With the advent of remote working options, people are moving from full-time jobs to freelancing. They are looking at using their skills and talents for lucrative earnings.
This has led to the freelance industry flourishing. The growth is multifold, with advancements in technology and better connectivity between freelancers and customers. Here are 20 interesting freelance industry statistics that may sway you towards moving from your full-time job to freelance jobs.
1. There are about 1.1 billion freelancers across the globe, especially freelancing in the IT industry and freelancing in the film industry
One of the critical changes observed during and post the pandemic is the boom in the freelance industry. This has led to the “gig economy” growing fast. This growth is more so with the rise in remote working cultures and economic challenges in 2020. Many U.S. workers across the globe are quitting their 9 to 5 jobs to take up freelance work.
The popularity of freelancing in the IT industry has been magnified due to the advancements in technology. Companies and start-ups hire freelancers for IT projects, IT services, or tasks accomplished on behalf of the client.
As a freelancer, you can work on various projects for different clients rather than for a single one. There is also the freedom to manage your priorities and time while working at your own pace.
2. The freelance industry to become the most sought-after U.S. workforce by 2027
Currently generating over $1.4 trillion for the U.S. economy every year, the freelance industry has become a favorite among skilled individuals. It will likely become one of the top modes of work in the next few years.
3. Freelance statistics indicate earnings in Freelancing in the IT industry are likely to grow multifold
As per freelance industry statistics, there is a 78% growth in revenue every year, making the US the fastest-growing freelance economy.
4. Approximately 68% of freelancers claim that their way of life has improved
Statistics indicate that the financial condition of freelancers might not have improved. But for over ⅔ of them, their happiness quotient has enhanced.
According to Freelancer Survey for 2021, it is observed that 69% of freelancers do not fear a loss of livelihood.
6. 62% of freelancers foresee a bright economic situation
Though the pandemic has affected everybody across the globe, 62% of independent market leaders foresee a bright economic situation.
7. Freelancing in the IT industry witnesses gigs as the primary source of income for 44% of US freelancers
Freelance workforce statistics indicate that nearly 80% of freelancers earn their primary income through gigs.
The freelance industry estimates that 48% of businesses employed skilled freelancers across various industries, including freelancing in film industry, in 2018. It has shown a steady increase over the years and is expected to grow further.
This increase is predominantly due to the ease of hiring freelancers. Moreover, the trend is that most of the company policies are aligned with remote working and work-from-home options.
9. The global freelance market size is projected to expand at a swift pace at a CAGR of 15.3% from 2021 to 2026
The pandemic prove to be a blessing in disguise, with 36% of employees working as freelancers during the pandemic. This was an increase of about 8% from 2019. It also encourages more people to try their hand at freelancing.
10. As much as 58% of non-freelancers are looking at the freelance industry in the future
Many people, irrespective of their expertise or the field they are working in, are considering the option of freelancing. You can be either a home-maker or have skills in a niche area; there is a job for you in the freelance industry.
11. Google has over 120,000 freelancers, more than its regular employees
Market leaders like Google are surpassing their permanent employees with freelancers. In 2019, 120,000 freelancers were working for the company compared to 102,000 permanent workers.
According to statistics, Google has a 54% freelance workforce compared to 46% permanent employees. This is an encouraging sign as more people are moving towards freelancing.
13. The various emerging freelance jobs are seen in freelancing in the IT industry and freelancing in the film industry.
You can work for multiple production houses or services by freelancing in the film industry. If you are a filmmaker, you can freelance produce promotional films or advertisements for a product or service. Their salary varies widely from gig to gig and even from project to project. It is also one of the highest-paying skills as it caters to niche markets.
Likewise, other high-paying freelance skills of today are SEO expertise, direct response copywriting, management of advertisements, software development, generation of leads and marketing. Your earning potential for your expertise can be much higher than in other freelancing areas.
14. Depending on the size of the project and its requirement, software developers can earn up to USD 1,000/hour
Freelancing in the IT industry is one of the two top areas for freelancers. The other one is the finance/business operations.
The freelance industry is predicted to grow quickly in the forthcoming years.
15. By 2023, the worldwide freelance market economy will be at 455 billion USD
In the year 2021, the freelance market was about $374 billion. This will grow multifold and is likely to reach $455 billion in 2023
16. While the number of freelancers in the United States was at 57.3 mn in 2017, it is likely to be nearly double by 2028
This switch to freelance is due to more and more people working from home because of the pandemic. They were able to experience the benefits of working in the comfort of their homes and being their bosses. Jobs in the gig economy have also enabled workers to earn more than their earnings in a full-time job.
17. It is observed that 75% of professionals earn either the same or much more
According to statistics, the earning ability of freelancers is also improving substantially. As much as 75% say they are earning either the same or more than what they were earning earlier.
18. 12 out of 20 most sought-after skills in the gig economy is that of IT development
19. Established freelance platforms like Upwork provide freelancing services to 20% of Fortune 500 firms
Several large and established companies are now moving towards platforms like Upwork for their job requirements. For example, Samsung is sourcing freelancers from Upwork or PeoplePerHour to take care of their marketing roles, design, and IT requirements.
20. 77% of freelancers feel that owing to technology; they can find work
With the freelancing industry continuing to grow at a tremendous pace, businesses across industries have started developing a network of freelancers. It would be beneficial to outsource tasks through freelancers rather than employing professionals.
These freelancing statistics accentuate the importance of the gig economy. With the advancement of technology and digitalization globally, it will only propel the industry to the next level, encouraging businesses to adapt their business models to include more freelancers.
You can opt for this mode of earning your livelihood as there are a lot of freelancing opportunities available currently. You can work at your own pace, and if managed wisely, you can even make more than your earnings earlier.
The U.S. leads in the chart of the highest number of freelancers, closely followed by the UK.
The future of freelancing worldwide looks very bright and promising. Many individuals can work according to their preference and at their own pace.
63% of the freelancers in the United States report being satisfied. Moreover, 84% of them who work full-time claim to be satisfied with freelancing.
This is evident as Gen Z is currently in a technologically advanced culture. So they are prone to use more technology. They can use their tech knowledge to enable them to make their work more flexible to their schedules.