Comparing Freelance Economies: India and Asia

Asia is a very major contributor the world of freelancing. If you look the following graph which shows the number of freelancers on Truelancer, you will find that the bulk is from India but the majority of all freelancers form an Asian belt of sorts.

This unprecedented rise in Asian Pacific Freelancing has been clearly due to the abundant opportunities for work which have opened up as these Asian nations have opened up and relaxed their economies to a certain extent. The recent economic surge in India, the competitive markets in Singapore and the quality of work which Asia freelancers generate has led to the high demand of Asian-pacific freelancing. This is not just pillow talk but the information is based both on transactions and activity. This is evident in the economy too as freelance contributions to the GDP of these countries are reaching substantial amounts each day.

This gives us an opportunity to know exactly how and where we stand when it comes to the quality and extent of our freelancing and also estimate the future course on which we are. For this we need to compare our current statistics with larger and broader areas like Asia as we will do in this post.

We need to start comparing freelance economies and look for significant data.

Previously in this series we looked at comparing freelance economies of America and India  and that of India and Singapore and derived very interesting conclusions. In this post we compare the freelance statistics of Asia and India.

Why compare a nation to a whole continent?

This is because when we compare the numbers for a larger base we get the contribution we are making. This is kind of estimating our market share. We can know where we stand exactly and what needs to be done to being more client traffic and thus more revenue our way. This is important as freelance revenue is an important contributor to Global and National economies.

Now we are comparing freelance economies of India and the Singapore

1. What is the extent of Freelancing?

As we can see from the infographic the numbers of Asian freelancers are large. We contribute a total of 15,000,000 freelancers which is about 12.5 per cent of the total. Our contribution may be small but is still a major one.

We see that when it is compared to the entire world we provide way more freelance traffic as Asian Freelance workforce accounts for only 11.4% while the total Indian freelance workforce is 24% of the total Indian number.

This clearly indicates that India is one of the top contributors to Asian Freelance when measured in terms of quality work and work volume.

2. What are the monetary and other benefits?

The above infographic can clearly allow you to know the share of money Indian freelancers are contributing to Asian freelance which generate about $2000 billion in freelance revenues. These freelance economies do have a symbiotic relationship as India contributes about 20% of the total. This a major share!

This indicates that when it comes to Asian-Pacific freelancing India is the top contributor in terms of work volume and revenue generation.  But there is a contrast in the average income.

On average Asian freelancers earn $25/hour but Indians are stuck at $10/hour. This shows that the major income USP for Indian freelancers is still work volume and not quality of work. This is not the case with freelance economies like Singapore, Philippines etc. This is an issue which needs to be looked at.

 

3. What is the reason behind doing it?

 

Most of the reasons for turning to freelance are quite common amongst both countries. It can be seen that the same cycle of development leads to such changes in work ideology. For instance, USA saw its freelance boom towards the end of the 2008 recession as people started to diversify their risks while India has seen a freelance boom after the numerous economic fiascos by the previous government. Thus, the scenarios have been similar and so have been the reasons like:

• Multiple channels of income
• Extra Income Potential
• Networking and Contacts
• Self-independence
• Increased creativity and work satisfaction
• Self-employment opportunities
• Increased freedom and work comfort

We see that most of these reasons are self-explanatory. They all although point in the direction that reveals a trademark shift in ideology which workforce’s have seen in the recent times. Empowering oneself with the capabilities of self-independence and self-employment seem to be the idea of the day.

4. What is the extent of satisfaction?

Although the financial component of the freelance work space is low in the beginning, people seem satisfied with their work.

This number is around 40% in India and about the same in the whole Asian continent.

This satisfaction is not based on finance but on the quality of life and its independence quotient.

Freelancers see it as a chance at something great. They see office work as limited and restricted while freelance provides them with an opportunity to build a strong and large work network with global clientele. The future potential of exponential success and better quality of life is what draws most people to freelancing in both countries.

Although, we would like point out that in Asians still focus on money is slightly more than that in the West. This may be because of the developing nature of the countries as people here are inclined towards financial freedom and security.

 

 

5. A final summary

 

In the end, it is quite conclusive that it will take time for Asian freelancers to earn as much as those from the states. For this, there will have to be trademark changes in strategy and planning. For instance, we as freelancers should aim to remove the intermediaries between us and clients. This way we can generate more income for quality work.

At Truelancer, we see a spike in freelance activity each day which is higher than the previous day. This means that the jump in freelance activity as far as India is concerned is on the rise. Therefore, we realise the opportunity to provide Indian freelancers with a robust platform where there capabilities are utilised in the most optimum manner.

Next in the series we will compare the Indian freelance economy with that of the world. Stay tuned for updates.

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