GIG Economy: 66% OF Freelancers in India Optimistic About Growing Global Demand From SMBs, Says Survey

GIG Economy: 66% OF Freelancers in India Optimistic About Growing Global Demand From SMBs, Says Survey

According to a poll on the worldwide freelancing or gig economy conducted on Tuesday by Payoneer, a secure online payment company for small to medium-sized enterprises (SMBs), 66% of freelancing in India were confident about expanding worldwide demand from SMBs. The poll, which gathered responses from more than 2,000 professionals in 122 countries, also revealed that more than half of Indian respondents expected more than a 50% increase in their businesses, recognizing the rising global need for freelancers.

Web & graphic design, IT, as well as writing were the most popular areas of employment for Indian freelancers. According to the report, the Covid epidemic functioned as a spark for the gig economy, which was attracting people because of its flexibility and abundance of chances in the sphere of digital commerce.

"Resulting, global businesses are increasingly turning to freelancers to tap into the enormous potential of the worldwide market." The pandemic's remote workplace models have increased the requirement for freelancers throughout borders, leading to the blossoming of Indian freelancers." 

According to the poll, interest in freelance work has remained relatively resilient in the context of economic slowdown concerns, with 46% of Indian respondents indicating a spike in demand and 29% reporting no change. As a result, 70% of Indian freelancers reported working completely as freelancers, with 48% devoting 30 hours or fewer each week to their employment.

"We recognize and support the significant increase of interest for freelancers compared to global SMBs, driven by the benefits of greater mobility, access to better-skilled chances, and shared growth prospects that benefit both," said Gaurav Shisodia, Payoneer's VP of India, in a statement. Indian freelancers earned $22/hour more than the entire continent of Asia, which earned $19/hour.

69 percent of Indian entrepreneurs observed rising competition within their field, a little less than in the rest of Asia (73%) but more than in the rest of the world (59%). In order to cope with the increasing expenses of inflation, over half of the respondents said they were willing to take on additional work, 42 percent of freelancing said they would raise their prices, and 32% said they would expand into new nations. 

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