The Strategist

PwC: Global freelance services market to double by 2025

02/16/2021 - 06:02

The global freelancing market will nearly double to $13.8 trillion by 2025, according to a PwC report. This forecast is based on both the company's own data and information collected by various organizations.

Currently, the global market is worth $6.54 trillion, of which the majority ($3.76 trillion) accounts for freelancers, $1.13 trillion -  for seasonal workers and $ 705 billion – for temporary workers. The global market is expected to grow at an annual rate of 16% through 2025, with growth rates of up to 25% in individual countries such as the US, Russia and the UK. 

This increase will be driven by the desire of companies to reduce operating costs and increase the flexibility of business processes. In addition, as noted by employers surveyed by PwC, hiring freelancers helps to address staff shortages and speed up completion of work.

Now the largest regional market for freelancing is the U.S., its volume is more than $ 1 trillion, and the number of freelancers exceeds 50 million people. The top five countries also include India ($ 680 billion, 15 million people), Canada ($ 130 billion, 2.9 million), Britain ($ 100 billion, 2.1 million people) and Russia.

The main demand (up to 50%) for such workers is formed by small and medium-sized companies. The leaders in demand by industry are finance, heavy industry, consumer goods, insurance, technology. The main reasons for hiring freelancers are access to wider expertise, reduction of labor costs and the need for employees for temporary projects.