Freelancing has been rising in popularity around the world. During the pandemic, it was a remote way to earn income amid uncertainty since a great deal of freelancing work can be done provided you have a computer and internet connection. Just as we turned to online options like social media to supplement our social lives and made easy deposits at Interac casinos for entertainment, freelancing ensured a steady income.
But has the popularity of this type of work started to wane now that we’re in a post-pandemic job market? You might be surprised to hear that it hasn’t waned at all. In fact, the adoption of freelance work has steadily increased, and another surprise is that the increase started before the uncertainties of the pandemic set in. Freelancing has been steadily growing over the past decade.
The Growth of Freelancing Over the Past Five Years
Since 2019, the number of freelancers has increased by 6.5% in the US. The pre-pandemic period of 2019 shows a modest increase in the number of people freelancing in the country. An estimated 57 million people were freelancing in 2019, an increase from 56.7 million the year before. In 2020, the estimated number of freelancers increased again to 59 million, and by 2023, the number shot up to over 64 million freelancers.
While 2020 did see an increase in the number of people working as freelancers, there was a decline in the workload of roughly one-third of existing freelancers and the demand for their services. This lower demand, which can likely be linked to increased competition, shows that although freelancing grew notably during the pandemic, it still came with the insecurities and concerns plaguing employees in traditional working arrangements.
Current State of the Freelancing Market
Most freelancers work in three industries: arts and design, marketing, and computer services (e.g., programmers and developers). The majority, roughly 70%, are under 35, and more than half have a postgraduate education.
Around the world, there are an estimated 1.57 billion freelance workers, with countries like Niger having the highest number and the Philippines and India growing the fastest. In the US, freelancers have significantly increased their earnings, adding $1.3 trillion to the country’s economy.
Online freelancing platforms, like Fiverr and Upwork, are worth over $3 billion, with Upwork making up a significant portion of this as the leading freelancer platform. It’s projected that the value of these platforms will reach more than $9 billion by 2027.
Why Has Freelancing Become More Common?
Freelancing has grown in popularity for many reasons, but primarily because it’s a work arrangement offering many benefits that give it broad appeal to the working population. Here are seven of the most frequently noted benefits.
Working for Yourself
Instead of having a boss or supervisor, you manage your work without worrying about micromanagement or other factors that may impede or change your performance. By working for yourself, you have control of your work situation and the ability to do things such as picking the projects you pursue, setting your rates, and deciding when or if overtime is needed rather than being at the whim of other decision-makers.
Schedule Flexibility
The ability to arrange your work schedule around your preferred working hours or other life factors (for instance, dropping off and picking up kids from school) allows you to achieve a better work-life balance.
Location Flexibility
With most freelancing work, you can take on projects virtually anywhere as long as you have your laptop and access to the internet. This allows you to work from home and avoid commuting or to settle in at the local library or coffee shop for focused time. It even enables you to travel and work, allowing you to make the most of your free time without sacrificing your income.
Low Barrier to Entry
To get started with freelancing, there are very few start-up costs compared to other business models. You can get started working as long as you have the tools you need to deliver quality projects to your clients. Additionally, you don’t need a long list of qualifications to start accepting or pitching work. These qualities make freelancing an accessible work opportunity, particularly in regions with few employment opportunities.
High Earning Potential
Because you set your rates, have fewer overhead costs, and can be selective about the work you take on, you have a great deal of potential for earning more. You’re not restrained by a set wage, so as your skills progress, you can increase your rates. As your client list grows and you have availability, you can increase your project load. You can expand your freelancing career to increase your income in many different ways.
Learning Opportunities
When you freelance, you never stop learning or upskilling. Working for yourself often comes with learning opportunities as you take on new work or when a new challenge in running your business arises.
Project Variety
With freelancing, you have the freedom to take on various projects. This allows you to always have variety in your work rather than getting caught in the monotonous tasks that can come with a traditional work situation.
Conclusion: Freelancing Is Still Going Strong
Freelancing has been steadily growing for the past decade and has seen a considerable surge in popularity in more recent years that shows no signs of slowing down. The benefits of being self-employed and the opportunity to earn an income remotely have made it a practical and appealing career path for over a billion people globally.
