Online outsourcing industry to hit USD4.8bn this year

The World Bank has projected that the total online outsourcing (OO) industry will reach USD4.8bn this year, generating gross services revenue in the range of USD15bn to USD25bn by 2020. The online outsourcing industry refers to the global freelancing industry, which is expected to generate 112 million registered workers this year. About 23.9% of the global OO workforce lives in the US while India accounts for 21.5%. However, the World Bank said the Philippines, which is home to 18.6% of the total OO workforce, has the greatest proportion of population engaged in the industry. Most OO workers are millennials, or those who were born between 1981 and 2000.