Market Trends of Freelance Platforms Industry
Services Component to Witness Major Growth
- The service offerings in the market comprise managed and technology services. These services cover different aspects of freelancing work. The managed services include talent engagement, strategy consulting, people and organization consulting, engineering services, and freelance recruiting.
- Meanwhile, technological services offered by the market players include cloud, quality assurance, application, and information security services. These services support and enhance the freelancing experience, making it easier for businesses and freelancers.
- Additionally, the rise of remote work has further accelerated the demand for freelance services, enabling access to a diverse talent pool regardless of geographical constraints. This trend aligns with the evolving nature of work, emphasizing project-based collaboration and the ability to assemble teams based on specific project requirements.
- According to the Office for National Statistics UK, around 4.42 million UK employees had flexible working arrangements on employment contracts in 2023. The second most common practice of flexible arrangement in the United Kingdom was an annualized hours contract, which allowed employees to work a specified number of hours per year rather than the same number of hours weekly or monthly.
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Asia-Pacific Expected to Witness Significant Growth
- The growth of the freelance platform market in the Asia-Pacific region is mainly attributed to the growth of the gig economy, the introduction of platforms that offer opportunities without service charges, and rapid growth in digitalization.
- Further, the large and diverse population with a younger workforce is increasingly seeking flexible work options, creating a large pool of potential freelancers and making the region a key market for freelance platforms.
- Due to the rapidly increasing number of freelancers and the use of freelance platforms by businesses to hire professionals for specific work, the use of freelance platforms is gaining momentum. According to a labor report published by the Government of Singapore, there were 257 thousand freelancers in Singapore, including full-time professionals, students, and others.
- According to an online survey conducted by the Professional and Parallel Career Freelance Association, in Japan, the key reasons for choosing to work freelance by people include the need for flexibility in time and place, better use of skills and abilities, and work on own discretion.
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