Freelance Management Platforms Market Size, Share, Growth, And Industry Analysis By Type (Cloud Based, On-Premise) By Application (Large Enterprises, SMEs) Regional Forecast By 2031

Updated On: 29 April 2024

Freelance Management Platforms Market Report Overview

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The global freelance management platforms market size was USD 3.374 billion in 2021. As per our research, the market is expected to reach USD 20.09 billion in 2031, exhibiting a CAGR of 18.13% during the forecast period.

The global covid-19 pandemic has been unprecedented and staggering, with freelance management platforms market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

For firms that use independent contractors, freelancers, or consultants, freelance management software offers a consolidated location for hiring, project management, and payroll management. Systems for managing freelancers keep track of every aspect of the connection with them, from hiring to performance evaluation. This programme integrates freelancer payments, costs, and contracts and provides efficient hiring, onboarding, and work collaboration management features. A cloud-based technology called a Freelance Management System (FMS) assists businesses in managing their freelance workforce. Onboarding, tasks, bills, and payments are commonly covered by freelancer management systems. Monitoring employment risk and tracking freelancer tax filings are two more uses for an FMS. A proper system of records must be in place for businesses managing between 100 and 10,000 freelance workers in order to manage this workforce. By putting an FMS in place, you can ensure visibility and uniformity of your freelancers' identities, contracts they have signed, availability, projects they have worked on, bills they have sent, and payments they have received.

COVID-19 Impact: COVID Pandemic Has Significantly Affected The Market

Impact of Coronavirus COVID-19 is included in the report. The disease has spread to practically every country in the world since the COVID-19 viral outbreak in December 2019, and the World Health Organization has declared it a public health emergency. The global effects of the coronavirus illness 2019 (COVID-19) are already being seen, and in 2021 they will have a big impact on the market for freelancing management software.

Flight cancellations, travel bans, and quarantines, restaurant closures, restrictions on all indoor and outdoor events, the declaration of states of emergency in over 40 countries, a significant slowdown in the supply chain, stock market volatility, a decline in business confidence, rising public panic, and uncertainty about the future are just a few of the effects of the COVID-19 outbreak.

Latest Trends

"Rising Demand For Freelancers Driving The Market Growth"

One of the factors driving the industry is the increase in demand for freelancers. This is because small and medium-sized businesses (SME), as well as certain major businesses, prefer to work with independent contractors on their projects. This aids businesses in eliminating the expenses associated with hiring a full-time staff.

Freelance Management Platforms Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cloud Based, On-Premise. Cloud Based will be the leading segment during forecast period.

• By Application Analysis

Based on application, the market can be divided into Large Enterprises, SMEs. Large Enterprises is anticipated to be the leading segment during forecast period.

Driving Factors

"Lot Of Benefits And Less Restrictions Serving As Driving Factor For Market "

The benefit of being a freelancer exists. A freelancer has a set amount of time to work. He is free to select this time frame whenever he wishes. Due to this, more workers are choosing to work independently and part-time. Additionally, they are not subject to any business restrictions. The number of independent contractors has expanded as a result, aiding in the expansion of this sector.

Numerous services offered by freelance management, including contract administration, consolidated billing and invoicing, live chat, and others, help to improve its appeal inside organisations and drive up demand for freelance management platforms over the anticipated period. The rise in the substitution of vendor management systems with freelance management systems as a result of quicker and more adaptable solutions is also anticipated to fuel the growth of the global market for freelance management platforms during this forecast period. With the growing need for Freelance management platforms in the worldwide market, market participants from the Freelance management platform market can anticipate attractive growth prospects in the future.

Restraining Factors

"Insecurity in Freelancing Restricting The Market Growth"

A job as a freelancer is nevertheless regarded as being insecure. This is primarily the result of a person's thinking, which is that he chooses a full-time job because of the perks that he receives. This market is being constrained by this factor.

The main issue that is anticipated to have an impact on the growth of the global market for freelance management platforms is the high upfront costs involved with deployment and integration.

Freelance Management Platforms Market Regional Insights

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"North America Will Be The Largest Segment Dominating The Market"

The market is split into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on geographic regions. In this market, North America holds the largest market share, and it is anticipated that throughout the projected period, its market share would increase at a significant CAGR. In terms of market share, North America is followed by Europe and Asia-Pacific.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

Shortlist (U.S.)

Kalo (U.S.)

Upwork (U.S.)

Envato Studio

WorkMarket (U.S.)

Expert360

Fiverr

Field Nation

Toptal

Spera

Freelancer.com (Australia)

DesignCrowd

PeoplePerHour (TalentDesk.io)

Guru.com

 

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.