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Amid Inflation, Over 50% Indian Freelancers Opt For More Work From Global MSMEs: Survey
Payoneer freelancer insights report shares details on the current state of the freelance market worldwide and in India
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Amid the inflation surge, over 50 per cent of Indian freelancers opt for more work from global micro, small and medium enterprises (MSMEs), said Payoneer, a financial technology company in a report.
Payoneer freelancer insights report stated that 66 per cent of freelancers in India are optimistic about growing global small and medium-sized businesses (SMBs) demand. It showed the escalating global demand for freelancers; over half of the Indian respondents anticipate significant growth of more than 50 per cent in their business
The Covid-19 outbreak has acted as a catalyst for the gig economy, attracting individuals with its flexibility and abundant opportunities in the realm of digital commerce. In response, global businesses have increasingly turned to freelance professionals to tap into the vast potential of the global market.
The remote workplace models induced by the pandemic have further fuelled the demand for freelancers across borders, resulting in the flourishing of Indian freelancers. Interestingly, as per the report, two-thirds (66 per cent) of Indian freelancers hold a positive outlook on the future demand for their services this year.
The survey showed that demand for freelance work remains on an upward trajectory, continuing the trend observed since the onset of the pandemic. Surprisingly, despite concerns about a potential global economic slowdown, respondents are witnessing a growing demand from digital businesses, it added.
Demand for freelance work remains highly resilient in the face of economic slowdown fears, with 46 per cent of the respondents seeing an increase in demand and 29 per cent reporting no change, it added.
According to the report, the most popular fields of work for Indian freelancers include web and graphic design (13 per cent), IT (12 per cent) and content writing (11 per cent).
A total of 55 per cent of Indian freelancers say they are satisfied with their careers, and about 25 per cent are highly satisfied with their lifestyles. Reportedly, 70 per cent of freelancers work exclusively as freelancers, with 48 per cent dedicating 30 hours or less per week to their work.
Indians have a higher wage rate (USD 22/hour) than the rest of Asia (USD 19/hour).
Also, 69 per cent of India’s freelancers are seeing greater competition in their field, slightly less than in the rest of Asia (73 per cent), but more than in other regions around the world (59 per cent).
“In this era of the digital commerce revolution, it is evident that the global freelancer economy plays a vital role in shaping its landscape. We take pride in our contribution to enabling the success of SMBs and freelancers in the global digital commerce ecosystem," said Gaurav Shisodia, VP of India, Payoneer.