Freelance Platforms Market Size, Share, Growth, and Industry Growth by Type (Cloud Based and Web Based) By Application (Large Enterprises, SMEs and Freelancers) Regional Forecast From 2022 to 2028

Updated On: 15 April 2024

Freelance Platforms Market Report Overview

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The global freelance platforms market size expanded rapidly in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the freelance platforms market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 15.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Given that they offer technology, a product, or a service that adds value by facilitating direct contacts between two or more distinct sides—in this example, between freelancers and clients—freelance platforms can be regarded as multi-sided platforms (MSPs). Three main actors commonly make up freelancing platforms: platform owners, who offer the infrastructure for mediating work, freelancers, who take on and submit work in exchange for payment, and buyers, who request tasks be done in exchange for payment.

Both high- and low-skill services are available on these platforms. Projects like software development, data analysis, consulting, and web design—which are frequently well paid—tend to be somewhat difficult and specialized since high-skilled freelance platforms are mediating complicated knowledge labor in these fields. The majority of these services are utilized for commercial purposes and are customized. One of the biggest freelance platforms on the market today, Upwork connects clients with a variety of experts in disciplines including software development, design, and accountancy. The site for highly competent freelancers, Upwork, is likely the most widely used.

COVID-19 Impact: Shut Down of Businesses to Hinder the Market

The market for freelancing platforms suffered from the COVID-19 outbreak. During the pandemic, a number of firms shut down, which resulted in lower investments in employing freelancers, which had an impact on the expansion of the freelancing platforms industry.

LATEST TRENDS

"Freedom of Work to Augment the Market Demands"

The market for freelancing platforms has a great scope for growth due to the establishment of workforces by combining full-time employees and freelancers to manage various company responsibilities. An important possibility for the market and the rise of freelancers is the change in recruiting practices of companies that use non-contractual working teams.

Because vendor employment procedures need to be replaced, there is an increasing need for freelance platforms. Businesses may spend less time looking for and negotiating with vendors by integrating freelance management solutions. One of the important services offered by freelance management platforms that is projected to grow the market for freelance platforms in the upcoming years is payroll administration. Other significant functions include invoicing, convergent billing, contract management, and invoicing.

Freelance Platforms Market Segmentation

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• By Type Analysis

By type, market is segmented into cloud based and web based. The cloud- based segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into large enterprises, SMEs and freelancers. The large enterprises segment will lead the global share through 2028.

DRIVING FACTORS

"Freedom of Work to Propel the Market Demands"

An individual who works as a freelancer has the freedom to select the kind and volume of clients they wish to serve. Flexibility in terms of time and length is offered by freelancing. The nature of work and talent management have changed significantly as a result of freelancing in the digital era. As independent contractors learn more about various businesses and the labor markets, they have developed effective marketing tactics to showcase their skills. They thus make more money, are generally happy at work, in their personal and social life, and are able to pull back on their job and pay whenever they want or need to.

"Increasing Need for Highly Trained Freelancers to Boost the Market"

Both the corporation and the individual who freelance can profit. Working with independent contractors in far-flung areas is handy for businesses. They don't require employment, office supplies, or vacations. They also don't arrive to work late or whine about not having enough time for solitude. There is an increasing need for highly trained freelancers as a result of shifting labour markets and the growth of the gig economy. This is also evident in the rise in the volume of bigger, more complicated projects that are facilitated by freelancing platforms, taking longer to finish and requiring specialized knowledge and abilities.

RESTRAINING FACTORS

"High Expenses of Technological Advancements to Impede the Market"

Changes in technology are required for the integration of freelancing platforms into already established corporate structures. The market's quick development is significantly hampered by the high upfront expenses of technology advancements.

Freelance Platforms Market Regional Insights

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"North America’s Freelance Platforms Market’s Share to Grow Exponentially with the Forecast Period."

The projected period anticipates North America to lead the market. The considerable changes in corporate culture and business strategy are to blame for the expansion of the regional market. With the arrival of freelancing platforms in corporate work structures, traditional methods of signing lengthy service contracts are seeing a fundamental upheaval.

The North American economies particularly those of the United States and Canada will occupy a disproportionately large share of the world market for freelancing platforms throughout the forecasted period. It is mostly driven by changes in workplace culture, business goals, and a healthy workplace culture, among other things. The work culture is quite balanced in North America, and wages are determined by the hour.

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 in 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 portfolio.

List of Market Players Profiled

• Fiverr (Israel)
• Upwork (U.S.)
• Freelancer.com (Australia)
• Envato Studio (Australia)
• People Per Hour (UK.)
• Toptal (U.S.)
• Guru.com (Pennsylvania)
• Design Crowd (Australia)
• Nexxt (U.S.)
• Design Contest (U.S.)
• TaskRabbit (U.S.)
• Crowd SPRING (U.S.)
• Dribble Hiring (U.S.)
• Writer Access (U.S.)
• 99Designs (Australia)
• Catalant (U.S.)
• Design hill (India)
• Sky word (U.S.)
• Bark (U.S.)
• Gigster (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.