Looking at the recent trends, India has a vibrant future for freelancers as there are an increasing number of people choosing to work remotely on their terms. Even companies are designing hiring policies for freelancers and accepting freelancers as serious professionals. A McKinsey report states that 20% to 30% of professionals in the developed market are engaged in freelance or gig economy. The freelance industry in India is estimated to grow to US$ 20 to 30 billion by 2025.
Financial independence, freedom to choose projects, and technology continue to be the key driving factors for freelance jobs. The third wave which was the unexpected start for the new year will give a major push to companies to continue with the remote working option as the cases are continuing to rise. Many start-ups are on the verge of a breakthrough and require cost-effective human resource solutions. For them, freelancers, who are highly skilled and qualified offer higher ROI. Many students who are also stuck at home due to delays in the college reopening, as well as online programmes, are browsing the internet and availing themselves of freelance job opportunities to earn a good income working part-time. For them, the freelance model works very well as they work during their free time and for companies, they make economic sense.
Popular sectors from which companies are looking to Hire freelancers in India -
In the IT sector-
Marketing & sales
Education and Career
A PwC report predicts that even large organizations are considering having fewer in-house employees and a larger remote, virtual, and networked workforce. 66% of large US companies are working with freelancers as it gives them greater access to skills and expertise. The freelance engagement model opens opportunities to work with talent pools from different geographies that aren’t open to relocating.
There is a growth in co-working spaces in many cities which are fast becoming hubs for freelancers, consultants, and even entire organizations. All those who previously operated out of cafés are now working out of formal office set-ups in tier two and tier cities of India.
Freelance opportunities are found online and thus it gives everyone equal opportunity to get noticed and selected for a position. Hence, throughout 2022 and beyond we can see the freelance market become more formalised and create a secure space for freelancers to work from.