Over $26m Per Month Spent Across Leading Online Outsourcing Websites

Over $26m Per Month Spent Across Leading Online Outsourcing WebsitesLONDON  (Profitable.com)  A quarterly performance review of leading freelance marketplaces has found that $26.2m per month is being spent by small businesses outsourcing projects online. Almost 40% of this is spent on one marketplace, oDesk.com.

The latest figures, reported in the Freelance Market Review: Q3, 2010, found that $78.6m was spent between 1st July and 30th September and that $55.75m (70%) of the total spending occurred on just two marketplaces, oDesk and Elance.

Some new entrants to the market performed well in the last quarter, US based LimeExchange (Founded 2007), reported a 56% increase in billings, rising from $0.45m during Q2 to $0.7m in Q3.

UK based PeoplePerHour (Founded 2007), achieved a 79% increase in billings compared to the second period of the year, increasing their quarterly figure from $3.3m to $5.9m.

Overall, spending across the sector was up 11.75% in Q3 compared to Q2, 2010, building on an impressive 40% increase achieved during the 2nd quarter.

Commenting on the review, Saif Bonar, founder of WhichLance.com said, “The third quarter of 2010 was the strongest ever for online outsourcing, our figures show this is a dynamic, fast growing sector, and I am pleased to contribute to its growth in a small way through WhichLance.com.”

So far this year, almost $200m has been spent on the top 10 freelance marketplaces, this compares to a total spend of $700m since the first freelance marketplaces founded in the late 1990’s (Guru.com, 1998 and Elance.com, 1999).

Download the review: http://whichlance.com/outsourcing-resources/market-review.

WhichLance.com launched on 29 April 2010 as the only comparison site for freelance marketplaces. Users can compare freelancing websites side by side to see which offers the largest talent pool, the lowest fees, or the best security and safety features.

The Freelance Market Review is published quarterly, it provides statistics and analysis of billings, usage and growth at the leading freelance marketplaces. The Q3 issue is the third to have been published.

Saif Bonar is founder of WhichLance.com. He has over 14 years experience as a freelance project manager including 5 years experience as both a buyer and provider services on outsourcing marketplaces.

Websites covered by the Market Review are: oDesk, Elance, Guru, Freelancer, vWorker, PeoplePerHour, LimeExchange, ScriptLance, GetACoder and iFreelance.