Growing gig economy and its future prospects

Let’s take a closer look at India’s gig economy and the key capabilities responsible for this growth trajectory

With all its benefits, Gig Economy is creating a buzz in the industry, especially in the wake of the post-epidemic job crisis in India. According to the report, India’s freelance community is projected to grow by $ 20-30 billion by 2025. It is also predicted that the online freelance marketplace could add $ 2.7 trillion to global GDP by 2025. Continue at the pace that the freelance community is growing and adding. In the economy of freelancers and gig workers, this forecast could soon become a reality. Let’s take a closer look at India’s gig economy and the key capabilities responsible for this growth trajectory.

Changes in the gig economy after the epidemic

The epidemic has crippled the freelancing economy. With the resumption of business activities, there has been a dramatic change in the gig economy. The demand for freelancers is skyrocketing worldwide. About 40 percent of freelancers have seen high rates after the epidemic. Although several sectors have experienced massive unemployment, the gig economy has improved since the epidemic. India saw a 46 per cent increase in new freelancers from Q1 to Q2 2020 as many retrenched workers and employees took up freelancing for higher incomes. India’s freelance community has recorded a significant increase of 42% on average from $ 21 / hour in 2020 to $ 26 / hour in 2022 to $ 26 / hour in 2022. In some cases, such as finance, Indian freelancers claim হার 71 an hour, compared to the global average of $ 41 / hour. Hours

The size of the industry and market of the freelance gig economy

Due to the epidemic, rapid digitization and the growing demand for flexibility, the gig economy continues to grow. The total addressable global market for the freelance economy is $ 1.5 trillion. More than 77 million freelancers are currently working from Europe, India and the United States, with North America accounting for more than 50 percent of the world’s freelancers. Due to the rapid technological transformation, the global gig economy is facing a huge demand for technology freelancers, the IT industry has added several new job roles. Countries such as India, the Philippines, Pakistan and Ukraine, which have fewer internal job opportunities, are seeing an increase in freelancers. Since companies are now accustomed to working remotely worldwide, they are willing to hire skilled professionals from around the world.

What can India offer as a global market for visitors?

As a job market, India is full of skilled professionals and tech workers, with global markets experiencing chronic shortages. India is a hotbed for skilled professionals who can cater to the growing needs of global audiences. India produces a large number of science and technology graduates every year. The Millennium and General-Z genius refuses to be associated with the highly creative and conventional 9-5 works. As a result, India’s young workforce is leaning towards freelance and contractual opportunities. With the world’s youngest working population, India has the potential to become the world’s largest freelance gig economy.

Startup and gig economy

One of the most obvious reasons for the growth of the freelance community in India may be the growing number of startups in the country. India has the third-highest number of startups in the world and is unicorn mining at an unprecedented pace. Uncommon like them, these startups have embraced freelancers and gig workers with open arms. Since freelancers specialize in their domain, are easier to hire and less expensive than permanent employees, they are proving to be an alternative to full-time employees. Startups around the world are hiring Indian freelancers because of their competitive rate and availability. As a result, the startup culture is taking the freelance gig economy to new heights. Many Indian cities are embracing startup culture, which is leading to an increase in peer space. Fellow space and startups are nurturing the freelance community in India and facilitating collaborative opportunities.

Emerging platforms for freelancers

As the demand for freelancers grows, a number of helpful and purpose-driven platforms have emerged. Freelancers, companies and these platforms are creating a mutually beneficial ecosystem where everyone’s needs are met. Freelance platforms not only help freelancers discover gigs and opportunities but also nurture them through online courses, advice and specialization. These online platforms are growing exponentially and filling the demand-supply gap between freelancers and companies. Several companies looking for skilled professionals are using freelance platforms to find and attract the right talent. As a result, online freelance platforms act as a catalyst for connecting freelancers with companies and vice versa.

The latest thought

Improved work-life balance, higher flexibility, lucrative earnings, and more well-skilled opportunities are paving the way for many professionals in the freelance community. The freelance community in India can empower vulnerable groups such as women, differently-disabled, immunocompromised or those living in rural or remote areas to find suitable opportunities. Similarly, businesses can turn to freelancers, gig workers and contractors in times of recession or future crisis to ensure business operations and continuity. India’s freelance community will continue to grow and dominate the global gig economy in the years to come.

Leave a Reply

Your email address will not be published.