commerce, which involves the buying and selling of goods and services over the internet, including online retail, electronic payments, and digital transactions, is a dynamic sector. Freelance platforms play a crucial role in the e-commerce landscape by providing businesses access to a diverse pool of skilled freelancers. This facilitates innovation and enables the rapid development of digital content and services essential for thriving in the ever-evolving e-commerce environment. For instance, according to the Bureau of the Census in November 2023, e-commerce sales accounted for 15.6% of total retail sales in the third quarter of 2023, reflecting a 7.6% increase from the same period in 2022. The total retail sales for this period were estimated at $1,825.3 billion, marking a 1.5% increase from the second quarter of 2023. The third quarter of 2023 saw a 7.8% (+-1.2%) rise in e-commerce estimates compared to the third quarter of 2022, while total retail sales increased by 2.0% (+-0.4%) during the same timeframe. Therefore, the surge in e-commerce activity is a key driver for the growth of the freelance platform market.

Product innovations are a significant trend gaining traction in the freelance platform market. Leading companies within this sector are actively working on developing new solutions to enhance their positions. An example of this trend is evident in the actions of DeeLance, a freelancing network company based in the Marshall Islands. In March 2023, DeeLance launched a Web3-based platform, which stands out as the world's first decentralized freelance network. This innovative platform aims to redefine the connection between freelancers and potential employers. The envisioned micro-communities within a metaverse on this platform provide a space where sellers and buyers of creative works can network, connect, and establish long-term relationships. Additionally, the platform includes an NFT marketplace, adding another layer of innovation to the freelance industry.

Major companies in the freelance platform market are concentrating on the development of innovative solutions, including a tech-powered platform specifically designed to assist companies in efficiently finding, hiring, and managing top freelance marketers. A tech-powered platform refers to a digital infrastructure or system driven and enabled by advanced technology to facilitate various functionalities or services. As an example, in September 2023, Growth Collective, a US-based company specializing in connecting businesses with freelance marketers, introduced Growth Collective Freelance-a tech-powered platform. Distinguishing itself in the freelance platform market, this platform offers features such as fast white-glove matching, collaborative tools, and a rigorous focus on vetting and certifying top marketing talent. The timely launch of Growth Collective Freelance addresses the increasing demand for streamlined freelance solutions, providing businesses with an efficient tech-powered platform to seamlessly connect with and manage skilled freelance marketers.

In October 2023, Freelancer.com, a global services provider based in Australia that facilitates connections between businesses and freelancers, successfully acquired STA Group LLC for an undisclosed amount. This strategic move by Freelancer.com aims to augment its freelance platform with additional IT skills, an expanded talent pool, an ergonomic Software as a Service (SaaS) platform, broader payroll management, and IT consulting services. The acquisition positions Freelancer.com to achieve a turnover exceeding €1 billion in 2023, consolidating its position as a prominent player in the competitive freelance platform market. STA Group LLC, the acquired company, is based in the United States and specializes in providing IT services, covering areas such as application development, cloud computing, network consulting, system integration, data management, and technology solutions.

Major companies operating in the freelance platforms market report are Freelancer, Next Inc., Upwork Global Inc., Fiverr International Ltd., TaskRabbit Inc., Envato Elements Pty Ltd., Field Nation LLC, Bark Ltd., Dribbble, Bark.com Global Limited., 99Designs, Designhill, Gigster LLC, Freelancer Technology Pty Limited, WorkMarket Inc., Catalant Technologies Inc., Guru, Skyword Inc., Expert360, Catalant Technologies Inc., ContentlyInc., People Per Hour Ltd., YunoJuno Limited, DesignCrowd, WriterAccess, DesignContest LLC, CrowdSPRING LLC, WorkGenius, Peeridea Inc., CloudDevs, Total LLC, Index Inc., Coding Ninjas Inc., Working Nomads s.r.o., Soy Freelancer, WhoIsHiring.io, Dice Enterprises Private Limited, Asset Reconstruction Company., Remotive SARL, Showwcase Creators Inc., AngelList Talent Inc., Jooble, Pangea

North America was the largest region in the freelance platforms market in 2023. The regions covered in the freelance platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the freelance platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The freelance platforms market includes revenues earned by companies by providing skilled freelancers with the right work, top professionals with on-demand hiring services, and others. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Freelance Platforms Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on freelance platforms market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for freelance platforms ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The freelance platforms market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Cloud-based; Web-based
• 2) By Product Type: Hourly; Monthly
• 3) By Application: Large Enterprises; Small and Medium Enterprises; Freelancers
• Companies Mentioned: Freelancer; Next Inc.; Upwork Global Inc.; Fiverr International Ltd.; TaskRabbit Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.