Jun 28, 2024
by Humera

The freelance industry has emerged as a highly consequential transformation in contemporary work environments. There will be 90.1 million freelancers out of 171 million by 2028, an increase from 70.4 million in the United States alone. It accounts for 53% of the entire American workforce. Google employs a comparable proportion of independent contractors (54 percent versus 46 percent) and full-time workers (46 percent). An estimated 4.95 billion people globally have access to the internet. As a result, the freelance sector is experiencing exponential growth. Employment opportunities are more readily available than at any other time in history.

The Freelance Universe

As a freelancer, you have the ability to work from any location with an internet connection. Ecuador, Mexico, France, and Italy still opt to remain in the US and work as freelancers. Keep in mind that learning to freelance does not necessitate leaving your employment. While you're on vacation, it's easy to pick up a new method of operation. Freelancing offers a lot of advantages if you want greater independence, more leisure, and control over your work and where you do it. In light of the difficulties associated with obtaining full-time employment, the freelance market is experiencing rapid growth, potentially making it easier to obtain remote work through freelancing.

Platforms for freelancers

Not everyone aspires to work full-time. It is advisable to consider freelancing as an alternative employment option with multiple corporations. Consider the following websites that are extremely popular among independent employees:

  • Fiverr
  • FlexJobs
  • HackerOne
  • Toptal
  • Upwork

What are the benefits of freelance work?

Businesses attract freelancers for a variety of reasons. Some are

  • A potential for attractive earnings

The freedom to set your own fees and pursue a more fulfilling job is only one of the numerous benefits of freelancing. One of the benefits of freelancing is the increased enjoyment it can provide for one's lifestyle due to the increased flexibility and improved work-life balance it provides. Four out of five worldwide freelancers said they are happier with their lifestyle as a full-time freelancer, according to our 2021 Freelancer Income Report. In addition, according to Upwork's latest Freelance Forward: 2022 study, 75% of those who left their full-time jobs during the epidemic to freelance had the same or higher earnings as when they worked for a regular employer. Freelancing can be a great way to ease into retirement if it helps you get a decent living wage after a while.

  • Quickly adapting to workplace changes

As indicated before, when the virus first arrived, freelancers adapted more quickly than the majority of the labor force. In fact, 83% of freelancers report that they primarily complete their work from home. Freelancers, particularly those serving international clients and navigating many time zones, were thus well-prepared to operate remotely and maintain virtual communication throughout the height of the pandemic. Additionally, individuals who were already freelancing prior to the pandemic—those who were operating their own businesses or establishing their own brands—were accustomed to switching clients frequently and had experience with the rapid onboarding of new projects and responsibilities. Being your own boss reduces your vulnerability to the inevitable changes that come with freelancing.

  • Being your own boss

The COVID-19 pandemic taught us, among other things, that even contract workers who had been in their 9-to-5 positions for a long time were still susceptible to layoffs. One thing is certain: no job is ever really secure, even though none of us ever imagined we'd have to deal with a health problem of this magnitude. While many freelancers took a major hit during the virus's early stages, they recovered and maintained ownership of their own brand. Nothing can ever truly take away your brand, since it is your personal asset. You must be self-advertising and aware of the value you can bring to the table in these extraordinary times.

  • Enhancing skills and training

Working as a freelancer can, without a doubt, give you plenty of chances to learn new things and improve the ones you already have. It is now easier than ever to learn a new skill and start making money online, thanks to the abundance of courses offered by sites like Coursera, Udemy, and LinkedIn Learning, among many others. Every few years, new skills are in demand, but three things will never go out of style: the ability to adapt, a genuine interest in learning, and a thirst for knowledge. These are fundamental requirements for freelancers to thrive.

  • The demand for goods is only going up

The lesson of this pandemic is that with a laptop and an adequate internet connection, anyone can accomplish almost anything, no matter where they are. It's clear that businesses of all sizes are eager to collaborate with and even rely on freelancers. Opportunities abound in the recently booming fields of online customer service, information technology, administration, search engine optimization and marketing, web development, and many more.

What makes freelancers unique?

What makes this kind of employment enjoyable for freelancers is “freedom.”

Working from home grants incredible leeway in terms of when, how, and where you get your job done. Your workstation's setting is also entirely up to you. You, the freelancer, get to decide when, where, how, and when you work—in your pajamas, at night, in a park, on the beach, or even in another country!

The focus is on you!

How do I begin?

So, you've decided to join the worldwide freelancing movement. To make things easier and more successful, there are a few "first" actions you should take.

