Freelance Platforms Market Exhibiting At A CAGR Of 16.5% From 2023 To 2030

Posted by Neha Bora on April 24th, 2024

San Francisco, 24 April 2024: The Report Freelance Platforms Market Size, Share & Trends Analysis Report By Component (Platform, Services), By End-user, By Application (Web & Graphic Design, Project Management), By Region, And Segment Forecasts, 2023 - 2030

The global freelance platforms market size is expected to reach USD 14.39 billion by 2030, registering a CAGR of 16.5% during the forecast period, according to a new report by Grand View Research, Inc. The freelance platform connects businesses looking for skilled professionals and individuals looking for freelancing opportunities. Freelance platforms enable companies to post their workforce requirements, and freelancers display their skills and experience by creating profiles.

The COVID-19 pandemic led to a shift in the employment marketplace due to lockdown and social distancing norms. There was a shift to remote working from the traditional in-office work model. Moreover, the COVID-19 pandemic-induced job losses led to more people considering freelance work. In October 2020, Toptal, LLC, a freelance platform market player, reported that it experienced a rise of 55% in the number of applications for joining the company’s global talent network in the first nine months of 2020 compared to the same period in 2019.

Businesses are embracing freelancing as they can avoid adding permanent employees to their workforce due to the COVID-19 pandemic-led economic uncertainties. Freelance platforms help businesses find talent for special projects or temporary job roles, helping them reduce costs. The companies can outsource tasks that require a specialized workforce, reducing the workload of full-time employees and helping them focus on other business activities. Freelancing platforms are also getting more specialized as there are platforms for specific skill sets. For instance, 99designs, an Australia-based freelance platform, connects designers to companies. Hence, employers looking for specialized skills can access the niche freelance platform directly.

Based on application, the market for freelance platforms is divided into project management, sales & marketing, IT, web and graphic design, and others. Growing project complexities across industries drive the demand for experienced project managers on freelance platforms. Based on end-user, the market for freelance platforms is divided into enterprises and freelancers (by age group). Large enterprises and SMEs are using freelance platforms due to growth in the adoption of the remote work model. Younger generation freelancers are attracted to freelancing as it offers a greater work-life balance.

The market players are introducing new solutions for freelance platform end-users. For instance, in June 2022, Upwork Global Inc. announced the launch of Upwork Academy, an interactive suite of tools and courses to help professionals succeed on Upwork Global Inc.’s freelance platform. With this launch, the company aimed to help professionals get the required skills.

The market for freelance platforms is highly competitive. Major players are investing in Research & Development (R&D) to drive innovation. Some prominent players include Upwork Global Inc.; Fiverr International Ltd.; Toptal; People Per Hour Ltd; Freelancer.com; Guru.com; and 99designs. These key players are adopting different development strategies such as product launches, mergers & acquisitions, and others to expand their presence and market share. Along with key strategies, these players are introducing new features to improve the customer experience.

In May 2023, Fiverr International Ltd. announced the launch of Fiverr Enterprise, a solution providing employers and enterprises with comprehensive control and a seamless all-in-one solution for sourcing, managing, onboarding, and paying their freelance talent. It simplifies essential tasks such as budget tracking, tax compliance, legal processes, and workforce classification. By offering these features, the company aims to streamline the freelancer management process and ensure compliance with relevant regulations, enabling businesses to work with freelancers effectively and efficiently.

Access Research Report of Freelance Platforms Market https://www.grandviewresearch.com/industry-analysis/freelance-platforms-market-report

Freelance Platforms Market Report Highlights

  • Freelance platforms provide benefits to both businesses and freelancers, such as access to a diverse talent pool, cost reduction for businesses, and work flexibility for freelancers
  • The services segment is projected to grow at the fastest CAGR over the forecast period
  • The freelancers (by age group) segment dominated the market in 2022 with a revenue share of 53.0% and is expected to expand at a CAGR of 14.6% from 2023 to 2030
  • The web and graphic design segment is projected to grow at the fastest CAGR of 19.2% over the forecast period

Freelance Platforms Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 4.93 billion

Revenue forecast in 2030

USD 14.39 billion

Growth rate

CAGR of 16.5% from 2023 to 2030

Base year for estimation

2022

Historic year

2017 - 2021

Forecast period

2023 - 2030

List of Key Players in the Freelance Platforms Market

  • Upwork Global Inc.
  • Fiverr International Ltd.
  • Toptal, LLC
  • People Per Hour Ltd
  • Freelancer Technology Pty Limited
  • com
  • 99designs
  • DesignCrowd
  • Crowdspring
  • WorkGenius
  • Paro, Inc.
  • Contently
  • Gigster LLC

Access Press Release of Freelance Platforms Market @ https://www.grandviewresearch.com/press-release/global-freelance-platforms-market

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Neha Bora

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Neha Bora
Joined: September 16th, 2019
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