Upwork Revenue And Usage Statistics 2023

upwork stats
Upwork’s remarkable success lies in its ability to facilitate connections between businesses, individuals, and skilled freelancers, resulting in substantial Upwork Revenue. Boasting a massive user base of over 18 million registered freelancers and a multitude of job postings spanning diverse industries like programming, design, writing, and marketing, Upwork continues to be a prominent online platform for global freelance collaborations. With the digital revolution in full swing, Upwork has become a prominent platform connecting talented professionals with job opportunities. In a testament to its continued growth, did you know that Upwork’s revenue soared to new heights, reaching a staggering $160.9 million in the first quarter of 2023 alone? Let’s delve deeper into the numbers and explore how this platform is shaping the future of remote work. Table of Contents: Upwork Key Stats 2023 Upwork User Statistics 2023

Upwork Key User Stats

Upwork, a prominent player in the gig economy, stands out as a leading global freelancing platform with a vast network of over 18 million skilled freelancers and 5 million clients across more than 180 countries.

Upwork Active Users

In the year 2022 alone, Upwork boasted an impressive count of 814,000 active clients. And, at the conclusion of the first quarter, Upwork had approximately 827,000 active clients by the end of Q1 2023, reflecting a nearly 2% increase quarter-over-quarter.

Active clients of Upwork from 2019 to 2022

Year

Number Of Upwork Clients

2019

540,000

2020

633,000

2021

771,000

2022

814,000

stats

Source: Upwork

Upwork Monthly Active Users

The monthly website visits for Upwork are estimated to be around 40.8 million.

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Source: Luca Tagliaferro, Similarweb

Upwork Gender & Age Distribution

60.09% of Upwork.com’s user base comprises males, while females account for 39.03% of the audience. Among these, the audience of the age group 25-34 visits the Upwork website the most, i.e. 36.67%.

UW stats

Source: Similarweb

Upwork Employees Stats

The total Upwork employee count is 2.7K, among which 874 are located across 20 states in the US. The remaining 1.8K are members of their hybrid workforce located in 97 different countries.

Gender Composition in Upwork’s Senior Management

Within the senior management of the company, 61% are men, 37% are women, and the remaining 2% of the gender composition is undisclosed.

upwork stats

Ethnic Diversity in Upwork’s Workforce

upwork stats

Source: Upwork

How Many Freelancers on Upwork?

The number of freelancers on Upwork reached 18 million in 2019, but the platform has not released any subsequent updates regarding the total count of freelancers since then.

On Upwork, freelancers from the United States account for 66% of the total freelancer population.

Freelancers from more than 180 countries are actively present on Upwork’s platform.

Freelancers of Upwork by Country

Country

Percentage Of Upwork Freelancers

The United States

66%

India

9%

The United Kingdom

3%

Canada

2%

Freelancers Gender Distribution

Of all the freelancers on Upwork, 61.42% are male, while the remaining 38.58% are female.

upwork stats

Source: Demand Sage

Upwork Revenue 2023

Upwork Annual Revenue

In 2022, Upwork generated a revenue of 618.3 million. Projections indicate that the revenue is anticipated to increase from $655 to $670 million in 2023.

The below table depicts the total Upwork revenue from 2019.

Year Upwork Revenue (mn)
2019 $300.5
2020 $373.6
2021 $502.7
2022 $618.3

upwork stats

How Much Money Does Upwork Take?

Upwork derives its revenue from two primary sources: its marketplace and its managed services offerings. The income generated from the marketplace includes service and administration fees paid by both freelancers and employers alike.

Likewise, the revenue from managed services comprises the markup fees charged for engagements where Upwork directly matches a suitable freelancer with a client and facilitates the service on their behalf.

Upwork Marketplace Revenue

Upwork marketplace revenue from the year 2019 till 2022:

Year Marketplace Revenue
2019 $268.2million
2020 $338.2million
2021 $462.3million
2022 $566.6million

Source: Upwork

Upwork Managed Services Revenue

The managed services revenue of Upwork for the past four years is as follows:

Year Managed Services Revenue
2019 $32.2K
2020 $35.4K
2021 $40.4K
2022 $51.6K

Source: Upwork

Upwork Gross Services Volume

GSV, or Gross Services Volume, encompasses the total amount spent by clients on Upwork’s marketplace offerings, managed services, and additional fees for other services provided by the platform.

