Asia is the region with highly populated countries like India, China and Pakistan. The demand for improved living standards and to earn extra income to make the ends meet has made this region a growing hub for a freelance market. Freelance is becoming the main source of income for many aspirants as well as a part-time work for office employees.
According to a recent survey report by Payoneer, Asia holds the majority share of freelancers across the globe with 27%, followed by Latin America at 23%.
The western market is already shifting towards online businesses and is actively hiring freelance professionals from around the world. As per Rich Pearson, SVP of categories and geographies at Elance-oDesk, in 2014, businesses spent around $926 million globally in hiring freelancers via Elance-oDesk.com.
Singapore topped the Asian market for hiring freelancers in 2014. Pearson claimed that more than 30,000 businesses of Singapore use their platform to hire freelancers.
The companies are gaining more benefit from hiring freelance workers from Asian countries as they can reduce cost of hiring permanent employees. On the other hand, it seems a pretty good chance for skilled professionals to extend their services for the global market and earn international clients.
The famous web portal Elance-oDesk had 1.9 million indians registered out of total 2.3 million in 2014 making them the largest group of freelancers on the site. Philippinos are the next largest with 1.3 million followed by Indonesians.
Freelancing industry has not only empowered the youth of Asia but it has also provided an avenue to define their career path and puruse their goals in a distinct way. Many freelancers turned entreprenuers have significant contribution towards making a difference in the job market and changing the course of businesses.
Ms Jolyn Wu 27, is a freelance PR professional who is working at a PR firm and also paving way for her own startup. She said freelancing enables to explore diverse range of industries and access better opportunity in a short span of time.
The freelance market gives these millenials the confidence to enhance their skills and find better work opportunities from their native country without any crucial expenses. Platforms like Elance-oDesk and Freelancer.com are their gateway to an open market where they can market their skills against handsome financial earnings.
There is an impression that these freelancing platforms offer lower rates to bidders and they are not of much use to people from developed countries. However, these web portals are certainly offering a quick and easy way to earn money online for people from less developed countries. Countries like India, Pakistan, Bangladesh and Indonesia are prospects of these web portals because people can bid lowest to earn a project from international clients to build their credible portfolio.
The competition of gaining more clients on these freelancing websites is a bone of contention among these Asian countries with highest rate going to India as the lowest bidder. This has led to a tough competition and increasing the worth of freelancing industry in Asian region.
The rise of freelance market in Asia is a good sign not just for Asian economy but in fact is a great opportunity for businesses from around the world to find cheap and skilled professionals in a short span of time.