• Freelance Market Statistics And Trends In 2021

    Freelance Market Statistics And Trends In 2021
    October 04, 2021

    Freelancers can be found almost anywhere. The freelancing industry has exploded due to a large number of occupations that can be adapted to this business model. Freelancing appeared out of nowhere and has since grown into a trillion-dollar business that everyone wants a piece of.

     

    Chances are you're working an online freelance job if you're a member of Gen Z's up-and-coming workforce as a service. If you're not a member of this generation but are still a freelancer or want to learn more about the freedom for freelancers, you've come to the correct place.

    We've curated a list of everything there is to know about the freelance market from stats to facts to trends for this very reason!

     

    Some freelance statistics

    The freelance world is a wide one. Every day, a large number of men and women freelancers work on freelancing projects. Because it encompasses a wide range of businesses, the freelance world is vast. Freelancing is a force that needs to be reckoned with since it is always changing, demanding, and developing. We'll go through some of the most frequent facts concerning the freelancing world, the industry, and the freelancers who work within it in this part.

     

    Freelancing, which currently employs 58 million people and is growing, is on track to become the majority employed in the United States by 2027.

    The constant increase in the number of competent persons taking up freelancing every year has made freelancers the favorite to become the majority workforce in the United States within the next few years, contributing over $1.4 trillion to the economy.

     

    A surge in freelancers in countries that are low in domestic work opportunities

    Freelancing is providing a feasible career route for skilled individuals in locations where domestic options are limited, thanks to the surge in usage of remote teams. Pakistan, Ukraine, the Philippines, India, and Bangladesh are among the top ten countries for freelancer earnings growth.

     

    The term "freelancer" is used to refer to themselves by 38% of self-employed people.

    The number of freelancers is increasing. However, this only counts those who identify themselves to be freelancers. Independent employees who were asked believe themselves to be freelancers in a stunning 38 percent of cases.

     

    Among 6001 freelancers who were surveyed, 40 percent of them held a college degree or higher

    40% of the 6,001 freelancers polled in the United States have a bachelor's degree or higher.

    Over 40% of the 6,001 freelancers polled in the United States have a bachelor's degree or more, indicating that freelancers are a well-educated group of workers.

     

    Freelancers cover over 5 percent of the total GDP of the US.

    The freelancing services business is huge, with a GDP of almost one trillion dollars. This indicates that the freelance industry accounts for over 5% of total GDP in the United States and generates more money than other businesses such as construction and transportation. The average hourly wage for professional services is $28, which means that skilled freelancers make more per hour than 70% of the US workforce.

     

    Eighty-four percent of full-time freelancers claim that their jobs allow them to live the lifestyle they choose.

    Eighty-four percent of full-time freelancers say their employer has given them the freedom to live their lives on their own terms and pursue any lifestyle they like. This equates to around 21% more persons than full-time employees.

     

    Skills training is important for freelancers, according to 93 percent of freelancers with a college degree.

    Skills training is one of the most important things a freelancer must have, according to a large majority of freelancers (93 percent). In the last six months, nearly 70% of full-time freelancers took part in skills training, which is around 21% higher than full-time gig workers.

     

    7 out of 10 freelancers want to go somewhere other than a big city.

    Around 70% of the freelancers polled say they'd be open to moving somewhere other than a big metropolis because their employment allows them to work from home, which might be anywhere with an internet connection.

     

    Sixty-four percent of full-time freelancers stated their health has improved since they started freelancing.

    Workplace stress is common, and it can be harmful to one's health. Approximately 64% of all freelancers say their health has improved since being self-employed, making freelancing a healthier alternative to traditional labor. About 22% of freelancers consider healthcare to be a major concern, while 28% of full-time employees acquire health insurance.

     

    Freelance statistics after COVID-19

    Many industries have changed as a result of the epidemic. Some have been severely harmed, while others have flourished. What impact has Coronavirus had on the world of independent employment and freelancers? The solution isn't half-bad.

    We've made a list of noteworthy facts about Covid-19 and its impact on freelance work online and freelancers.

     

    In the second quarter of the year 2020, the number of working hours lost was stated to be equivalent to 400 million full-time jobs.

    The Coronavirus has impacted the corporate world, with hours lost in the second quarter of 2020 equating to almost 400 million full-time jobs, which is a concerning statistic.

     

    During the first quarter of the year 2020, the number of freelance job openings climbed by more than 25%.

    According to the Freelancers Fast 50 research, job vacancies increased by more than 25% from April to June. This research looks at the global marketplace of the website, which includes North America, Europe, and Asia.

     

    In the second quarter of the year 2020, the number of freelance job postings increased by 41% to 605,000.

    When made a comparison of the same period in 2019, freelance job posts increased by 41% to 605,000 in the second quarter of 2020. This is mostly due to the coronavirus epidemic, which is wreaking havoc on the worldwide labor market. It's also possible that the growth is due to the high demand for individuals to go it alone.

     

    In the second quarter of 2020, the most employment was created in the field of mathematical modeling (up 99.6% to 16,501).

    Even so, it's not all doom and gloom, as mathematical modeling was one of the most in-demand positions during the coronavirus outbreak in the second quarter of 2020. Mathematical modeling has grown by 99.6%, resulting in the creation of 16,501 new jobs.

     

    According to 23% of freelancers, the business has remained the same.

    A slightly better estimate is that roughly 23% of people say their business dealings, revenue, and demand have remained mostly the same since the outbreak. In comparison, 17% of freelancers say the pandemic has raised the demand for their services.

     

    Nearly 74 percent of poll participants said their rates had remained the same.

    According to Payoneer's poll, 74% of respondents stated their rates remained the same during the pandemic, 23% said they had to decrease their rates to stay competitive in the market, and 3% of freelancers claimed they increased their rates.

     

    According to 51% of freelancers, no amount of money would persuade them to take a typical job.

    According to a number of studies and researches, a slightly above the margin majority of freelancers said that no amount of money could persuade them to give up freelancing in favor of a traditional job.

     

    According to 73% of respondents, technology has made it easier to find a freelance job.

    Since the first freelancer, technology has given freelancers more power. The task of freelancers will get easier as technology advances. Because of technology improvements, almost 73 percent of all freelancers believe that getting work has gotten significantly easier than before.

     

    Professionals at the top of their fields are increasingly choosing to work independently, according to 64% of respondents.

    Independence is crucial, particularly in the working environment. About 64% of respondents believe that experts at the top of their fields increasingly turn to freelance to supplement their income.

     

    Final thoughts

    Freelancing is an intriguing terrain that has the potential to become one of the world's most powerful enterprises. With more people flocking to the industry as a result of the recent global pandemic, its mainstream adoption will only accelerate.

    The most important thing to watch for in the future of freelancing is the inclusion of many more sectors. Writing, design, marketing, and coding are the most common services provided by freelancers.

    We may expect an influx of new industries into the freelance area and a large number of new freelancers, as the technology required to conduct most occupations slowly migrates to the digital world.