The Gross Services Volume (GSV) for the first quarter of 2023 remained steady year-over-year, with no significant change, reaching $1.0 billion. But, overall, it is at $4.1 billion.

Upwork Gross Service Volume (mn)
Q1 2021 $787
Q1 2022 $1001
Q1 2023 $1003

Upwork Take Rate

To calculate its “take rate,” Upwork divides the marketplace revenue by the total gross services volume. The take rate serves as a metric to determine the portion of marketplace transactions retained by Upwork.

During the fourth quarter of 2022, our overall take rate experienced an increase of 15.7%, compared to 14.0% in the fourth quarter of 2021. Furthermore, in the first quarter of 2023, our overall take rate reached 16.0%.

Year Upwork Take Rate
2019 13.1%
2020 13.6%
2021 14%
2022 15.7%

Source: Upwork, Backlinko

Gross Services Volume Per Active Client

As of March 31, 2023, the GSV per active client experienced a 5% year-over-year increase, amounting to $4,967.

Year GSV per active client
2021 $4016
2022 $4742
2023 $4967

Upwork Quarterly Reports 2023

In the first quarter of 2023, there was a 14% year-over-year growth in revenue, reaching $160.9 million.

upwork stats

Source: Upwork

Upwork Revenue by Country

The United States, India, and the Philippines emerged as the top freelancing countries, collectively contributing 45.6% of Upwork’s freelancer revenue.

Source: Freelancemvp

How Much Does Upwork Cost? Upwork average hourly rate is $3.00 USD for hourly contracts. For fixed-price contracts, the minimum payment for a project is $5.00 USD, unless the client specifies a required number of project hours, in which case the client must pay the freelancer an equivalent hourly rate of $3.00 per hour. UW stats Source: Upwork Upwork Earnings During the first quarter of 2023, Upwork achieved total talent earnings on Upwork amounted to an impressive $3.7 billion. This is a significant milestone as lifetime freelancer earnings on the platform surpassed $20 billion, marking a remarkable doubling from $10 billion in just three years. The company is gearing up with the aim of surpassing the next milestone of $40 billion in freelancer earnings and continuing to grow beyond that. UW stats Source: Upwork

How Much Money Does a Freelancer Make on Upwork?

Freelancers on Upwork can earn a range of $10 to $100 per hour, depending on their experience and skill level.

Field Freelancer Average Earnings on Upwork (per hour)
Development & IT $20 – $80
Design & Creative $15 – $40
Sales & Marketing $15 – $60
Writing & Translation $15 – $75
Admin & Customer Support $13 – $35
Finance & Accounting $20 – $98
Legal $23 – $100

Source: Upwork

Upwork Market Cap Upwork’s market capitalization stands at $1.19 billion as of July 2023.
Year Market Cap (Bn) Change
2023 $1.19 -12.98%
2022 $1.37 -68.7%
2021 $4.38 3.95%
2020 $4.21 252.56%
2019 $1.19 37.91%
Source: Companies market cap Upwork Website Traffic

Upwork Website Traffic by Countries

The below-listed countries send most of the website traffic to Upwork.

Country Traffic Percentage
United States 21.28%
India 10.05%
Philippines 7.17%
Pakistan 5.77%
United Kingdom 3.55%
Others 52.18%

Source: Similarweb

Upwork Marketing Channels Distribution

Direct traffic emerged as the primary source of visits to upwork.com, accounting for 75.76% of desktop visits in the previous month. The organic search followed as the second-highest traffic source, contributing 14.00% of the overall traffic.

upwork stats

Source: Similarweb

Upwork Social Media Traffic

The majority of upwork.com’s social media traffic comes from YouTube, with Facebook and LinkedIn following closely behind.

