Upwork Strengths, Domain Expertise, and Key Differentiators
Upwork allows clients to interview, hire and work with freelancers and agencies through the company's platform. The platform now includes a real-time chat platform aimed at reducing the time it takes to find and hire freelancers. Freelancers can be hired for jobs in app and software development, engineering and data science, creative services such as graphic design and writing, business, and administration.
The company provides voluntary skills tests in various disciplines from English aptitude to specific programming skills, and profiles include a feedback mechanism. Upwork builds and uses software to highlight relevant freelancers, facilitate security and identity verification for account ownership, and flag suspicious posts to maintain a trusted marketplace. Upwork's feedback system enables freelancers to build their business reputation by establishing long-term credibility with project review and client feedback. They provide escrow services to clients on their platform only pay for work that has been completed and freelancers are paid by their clients in full and on time.
Upwork Recent Developments
Upwork targets midmarket and large firms with Upwork Pro and Upwork Enterprise. Its mission is to create economic opportunities so people have better lives.
In May 2021, Upwork launched Talent Scout, a recruiting solution that connects companies with pre-vetted expert talent selected from the Upwork platform by specialized Upwork recruiters. Talent Scout represents an additional way to access and engage talent and is part of Upwork’s ongoing focus on offering a dynamic, one-stop online talent solution serving customers' full spectrum of talent needs.
Upwork Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Upwork applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Upwork and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified UpWork, customers.
Ownership: - NASDAQ: UPWK
Number of Employees: 540
Functional Markets: HCM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K19, Higher Education, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Upwork Key Enterprise and Cloud Applications
Upwork Revenues, $M:
|Type/Year||2020||2021||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Upwork Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
Upwork Enterprise Applications Revenues By Functional Markets, $M:
Upwork Enterprise Applications Revenues By Verticals, $M:
Upwork Revenues By Region, $M
|Region||% of Total Revenues||2021 Total Revenues, $M||2021 Enterprise Applications Revenues, $M||2021 Cloud Applications Revenues, $M|
Upwork Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
Upwork Customers - Breakdown by Geo, Size, Vertical and Product
No. of Upwork Customers: 475000
No. of Upwork Enterprise Applications Customers: 475000
No. of Upwork Cloud Customers: 475000
No. of Upwork Cloud Subscribers: x
Upwork has more than 475,000 clients in over 180 countries. Among its customers are Zendesk, Chess.com, Pixc, Tango, Touchnote, Instapage, GoDaddy, and many others.
Upwork Market Opportunities, M&A and Geo Expansions
In October 2021, Upwork unveiled Virtual Talent Bench, a series of features that makes relationship building central to the customer experience on Upwork by empowering clients to discover, organize, revisit and hire the independent talent they trust, collaborate with to drive successful outcomes or want to work with in the future. Virtual Talent Bench features enable clients to establish a network of top independent professionals they can work with time and time again on their most critical projects or complement skillsets on their full-time teams.
The inefficiencies in the labor market have created a significant opportunity for online global marketplaces for freelance work and that businesses globally will continue to adopt freelance work. According to Upwork the total global GSV opportunity for their platform was approximately $560 billion in 2017.
Upwork serves as a powerful marketing channel for freelancers to find rewarding, engaging, and flexible work. Moreover, freelancers have real-time visibility into opportunities that are in high demand, so that they can invest their time and focus on developing sought-after skills.
Freelancers using UpWork's platform benefit from access to quality clients and secure and timely payments while enjoying the freedom to run their own businesses, create their own schedules and work from their preferred locations.
Upwork Risks and Challenges
UpWork's growth depends on its ability to attract and retain a community of freelancers and clients, and the loss of our users, or failure to attract new users, could adversely impact their business.
Furthermore, the new funding from its investors, coupled with increased competition from SAP's Fieldglass and others, will prompt Upwork to pursue acquisitions to expand into adjacent areas from project management, team collaboration as well as payments.
Upwork Ecosystem, Partners, Resellers and SI
Upwork primarily sells direct through its websites.
In May 2021, Upwork unveiled Upwork CoLab—an exciting new brand partnership program that will provide remote independent professionals unique opportunities to collaborate on special projects with visionary, organizations. To kick off the program, Upwork joining forces with Budweiser to launch a fun and creative contest that will help the brand reimagine and create a limited-edition version of their iconic beer can packaging.
In September 2017, GE’s internal resource matching talent to a task, partnered with Upwork, the largest freelancing site.
The combination of GENIUSLINK and Upwork creates an expert network of millions of independent professionals with in-demand skills spanning from IT and engineering to design and marketing.
Upwork Cloud Infrastructure Insights
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- Upwork Public Cloud and Infrastructure (IaaS)
- Upwork Platform (PaaS)
- Upwork Application Delivery
- Upwork Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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