Freelance Platforms Market To Reach $14.39 Billion By 2030

Freelance Platforms Market Growth & Trends

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.

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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 Segmentation

Grand View Research has segmented the global freelance platforms market based on component, end-user, application, and region:

Freelance Platforms Component Outlook (Revenue, USD Billion, 2017 - 2030)

• Platform

  • Project-based

  • Solution-based

  • Talent-based

  • Hybrid

• Services

Freelance Platforms End-user Outlook (Revenue, USD Billion, 2017 - 2030)

• Employers

  • SMEs

  • Large Enterprises

• Freelancers (by Age Group)

  • 18 - 34

  • 35 - 54

  • Above 55

Freelance Platforms Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Project Management

• Sales & Marketing

• IT

• Web and Graphic Design

• Others

Freelance Platforms Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • India

  • China

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Kingdom of Saudi Arabia (KSA)

  • U.A.E.

  • South Africa

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

• Guru.com

• 99designs

• DesignCrowd

• Crowdspring

• WorkGenius

• Paro, Inc.

• Contently

• Gigster LLC