Data Driven Demand

Becoming a global freelancing platform enabling remote connection and collaboration between businesses and independent professionals using blockchain technology

A McKinsey study showed that the pandemic has increased the demand for freelance expertise. 85% of the companies surveyed reported that they have accelerated the digitization of their supply chain, customer, and employee channels, and 67% have accelerated the adoption of freelancer utilization.

This means that the predicted shortages in talent are likely to occur sooner and more intensely unless there is an increase in expertise and access to global talent.

20% of the companies said that they plan to increase their reliance on freelancers over the years.

Source: Upwork Press Release

Freelancers, who contributed $1.35 trillion to the U.S. economy in 2022, are expected to make up the majority of the U.S. workforce in the near future due to the annual increase in the number of skilled individuals choosing to freelance.

Google’s workforce has more freelancers than permanent employees

Source: Bloomberg

Freelancer earnings statistics suggest that there will be more freelancers in the tech domain soon

• At 78% year on year growth in revenue, the United States has the fastest rising freelance economy.

• Freelancers have at their disposal specialized software that enables them to be more efficient and manage their tasks and work from start to end [free software or freemium at affordable prices].

Countries with lower domestic work opportunities are seeing a surge in freelance professionals

The growing trend of remote teams has made freelancing a viable career option for skilled professionals in areas where job opportunities are scarce. According to data, Pakistan, Ukraine, the Philippines, India, and Bangladesh are among the top 10 countries with the fastest-growing earnings for freelancers.

Source: CNBC

Freelancers are making a significant impact on small and medium-sized businesses (SMBs):

By offering a cost-effective and flexible solution, freelancers are helping SMBs achieve their growth goals. According to reports, SMBs are satisfied with freelancers and plan to increase their use of freelancers in the future.

Here are three statistics that support this:

• 70% of SMBs in the U.S. have worked with freelancers at least once

• 81% of these companies plan to hire freelancers again

• 83% agree that freelancers have greatly helped their business

Source: LinkedIn

Over half of all businesses employ freelancers...

...up from 48% in 2018, This is expected to increase steadily as the ease of hiring freelancers increases and company policies become more aligned to processes like remote working.

Source: Inavero Report

8. Freelancing market share is expected to increase further in the near future

The freelance market is anticipated to experience steady growth in the coming years. It is estimated that the global freelance economy will reach $1.3 trillion USD by 2025.

In 2017, there were approximately 57.3 million freelancers in the United States, and this number is expected to nearly double by 2028, with more than 90 million freelancers in the U.S. alone.

Additionally, it is predicted that freelancers will make up the majority of the U.S. workforce by 2027, with around 51% of the working population consisting of freelancers.