Social Media Channel Traffic Percentage
YouTube 43.16%
Facebook 17.95%
LinkedIn 10.85%
WhatsApp 10.01%
Twitter 4.39%
Others 13.66%

Source: Similarweb

Upwork User Reviews According to the G2 website, Upwork has garnered an impressive rating of ⭐4.6/5 based on 1822 reviews.
UW stats
g2.com

Upwork Positive and Negative Review Ratio

When categorizing 3-5⭐ reviews as positive and 1-2⭐ reviews as negative, it is noteworthy that Upwork’s positive reviews account for a significant 98.47% of the total, while negative reviews constitute only 1.54%.

upwork stats

Source: G2

Upwork App Downloads Upwork offers separate mobile apps for freelancers and clients, which can be downloaded from the App Store and Google Play.
  • The Upwork for Freelancers app exhibits greater popularity among Android users, as it garnered 200,000 downloads on Google Play compared to 90,000 downloads on the App Store in April 2022.
  • On the other hand, Upwork for Clients maintains an equal level of popularity on both the Android and Apple app stores, with 20,000 monthly downloads recorded on each platform in April 2022.
Source: Sell courses online Upwork Alternatives

Upwork vs Fiverr

Upwork and Fiverr are two prominent online platforms that facilitate freelance work, but they differ in their approach and target audiences. Upwork provides a platform for long-term collaborations and larger-scale projects, and Fiverr is geared towards smaller, more specific tasks and projects. It operates on a gig-based model, where freelancers offer predefined services at fixed prices starting at $5 (hence the name).

Upwork vs Fiverr stats

  • In the year 2022, Upwork accumulated a revenue of $618.3 million, whereas Fiverr reported a revenue of $337 million.
  • At Upwork, a 5% processing fee applies to all transactions, although certain U.S. clients who use ACH bank transfers may qualify for a reduced 3% processing fee. Whereas, Fiverr charges a flat 5.5% on all transactions.
  • Upwork freelancers operate in more than 180 countries. Whereas, Fiverr freelancers are available in 160 countries.
  • Based on the 2022 annual earnings reports of both companies, Upwork reported 814,000 active clients, while Fiverr recorded 4.3 million active buyers.
  • On average, Upwork attracts approximately 40.8 million monthly visitors, while Fiverr garners a higher average of 60.4 million monthly visitors.

Source: Business Insider, Upwork, Macrotrends, Similarweb

Upwork vs Freelancer

Freelancer is an online freelancing platform that was founded in 2009. It connects freelancers from various fields with clients looking to outsource their projects, offering a wide range of services and project sizes to accommodate diverse needs.

Upwork vs Freelancer Stats

  • In 2022, Freelancer generated $870.90 million in revenue, while Upwork achieved $618.3 million in revenue.
  • A 3% fee is charged for fixed-price projects and for hourly projects on Freelancer as opposed to the 5% on Upwork.
  • Freelancer averages 6.9 million monthly visits, while Upwork receives 40.8 million.
  • Freelancer connects employers and freelancers from more than 247 countries globally. In comparison, Upwork operates in 180 countries.

Source: Bloomberg, Similarweb, Freelancer

Upwork vs Turing

Turing is an AI-driven talent platform founded in 2018. It specializes in connecting companies with top-quality remote software developers from around the world, providing a curated network of skilled professionals.

Upwork vs Turing Stats

  • Currently, Turing is estimated to generate annual revenue of $337.9 million, when its competitor Upwork had already hit $618.3 million.
  • Turing’s workforce consists of 1,608 employees, reflecting a notable 39% increase compared to the previous year.
  • Turing receives an average of 2.3 million monthly visits, while Upwork far exceeds that number with an average of 40.8 million monthly visits.
  • Turing does not deduct any portion or percentage from the payments received by freelance developers. With Turing, clients can enjoy a risk-free two-week trial period with developers, where payment only begins once the trial period concludes.

Source: Growjo, Similarweb, Turing

Recommended: Indeed Revenue and Usage Statistics 2023

Conclusion

In the ever-evolving landscape of freelance work, Upwork continues to thrive as a leading platform connecting talented professionals with global opportunities. With separate apps catering to both freelancers and clients, Upwork’s popularity remains strong, boasting significant downloads across Android and Apple devices. As positive reviews dominate the platform’s reputation, Upwork’s commitment to excellence shines through. Whether you’re a freelancer seeking meaningful projects or a client in search of top-tier talent, Upwork stands as a trusted and thriving hub, propelling the future of remote work and unlocking limitless possibilities.
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