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Online Freelancing Platforms
Overview
Online freelancing platforms (OFPs), part of the human cloud market including online work services and crowdsourcing—are online labor marketplaces that match the individual supply of labor with demand for professional talent from business organizations. Leading OFPs are companies such as Upwork and Freelancer who broker direct work arrangements between professionals and businesses on their platform.
The platforms provide a diverse range of work categories from software and web development, to writing and translation, video animation, and data entry. For skilled professionals who are no longer constrained by geographical proximity to work, OFPs can fulfill a desire for flexibility and a balanced lifestyle. For companies, online freelancing platforms are a cost-efficient way to gain access to professionals with specialized skills on an on-demand basis, providing them with flexibility based on project needs.
Industry Updates
Market Sizing
The global Online Freelancing Platforms market could reach USD 15.3 billion–25.8 billion by 2028
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Market Mapping
Incumbents in the online freelancing platform space largely connect freelancers in multiple industry verticals. Likewise, a large number of top disruptors have taken a similar approach such as listed notable disruptors Upwork and Fiverr.
The “other” vertical, which focuses on providing specific freelancing services for specific industries, is also heavily populated by startups. This is likely due to general freelancing platforms not adequately addressing enterprise requirements on specific industry-based skills. Ageras, Priori and kolabtree are notable startups seeking to address this gap.
Furthermore, the design and creative vertical is home to a handful of disruptors in their expansion stage, with notable companies such as Snappr.
Integrated verticals
Design and creative
Web, mobile and software development
Marketing
Writing / Translation
Other
The Disruptors
A majority of disruptors focus on the breadth of offering
The companies dominating the online freelancing platform (OFP) space vary from newer startups to companies that have been in existence for over a decade. Four of the disruptors identified were founded between 2008 and 2010, likely responding to demands post global financial crisis. Some platforms focus on diversifying their offering while others focus on one or two verticals, while gradually moving into more categories of work.
Notable disruptors in the space include Fiverr, Upwork, and Freelancer, which provide freelancing platforms across multiple verticals and are publicly listed. Notable private companies in the segment include Malt, Instawork, and Catalant, while notable startups across other verticals include Superside and Snappr (design and creative), Andela and Gun.io (web, mobile, and software development), and law-related freelancing platforms Priori and LAWCLERK (listed in the “other” vertical).
Funding History
Competitive Analysis
Incumbents
Incumbents use a mix of M&A and innovation to enter the industry
Incumbent players in the space are only a handful, with some companies having taken the initiative to develop their own online platforms, whereas others have invested in some of the disruptors. For example, Microsoft’s acquisition of Linkedin in 2016 for USD 26.2 billion marked its entry into the realm of online freelancing platforms (OFPs).
Other entrants via acquisitions include 1) consulting firm Heidrick & Struggles which acquired Business Talent Group in April 2021; 2) Vistaprint (owned by listed Irish company Cimpress) which acquired freelancer marketplace 99designs in October 2020 and 3) Backstage, a freelance marketplace for content creators announced the acquisition of Voice123 in September 2021.
Notable Investors
