Freelancing: The Future of Economy

"Be your own boss and be the future."

Freelancing, in a gig economy like today, would be gold for many. The future of Freelancing is high spirited. A Large number of individuals prefer to work and do labor according to their mastery. It's their choice of where and when to work and the kind of work they want to perform. Covid-19 has mostly affected workers and this situation has pulled more towards freelancing as people are recognizing it as the future.

Deloitte’s latest millennial study found that 64 percent of full-time workers want to do “side hustles” or are engaged in the gig economy to make extra money. In India, the freelance industry is estimated to grow to $20 to 30 billion by 2025 and $40 billion by 2030-35. There are a number of factors that have increased the scope of the freelancing industry. Financial factors are the main consideration for this driving force. The ones in this kind of industry can make the rate, i.e., money and that too, not only physically but remotely as well. Then comes the independence and freedom of working. Today, independence is the need of the hour and is required.

Freelancing fulfills this unfathomable dream. Becoming your own employer is the key to freelancing. Last is the technology which is the main driver of the workforce in this industry. As technology is advancing day by day with new software on the way, the demand for freelancers has risen. Most freelancers work remotely. Recent developments in technology in areas such as Machine learning, IoT, Data Analytics have added a great amount of work for freelancers and thus in the flourishing gig economy. Also, coordinating and collaborative tools such as Google Docs, etc. have made work possible anywhere by connecting to far directions.

According to recent studies, the online marketplace could add $ 2.7 trillion of global GDP to the economy by 2025. Facilities of shared office spaces for specific business class persons and cafes are opening up to freelancers by providing basic facilities like free Wi-Fi and accommodation. An article published in Forbes magazine points that the demand for freelancers in the field of UI/UX design, digital marketing, mechanical engineering, artificial intelligence, and robotics, is growing in the startup and unicorn industries. Exclusively, there is a strong demand for chartered accountants, lawyers, and architects as freelancers.

A study by Delloite, in the U.S.found, that 66% of large companies are working with freelancers because it allows them to get access to the skills, expertise, and adaptability of their businesses. According to the study by PWC, Russia had one of the ten largest freelance markets in monetary terms in 2020. Freelancing would be a two-sided sword: it will cut against the competition but it will cut for those who will use their creativity and innovations to flourish in this market.

In the End

A report by Deloitte shows the challenges and opportunities that freelancers can bring. Also, when organizations develop and collaborate strategies and models into their systems, it would be unfathomable for all – businesses and freelancers. Also, the tremendous amount of outsourcing with these freelancers will allow them to become and grow as a company