Global Freelance Platforms Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Freelance Platforms Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Freelance platforms are a marketplace for businesses and freelance workers from all over the world. They typically make money by taking a cut from both the employer and the freelancer. For the money they charge, these platforms provide a hassle-free and convenient business experience to both parties.

Market Overview:

The latest research study on the global Freelance Platforms market finds that the global Freelance Platforms market reached a value of USD 4942.31 million in 2022. It’s expected that the market will achieve USD 11733.34 million by 2028, exhibiting a CAGR of 15.5% during the forecast period.

Not surprisingly, most companies are turning to on-demand labor to optimize costs and survive and thrive in the post-COVID-19 world. The COVID-19 pandemic has changed the dynamics of the labor force. Because too many employees have been laid off, companies have to find alternative solutions to stay competitive. Even for more traditional companies, on-demand recruitment of freelancers and temporary workers has become the first choice. However, managing freelancers, remote workers, and independent contractors is never seamless and requires processes, planning, and reliable supplier management and freelance management services.

Due to the COVID-19 pandemic, many companies have to freeze their regular recruitment. However, most companies plan to increase or retain their freelance or project-based workforce. The growth of freelance projects caused by COVID-19 has created additional challenges for companies. When employees operate remotely, managing freelancers is time consuming and resource intensive. Organizations are increasingly using freelance platforms to deal with the rise of free projects, especially in areas such as software development. Therefore, the coronavirus pandemic is expected to have a positive impact on the global freelance platforms market in the next few years.

It is more and more popular to hire freelancers

Compared with traditional work areas, freelance platforms show great innovations in work processes. In fact, many millennials are not interested in long-term full-time jobs.

Machine learning capabilities can accelerate reliance on free platforms

Freelance is growing into an independent economic fringe. With major disruptions in the technical field, coupled with the innovation investment of mature participants, the freelance platforms market may see considerable growth in the next few years.

Increased competition among freelancers

A major disadvantage common to most freelance platforms is the level of competition. Freelancers are forced to constantly compete with others and work harder to get the coveted job that many people are fighting for. Such factors may limit the development of the freelance platforms market.

High technical barriers

The freelance platforms industry has high technical barriers. At this stage, there are already software companies of a certain scale, with a better market foundation and greater competitive advantage. Companies that have newly entered the freelance platforms market are affected by factors such as technology, experience, and talents, and it is difficult for them to develop in the short term. It takes a long time for new entrants to develop the freelance platforms market.

The prevalence of fraud

Some freelance platforms on the market have less control over their lists and service renderer configuration files. This in turn leaves room for possible fraudulent activity. Not every seller listed on the free market provides real services, which often leads to employers being deceived.

Region Overview:

In 2021, the share of the market in North America stood at 41.57%.

Company Overview:

Upwork is one of the major players operating in the Freelance Platforms market, holding a share of 11.2% in 2022.

Upwork

Upwork is a United States-based company that operates an online marketplace that enables businesses to find and work with highly-skilled independent professionals. The develops platform for hiring and freelancing purpose.

Toptal

Toptal, LLC provides freelance marketplace and online outsourcing services. The Company owns and operates online talent marketplace that connects businesses and organizations to software developers and designers.

Segmentation Overview:

By type, Cloud Based segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment SMEs, with a market share of 66.66% in 2021.

Key Companies in the global Freelance Platforms market covered in Chapter 3:

Envato Studio
Bark
PeoplePerHour
Gigster
99Designs
Catalant
CrowdSPRING
Toptal
DesignContest
Upwork
DesignCrowd
Field Nation
Skyword
Dribbble Hiring
Designhill
Fiverr
Freelancer.com
TaskRabbit
WriterAccess
Guru.com

In Chapter 4 and Chapter 14.2, on the basis of types, the Freelance Platforms market from 2018 to 2029 is primarily split into:

Cloud Based
Web Based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Freelance Platforms market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)