India is second-fastest-growing freelance market in the world, says report

India is the second-fastest-growing freelance market in the world with a massive increase in the number of freelancers this year, according to a report on ‘Freelancing in 2020: An Abundance of Opportunities’ by Payoneer.

“Ranked as the second-fastest-growing freelance market in the world, India’s freelance economy currently consists of an estimated 15 million freelancers,” the report said.

Furthermore, India witnessed a 46 per cent increase in new freelancers from Q1 to Q2, 2020 as per the report.

“Rapid changes in technology and workplace expectations have redefined traditional employment models. There has been an increase in the number of individuals who are considering freelancing as a long-term career,” it said.

Freelancers are also recovering from the impact of the Covid-19 pandemic. As relaxations imposed to curb the spread of Covid-19 ease, freelancers are bouncing back with growth in revenue.

“Covid-19 brought a short-term slowdown in revenue growth, but it bounced back even stronger with 28 per cent growth from May to June,” the report said.

Apart from India, other popular markets for gig workers include the US, Pakistan, and Ukraine.

The report further highlighted how the pandemic has changed the future of work with increased technology adoption, stating that “a permanent change in the global workforce is inevitable”.

“Going forward, while there will still be space for full-time employees, more and more companies will seek remote and freelance workers for a wider variety of tasks, “ the report said.