Microtasking Market - Forecasts from 2022 to 2027

The global microtasking market was valued at US$1.567 billion in 2020 and is expected to grow at a CAGR of 10.28% over the forecast period to reach a total market size of US$3.108 billion in 2027. Micro-tasking means dividing a project into smaller tasks and getting it done virtually by the outsourced crowd. The market for micro-tasking is projected to witness promising growth over the course of the next five years owing to the fact that the companies are increasing their focus to getting small tasks done virtually, as it helps in the enhancement of operational efficiency as no daily work of the company is hampered. Also, the cost of getting these tasks done virtually is considerably lower than getting them done by the in-crowd of the organization. Crowdsourcing has gained a lot of traction in the past years as firms can obtain numerous benefits as an enormously skilled workforce is available to them from all geographic locations. This also reduces the risk of failure as more and more specialists have a different level of understanding when working together. However, the lack of trust between the requesting company and task performers may limit the adoption of micro-tasking by some companies, which is projected to have a moderate impact on market growth.

Since this is an unregulated market, microtasking platforms usually offer their users (workers) less than the minimum wage. This attracts enterprises of all sizes to post their menial tasks on these platforms and get them done at a cheaper wage rate while freeing their permanent employees for much more important tasks, thereby maintaining operational efficiency. Thus, increasing demand for these platforms across various businesses to maintain operational efficiency is significantly driving the growth of the global micro-tasking market. A vast number of users register on these platforms in order to earn some compensation. This pool of workforce that can perform microtasks benefits the requesting companies by completing numerous small, often repetitive, tasks at low cost that would otherwise be done by an existing employee, halting his or her daily work. Additionally, the company can also attain cost benefits in terms of increased productivity, which often reduces the downtime of a project. Moreover, the cost of getting a task done is often fixed, and the routine activities of the companies are not required to be halted or postponed.

The Asia-Pacific regional market is projected to witness significant growth during the forecast period. By geography, the global microtasking market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America holds a significant share in the global microtasking market throughout the forecast period. The Asia-Pacific micro-tasking market is projected to witness a noteworthy CAGR during the forecast period on account of the rising number of smartphone and laptop users and growing internet penetration. Several enterprises in the region are using microtasking workplaces as people in countries like India and China are using these platforms to earn some extra money or financial rewards while managing their working hours. According to the World Bank, there are around 300 million workers in the microtask industry in China alone.

Competitive Insights

Amazon Mechanical Turk, Inc., Spare5, APPEN LIMITED, Influenster (a Bazaarvoice Company), FYF-SML, LLC, TryMyUI, IntelliZoom Panel, Userlytics, and StartUpLift LLC are among the prominent key market players in the global microtasking market. These companies hold a noteworthy share of the market on account of their good brand image and product offerings. Major players in the global microtasking market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments by different market players over the last two years.

Impact of COVID-19

COVID has a positive impact on this market as people were doing the work virtually COVID 19 is expected to accelerate the adoption micro-tasking market. As consumers, data consumption is expected to increase as social distance continues. Even as companies move to digital models and operate virtually, data consumption continues to climb, creating demand for establishing a connectivity-centric ecosystem. In addition, telecommunications providers have begun investing in private LTE networks to reduce network congestion and quality of service.

Segmentation

By Task Type

• Online
• Offline

By Customer Type

• SMEs
• Large Enterprises

By Task

• Testing
• Survey

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• United Kingdom
• Germany
• France
• Spain
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea