In an era of rapidly-changing work dynamics, professionals across various fields and expertise are increasingly turning to freelancing as a viable career choice.
The recently published fifth edition of the Payoneer Freelancer Insights Report provides valuable insights into the ever-evolving demand and supply dynamics of the freelance market.
With responses from over 2,000 freelancers across 122 countries, the report sheds light on the emerging trends and challenges in this fast-growing sector.
According to the report, a significant 46 percent of the respondents witnessed a notable increase in the demand for their freelance services. When it comes to India, 66 percent of Indian freelancers hold a positive outlook on the future demand for their services this year. This rise in demand underscores the growing recognition of freelancers' skills and expertise in the global market.
However, it is not without its challenges. The survey revealed that 73 percent of freelancers globally faced difficulties in finding new clients, highlighting the need for effective strategies to expand their customer base.
Freelancers of India
In India, freelancers tend to start their careers at a relatively young age compared to their counterparts in other Asian countries and around the world.
A substantial 40 percent of Indian respondents were under the age of 25, with an additional 39 percent falling within the 25-35 age range.
According to the study, the most sought-after fields for Indian freelancers include web and graphic design (13 percent), IT (12 percent), and content writing (11 percent). These areas showcase the proficiency and demand for creative and technical expertise among independent professionals.
Job satisfaction among Indian freelancers is notably high, with 55 percent expressing overall satisfaction and 25 percent reporting a high level of satisfaction with their freelance lifestyles.
In terms of dedication, the study highlights that a significant chunk of Indian freelancers — approximately 70 percent — work exclusively as freelancers. Additionally, 48 percent of respondents dedicate 30 hours or less per week to their freelance work.
The study also unveils interesting insights into wage rates. Indian freelancers command a higher wage rate compared to their counterparts in the rest of Asia, earning an average of $22 per hour, while the average hourly rate for freelancers in Asia stands at $19.
However, the rising popularity of freelancing has led to increased competition in the Indian freelance sector. Approximately 69 percent of Indian freelancers reported facing greater competition — which is slightly lower than the rest of Asia at 73 percent — but higher than other regions worldwide, where the figure stands at 59 percent.
To cope with the escalating expenses caused by inflation, freelancers in India are employing various strategies. Over 50 percent of respondents stated taking on more work, while 42 percent mentioned increasing their rates. Additionally, 32 percent of freelancers expanded their reach into new countries, capitalising on the global nature of freelance work.
Moreover, 61 percent of freelancers possess a bachelor's degree, while only 19 percent hold postgraduate degrees.