  • Evaluate your proficiency.
  • For many people just starting out in the freelance world, one of the most eye-opening experiences is realizing how many more marketable abilities they actually possess.
  • Writing down every job you've ever had, including the ones you had when you were a youngster, is a simple way to find these "hidden" talents.
  • Make a note of all the things you take pleasure in doing: hobbies, volunteer work, church activities, and even tasks for friends. Make a list of everything you've wanted to accomplish but never gotten around to. Please include all the details. Make sure nothing is missed!
  • After compiling a comprehensive inventory of your abilities, the next step is to investigate the many potential applications of your skills in the freelance industry.
  • To find freelance opportunities that fit your list of abilities, visit a website like Upwork.
  • This information will help you better understand the types of employment available and the potential earnings. Following this procedure will assist you in reducing your career options to a manageable number.
  • You will begin to understand the requirements of working online and gain a sense of the volume of work involved as you learn how to maximize your abilities as a freelancer.
  • If you feel you need assistance, there are also excellent methods to obtain it.
  • There is a class out there that can set you up for success and advancement in your chosen field. Taking a course or working with a coach allows you to tailor the level of assistance you receive.

The impact of the coronavirus on the freelance sector

Let's examine the effects of the pandemic on the freelance sector before moving on to why this type of employment is the way of the future. The research, which looked at worldwide freelance demand in the first half of 2020, demonstrated that the gig economy has recovered in demand earlier in the year. More and more businesses are looking for skilled and adaptable freelancers, even in the midst of a recession, and this is the key reason why.

In addition, the top freelancing marketplace Upwork announced in July 2020 that over 59 million Americans had engaged in freelance work in the previous year, marking a solid 22% growth from 2019. Freelancing gained traction as the number of people looking for full-time jobs rapidly decreased. Contract employees found themselves forced to work remotely, a scenario that freelancers were already accustomed to and could readily adapt to.

For a significant period of time, the "gig economy" has been experiencing consistent growth. Due to both the economic downturn and the growing prevalence of remote work, the number of Americans engaged in freelance work increased even more in 2020. In 2020, an additional 2 million individuals entered the freelance sector, resulting in an 8% increase to 36% in the number of Americans working offshore. Presently, the freelance economy generates an annual revenue of $1.2 trillion.

During this period of adversity, freelancing appeared to be a more suitable option for a considerable number of individuals; in fact, 67% of freelancers reported that the adaptable nature of their occupation enabled them to more effectively manage the lifestyle adjustments induced by COVID-19. Independent contractors are capable of establishing more healthy boundaries between their professional and domestic lives due to the autonomy in scheduling that freelancers possess. 89% of freelancers surveyed by FlexJobs cited improved work-life balance as a significant factor in their decision to enter the contract economy.

The list of fast-growing industries for freelancers

The freelance industry has become significantly more diverse, and there is a proliferation of varied job opportunities for freelancers. The seven industries listed below will continue to experience accelerated growth well beyond 2021, making them ideal for freelancers seeking new clients or those contemplating a career change to freelancing.

1. Managing finance and accounting

Freelancing market analysis predicts high demand for financial and accounting services. Over the next decade, projections indicate a 6% growth in the accounting industry. Remote freelancing is popular for the auditing, accounting, bookkeeping, tax preparation, and banking professions.

Many large companies need independent accountants. Financial advisors can attract clients from modest mom-and-pop stores to huge corporations. If you are a CPA contemplating starting your own business or providing tax preparation services as a side gig, now is the ideal moment to venture into the growing freelance accountant and financial expert sector.

2. Customer service

Although more people work and buy from home, customer service is still important but often overlooked in many businesses. Consumers still have concerns about products and services. US firms lose $1.7 trillion annually due to poor customer service. Customer service also greatly affects brand loyalty. A bad customer experience stopped four out of ten buyers from switching brands.

The COVID-19 pandemic has made excellent customer service even more important. Many companies have prioritized customer service this year. The analysis found that organizations handled over 100% more "difficult" customer care calls. Many companies are outsourcing their customer care to independent contractors instead of hiring full-time employees for a specific department. In recent months, FlexJobs freelance customer support jobs have become in high demand.

3. Digital marketing

In 2024, freelancers will flock to marketing consulting firms. Marketing strategy is one of the most lucrative freelance subfields, earning up to $100,000 annually. With 22% of social media activity outsourced, many companies are seeking digital marketing solutions beyond their current team.

Sales rose 40% because of the COVID-19 outbreak, which boosted online shopping. Online buying is growing, boosting corporate competition. In the digital marketplace, where companies compete for customer attention, smart advertising is essential. Companies in the vast marketing industry will hire freelancers with specialized skills. Digital marketing professionals with brand development, site design, data analytics, and SEO skills are in demand. To stand out as a freelance digital marketer in 2024, you must develop new skills or specialize.

