Upwork Unveils Most In-Demand Work Skills in 2024
Upwork's new report highlights Data Science & Analytics as a rapidly growing work category, with generative AI modeling and machine learning driving demand. Businesses are increasingly seeking skilled freelance professionals to address skills gaps and meet project needs in 2024.
The surge in demand for Data Science & Analytics, particularly in generative AI modeling and machine learning, indicates a shift in business strategies towards data-driven decision-making and automation. This shift is likely to result in increased investments in AI technologies, which could influence stock performance of companies in the tech sector. The emphasis on these skills also suggests that businesses are recognizing the importance of leveraging big data for competitive advantage, potentially impacting the overall market landscape as companies that fail to adapt may fall behind.
Furthermore, the rise of freelance talent specializing in these areas highlights a trend towards a more flexible, project-based workforce. This could have implications for companies that provide collaborative and remote working solutions, as well as for educational institutions that may see a higher demand for courses in these fields. The data also points to the potential for increased productivity and innovation as businesses tap into a global talent pool, which could, in turn, lead to higher revenue growth and profitability for companies that effectively integrate these skills into their operations.
The reported 70% year-over-year growth in the AI & machine learning subcategory on Upwork reflects a significant market opportunity for businesses in the technology services sector. This growth is not just a short-term trend but a reflection of the ongoing digital transformation across industries. Companies that are part of the AI and machine learning ecosystem, including those providing platforms for freelance talent, might experience an increase in their valuation due to the heightened demand for their services.
Investors should monitor the performance of companies that are either directly involved in AI technology or that stand to benefit from the increased use of freelance talent in this domain. The expansion of in-demand skills such as medical and executive virtual assistance and digital marketing campaign management also suggests that the gig economy is broadening its scope, potentially affecting stocks in various sectors from healthcare to digital marketing.
The expansion of the gig economy, as evidenced by the increased reliance on skilled freelance professionals, might have broader economic implications. It suggests a shift towards more flexible labor markets and could influence employment patterns. The growing demand for AI and machine learning skills may drive wage growth in these areas and could also lead to a reallocation of labor resources from traditional to emerging tech sectors.
Long-term, this trend could contribute to increased economic efficiency and productivity. However, it also raises questions about job security and the need for retraining programs to ensure that the workforce can adapt to these technological changes. Policymakers and educational institutions may need to consider the implications of a freelance-driven, skill-specific labor market on economic policy and education systems.
03/19/2024 - 09:00 AM
New report finds Data Science & Analytics is one of the fastest-growing work categories as generative AI modeling and machine learning produce strong demand from businesses
SAN FRANCISCO, Calif., March 19, 2024 (GLOBE NEWSWIRE) -- Upwork
As new technologies continue to emerge and companies recognize the need for new skills to stay competitive, Upwork’s study reveals the extent to which businesses are increasingly turning to skilled freelance professionals to meet key project needs and address skills gaps. While businesses are looking to freelance talent for scale and specialization, independent professionals are also leading the charge in adopting new technologies and upskilling. In particular, the AI & machine learning subcategory on Upwork saw 70% year-over-year growth in the fourth quarter of 2023, as clients and independent professionals collaborate on today’s most cutting-edge projects.
“Every company is vying for the best talent and there remains huge demand for a broad range of skills across the Upwork marketplace as businesses big and small are finding solutions in the growing reservoir of skilled independent professionals,” said Kelly Monahan, managing director of the Upwork Research Institute. “In 2024, emergent technologies like generative AI are having a major impact on the skills-based economy. Of course business demand for these types of skills is increasing, but we’re also seeing a complementary impact, whereby AI technology is driving greater demand for all types of work across our marketplace.”
Among the lists of most in-demand skills, Data Science & Analytics is one of the fastest-growing types of work, and generative AI modeling and machine learning were the two fastest-growing skills in that category. Additionally, notable new skills to make the top 10 most in-demand skills lists this year include medical and executive virtual assistance, as well as development & IT project management and digital marketing campaign management.
“As technology rapidly changes and more specific expertise is needed, more and more businesses are coming to Upwork to find the solutions they need,” said Jacqueline DeStefano-Tangorra, an AI consultant on Upwork. “Consequently, the demand for my skill set has never been higher. Upskilling and becoming an AI professional on Upwork has opened many doors. I get to work on interesting projects and I am a stronger partner for my clients as I’m more efficient, productive, and can deliver better outcomes.”
Here are the in-demand work skills for 2024:
Upwork’s Data Science & Analytics Skills for 2024:
Upwork’s Coding & Web Development Skills for 2024:
Upwork’s Sales & Marketing Skills for 2024:
Upwork’s Accounting & Consulting Skills for 2024:
Upwork’s Customer Service & Admin Support Skills for 2024:
Upwork’s Design & Creative Skills for 2024:
Connect with skilled, global, in-demand talent on Upwork’s work marketplace community events page
Methodology
Skills data was sourced from the Upwork database and is based on U.S. freelancer earnings from January 1, 2023 to December 31, 2023. Each skill had a minimum of 250 projects with active work during the period. Year-over-year growth was estimated by comparing freelancer earnings in the full year 2023 to freelancer earnings over the same period in 2022.
About Upwork
Upwork is the world’s work marketplace that connects businesses with independent talent from across the globe. We serve everyone from one-person startups to large, Fortune 100 enterprises with a powerful, trust-driven platform that enables companies and talent to work together in new ways that unlock their potential. Our talent community earned over $3.8 billion on Upwork in 2023 across more than 10,000 skills in categories including website & app development, creative & design, data science & analytics, customer support, finance & accounting, consulting, and operations. Learn more at upwork.com LinkedIn Facebook Instagram TikTok X
Contact: press@upwork.com 1 Note: This skill was not available in 2022, but was the fastest-growing in terms of percentage growth in 2023.
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What are the top 3 fastest-growing skills in Data Science & Analytics for 2024 according to Upwork's report?
The top 3 fastest-growing skills in Data Science & Analytics for 2024 are Generative AI Modeling, Machine Learning, and Data Analytics.
When is the online Q&A with Kelly Monahan, managing director of Upwork's Research Institute scheduled?
The online Q&A with Kelly Monahan is scheduled for April 10, 2024, at 9:00 a.m. PST/12:00 p.m. EST on Upwork's community events page.
What methodology was used to gather the skills data mentioned in the report?
The skills data was sourced from the Upwork database based on U.S. freelancer earnings from January 1, 2023, to December 31, 2023, with each skill having a minimum of 250 projects with active work during the period.
