In this blog post, we’ll look at freelance statistics from around the world, including how much freelancers are earning, which countries have the highest concentration of freelancers, and more.
This data can provide valuable insights for new and experienced freelancers as they strive to build their businesses. Whether you’re curious about the global freelance market or want to stay in the know, this post will keep you informed on all the latest trends.
🌐 Global Freelancing Market Stats
Nearly 47% of workers worldwide are freelancers. This is a significant increase from the 35% recorded in 2007. The World Bank data found that 46.4% of workers were self-employed in 2017, up from 35% in 2007. This finding highlights the growing prevalence of freelancing as an alternative to traditional employment options.
- The global freelance platform market is worth $3.39 billion and is expected to grow at a CAGR of 7% over the next five years.
- Freelancers worldwide earn an average of $21 per hour and can use these platforms to find jobs, manage their clients, and receive payment. These platforms enable employers to hire skilled professionals on short-term or project-based contracts with flexibility and cost savings.
- Upwork is the world’s largest freelancer platform and generates over $2 billion in yearly revenue. It offers a range of tools that help freelancers manage their projects, find work, and make money. These platforms allow businesses to hire skilled professionals on short-term or project-based contracts with flexibility and cost savings. They are especially valuable for small or medium-sized businesses that need specialized expertise but cannot afford to hire full-time employees.
🗺️ Freelancer Demographics Stats
- Globally, over two-thirds of freelancers are under the age of 35, according to Payoneer. This is a significant shift in the freelance industry, as earlier generations of freelancers tended to be more experienced and had more traditional job titles like full-time employees.
- In Asia, 82% of freelance workers are under 35. In North America, less than half of freelancers are under 35.
The rise in freelance work may be attributed to the growth of technology and a decline in traditional full-time jobs. Additionally, younger generations have more opportunities for self-employment due to technological advances and increased global connectivity.
Younger workers have more flexibility and mobility due to advancements in transportation and communication technologies. They also have higher levels of education and skill sets that make them attractive candidates for freelance positions. All these factors contribute to the high percentage of young freelancers in many parts of the world.
💼 Freelancer Job Satisfaction Stats
- Full-time freelancers rate their job satisfaction an average of 4.1 out of 5, according to a recent survey by Payoneer. This is compared to 4.3 for part-time freelancers and 3.9 for full-time employed individuals.
- Nearly 80 percent of workers choose to freelance in order to have more independence and be their own boss. Over half of the freelancers feel that project acquisition is the biggest challenge they face.
- Nearly 90 percent of freelancers believe that expertise and know-how are essential for success.
- When it comes to soft skills, 7 out of 10 freelancers say that communication skills are key. And 60 percent believe proper motivation is essential.
Overall, the benefits of freelance work include greater flexibility, the opportunity to pursue interests and hobbies outside of one’s day job, and the ability to set your own schedule and make your own decisions.
However, there are also challenges such as managing time and money, building a network of connections, and maintaining a consistent flow of work. In short, finding freelance work can be a rewarding experience for those who are willing to adapt and embrace the challenges involved.
🎓 Freelancer Education Level Stats
- Just over half of freelancers have a postgraduate degree, which is higher than the overall average for the workforce. Postgraduate degrees typically provide more training and experience in a specific field, leading to higher-level positions and greater career advancement opportunities. This is particularly true in fields such as technology, marketing, and project management, where a postgraduate degree can be useful for developing specialized skills.
- Freelancers with a high school level of education earn an average of $22 per hour, which is higher than the overall median income for workers without a high school diploma. This suggests that those with high school level of education may have more opportunities to advance their careers by acquiring additional skills and training. Overall, it can be said that having a postgraduate degree can give you an advantage when it comes to finding rewarding work and earning decent wages.
🌐 Regional Freelancing Stats
- According to Payoneer, the US has seen freelance work grow by 78%. This is a significant increase in the number of people working independently, instead of in traditional full-time jobs, for money or other compensation. As the economy continues to recover from the Great Recession and new technologies continue to disrupt industries and industries, more people are choosing to pursue freelance careers over traditional employment.
