PUNE, India, Feb. 27, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Freelance Platforms Market by Type (Cloud-based and Web-based), Application (Large Enterprises, Small and Medium Enterprises, and Freelancers), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031“, the market was valued at USD 5.1 billion in 2022 and is expected to reach USD 18.3 billion, expanding at a CAGR of 15.1% by the end of 2031. The market growth is attributed to the rising adoption of freelance platforms by established companies around the world increasing the talent pool for businesses and providing secured jobs and payments to freelancers.
Key Market Players Profiled in the Report
- TaskRabbit, Inc.
- crowdSPRING, LLC.
- Upwork® Global Inc.
- Freelancer Technology Pty Limited
- Envato Elements Pty Ltd.
- Fiverr International Ltd.
- Nexxt, Inc.
- DesignContest LLC
- People Per Hour Ltd
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, application, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Freelance platforms Market
In terms of type, the global freelance platforms market is bifurcated into cloud-based and web-based. The cloud-based segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to the evolving capabilities of cloud services to reach out to several freelancers at once. Services needed for a business are facilitated by cloud-based platforms with a reduction in infrastructural costs.
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On the basis of application, the market is divided into large enterprises, small and medium enterprises, and freelancers segments. The freelancers’ segment is expected to grow at a significant growth rate in the coming years, owing to the paradigm shift from traditional hiring methods to a blended work environment of including freelancers. Contractual expenses are reduced significantly as freelancers are paid as per the assignment allotments.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period. This growth is attributed to the significant developments in business strategies and the work culture.
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Key Takeaways from the Study:
- In-depth screening of freelancers, bidding for posts, payout comparisons, and payroll outsourcing management are some major advantages of freelancing management platforms.
- Freelance platforms are growing for replacing vendor hiring processes. The integration of freelance management platforms in businesses reduces the time for vendor searches and negotiations.
- Integration of freelance working platforms into already existing business setups involves technological modifications.
- Contract management, payroll management, invoicing, and convergent billing are key features presented by freelance management platforms which are likely to boost the freelance platforms market in the coming years.
- Remote hiring and availing of individual services is possible through the use of freelance platforms.
- Workforce creation by merging full-time staff and freelancers to manage business functions is a major opportunity for the freelance platforms’ market expansion. Hiring model changes have been possible with the introduction of freelance platforms to develop non-contractual work teams.
- Traditional ways of entering into complex service contracts are seeing a sea change with the introduction of freelance platforms in corporate work structures.
Read 200 Pages Research Report with Detailed ToC on “Freelance Platforms Market by Type (Cloud-based and Web-based), Application (Large Enterprises, Small and Medium Enterprises, and Freelancers), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031″
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Key Segments Covered
- Large Enterprises
- Small and Medium Enterprises
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
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