We discuss the factors contributing to the growth of freelancing in the IT sector and how the global market is responding to this trend.
In January, over 17 days, as many as 1,390 people lost their jobs. Since the start of the new year, 13 companies have added their names to the list of technology firms reducing staff.
Meta recently announced it will lay off 5% of its workforce, which amounts to approximately 3,600 people. Microsoft and Amazon are also planning layoffs based on performance metrics.
True Up’s data shows that the IT sector is often among the first to experience significant market volatility. According to reports, the technology industry experienced the highest number of layoffs in 2024.
A January survey conducted by the World Economic Forum predicts that the current trend will persist for the next five years. During this period, the rise of artificial intelligence is expected to result in a decrease in the number of employees at approximately 41% of companies worldwide.
The loss of job security has led many people to prefer freelancing. A survey by MBO Partners found that 66% of respondents feel more secure after making this career switch.
Freelancing is not just a passing trend; it signifies a transformation in both work and lifestyle. For many individuals, it embodies the long-sought freedom and autonomy that come with the ability to work remotely. Freelancing offers the potential for higher earnings and enhances the chances of achieving a healthy work-life balance. Additional advantages include accelerated professional growth and the opportunity to gain diverse experiences.
According to Statista, there will be 86.5 million freelancers in the U.S. by 2027. This trend is mutually beneficial, as it provides companies with a cost-effective way to access specialised talent.
Typically, they require minimal training to quickly start projects, allowing them to deliver immediate results for companies. In addition to enhancing project efficiency, businesses gain the flexibility to adjust the size of their teams as needed.
Are you considering freelancing in the IT sector? Discover how hiring verified freelancers can provide you with a competitive edge in a volatile market:
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What is IT Freelancing and How to Get Started
If you’re looking to boost productivity within your team, you’ll find valuable information about outsourcing IT specialists right here.
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