- In 2020, the Philippines had the highest year-over-year growth rate for freelance revenue at 208%. This means that the number of freelancers working in the country was growing at a faster rate than in any other country. This was due to the abundance of skilled workers and a fast-growing economy. The high demand for skilled labor and the low cost of doing business were two major factors driving this growth.
- In the United States, freelancers make up a huge part of the workforce and are responsible for earning $1.3 trillion per year in total. This is a significant sum considering that the U.S. economy is worth more than $18 trillion. The freelance market allows individuals to work flexibly and on their own schedule while benefiting from the flexibility to choose their job assignments and workplace culture.
- There are nearly 4.2 million freelancers in the UK, and that number is expected to decline over the next few years. However, there are still more than 5 million freelancers working in the country compared to 3.3 million 20 years ago. According to a report by Statista, the UK freelancing industry is worth around £162 billion, which is an increase of 15% from 2017. This represents a significant contribution to the overall UK economy with freelancers playing a vital role in supporting businesses, individuals, and communities across the country.
- The number of freelancers in France, Germany, and Spain combined is estimated to be around 3 million. This represents a significant portion of the workforce in these countries. In many European countries, freelancing has become an increasingly popular career choice for individuals looking for flexibility and control over their work schedules.
- In Germany, the number of freelancers decreased by 7% between 2009 and 2016. This may be due to factors such as an aging population resulting in fewer new hires or a shift in employment trends toward more traditional full-time positions with higher wages. However, it is also possible that other factors contributed to this decrease such as increased competition from other countries or more people choosing to pursue traditional employment options instead of freelancing.
- According to a report by Payoneer, the number of freelancers in India is rapidly growing. In fact, it is the second fastest growing country in the world when it comes to the number of freelancers. In the Asia Pacific, nearly 85% of hiring managers outsource to freelancers. Meanwhile, Africa is home to just over 10% of the global freelance workforce.
🕦 Freelancer Hourly Work Stats
According to FreelancerMap, over 40% of freelancers work between 41 and 50 hours per week. That’s a lot of time dedicated to the profession! And it shows – there are more than 2 million active freelancers around the world, which means there’s a lot of opportunity for those who want to earn a living without committing to full-time employment.
In fact, many people choose to freelance because they enjoy working on their own terms and choosing their own schedules. With the flexibility to work as much or as little as they want, freelancers can set their own pace and pursue their passions without worrying about how they’ll make ends meet.
Of course, not every freelancer works 41-50 hours per week. Some prefer to work part-time or on a seasonal basis while others may prefer to take on fewer projects at a time. So there is no right or wrong answer when it comes to how long you should be working each week as a freelancer. All in all, it’s essential to have balance in your life and make sure you’re getting enough sleep, exercise, and downtime for your body and mind. And if you’re feeling overwhelmed with freelance work, seek out support systems like a therapist or mentor to help you navigate the challenges of the career.
👥 How Freelancers Benefit Companies
- According to the Huffington Post, hiring a freelance senior software engineer can save a company over $17,000 compared to hiring a full-time employee. This is because freelancers are often more experienced and skilled than traditional employees, which allows companies to get high-quality work done at a fraction of the cost.
- Additionally, 8 out of 10 IT managers say that they prefer to hire freelancers over full-time employees because it helps them manage their workloads more efficiently. However, it’s important to note that not all freelance engineers are on the same level and some may require additional training or supervision. So, it’s essential to do your research and find the right person for the job!
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✍️ Conclusion
Freelancing is a rapidly growing global trend, with more and more people turning to freelance for flexible work opportunities that fit their lifestyles. The freelance economy has seen huge growth in the past few years, and this trend is likely to continue. With more than 4 million freelancers in the US alone and over 1 billion freelancers worldwide, it’s clear that freelancing is here to stay. This blog looks at some of the key statistics around freelance work globally, including topics such as freelancer demographics, income levels, job sectors, and more. It’s clear from these numbers that the freelance economy is growing and will continue to be an attractive option for those looking for flexible work on their own terms.