4. Therapist

The growing demand for therapists is nothing new. After a hard year, a good therapist becomes more important. We expect a surge in demand for mental and behavioral health counselors and therapists due to COVID-19's burden on mental health systems and interpersonal concerns. Mental health and behavioral counselors will likely see a 24.7% increase in demand in 2021, while family and marriage therapists face a 22.3% increase.

Private practices, clinics, hospitals, and other settings employ therapeutic practitioners. Contract and freelance therapists have more job prospects with BetterHelp and other online therapy models. Most counseling and therapy jobs involve extensive training and, in some circumstances, a master's degree. This could prove beneficial if you are committed to transforming your career into a fulfilling and prosperous sector in which you can secure a freelance position.

5. HR and the recruitment process

The widespread adoption of remote work has significantly expanded the scope of opportunities for freelance work, remote human resources, and recruitment. In the year 2021, an estimated 45,000 human resources consulting firms operated, generating an estimated $25 billion in revenue. External recruiters and human resources specialists are gaining popularity. Employing a freelancer in this industry has two benefits: the ability to work on an as-needed or project-by-project basis, as well as an outsider's perspective.

Numerous businesses place a significant demand on freelance recruiters who specialize in connecting clients with qualified personnel. Expert360 and Fiverr, two freelance platforms where insiders are knowledgeable, report that both the number of HR specialists operating independently and the demand for contract work associated with human resources and recruitment are on the rise.

6. Information technology and computers

Following the economic downturn and the COVID-19 pandemic, numerous industry observers foresee an additional profound transformation in the information technology domain. FlexJobs data indicates that freelance job listings in the information technology sector continue to increase significantly, despite the fact that the anticipated surge in IT positions has not yet occurred.

Due to the 600% increase in cybercrime since the onset of the COVID-19 pandemic, there is an anticipated high demand for cybersecurity positions. The increasing frequency and complexity of malware, ransomware, and network security vulnerabilities will make occupations in cybersecurity highly sought-after.

7. Real estate

The real estate industry faltered during COVID-19, while some sectors thrived. Due to lockdowns, stay-at-home orders, and high COVID-19 infection rates in major cities, many rural and suburban residents seek out single-family homes. In September 2020, existing house sales reached a 14-year high, and median prices rose. Thus, real estate agents, investors, and similar professionals will be in demand. Telecommuting will also affect property values. More people will be able to work remotely, eliminating long commutes. This opens up homeownership outside of large cities. Over 2 million tenants who are unable to buy a starter house could afford one in another region.

The best payment platform for freelancers

Technological advancements have made it more feasible than ever before for individuals to augment their primary income with profitable side jobs. Although Americans of all age groups are experiencing the greatest advantages, young Asian freelancers are embracing the trend at an accelerated rate. A recent analysis by Payoneer, an online payment system, supports this assertion by categorizing the fastest-growing freelancing marketplaces worldwide and elucidating their transformative impact on the employment landscape. Payoneer, a safe and affordable payment tool, can assist you in receiving payments from top clients and freelance marketplaces worldwide, enabling you to expand your freelance clientele to clients in other countries. The study incorporates data sourced from a network of more than 300,000 independent contractors affiliated with Payoneer. With Payoneer, you can easily accept payments in any major currency, connect to marketplaces like Upwork, Fiverr, and Toptal, and take advantage of the best currency exchange rates every time. Use a single Payoneer account to consolidate all of your online markets and expedite your payments.

Favorite countries of freelancers

  1. USA
  2. UK
  3. Brazil
  4. Pakistan
  5. Ukraine
  6. Philippines
  7. India
  8. Bangladesh
  9. Russia
  10. Serbia

In the United States, individuals of all ages participate in the contract economy; however, in other economies, the younger generation tends to predominate, possibly due to their greater technological proficiency or familiarity with less rigid work arrangements. The optimal time to begin freelancing, according to Payoneer, is between the ages of 35 and 44. Despite comprising a mere 23% of the global freelance workforce, this particular group generated 32% of the total freelance revenues in the previous year.

Leverage the power of your professional network on platforms such as LinkedIn to advertise your services. Traditional employees frequently highlight their prior titles when seeking new employment. To be successful as a contract worker, one must change their mindset and recognize their skills as their most valuable asset.

Is freelancing a viable career option?

As a result of the epidemic, many professionals are exploring freelancing as a means of earning a living and taking advantage of the flexible lifestyle that the gig economy offers. Companies all across the world had to lay off millions of workers when the economy ground to a standstill. Those people needed to find other ways to make money, and temporary jobs provided just that. Furthermore, the advent of more versatile communication platforms such as Slack and Zoom has shown that virtually anyone with access to the internet can accomplish nearly any task. So, to sum up, the future of work is now, and it's only going to get better. We can't go back now. To put it simply, freelancing may be a highly rewarding career path for those who are disciplined, have great time management skills, and know where to find clients.