As a business owner interested in growing your business by hiring VA’s, it is important that you need to understand the current Virtual Assistant Trends, Stats, and Facts available for the year.
We have organized a list of essential virtual assistant statistics to help you understand the latest industry trends and how hiring a virtual assistant could benefit your brand, business or organization.
But before that, lets discover…
Importance of knowing the VA Stats, Facts and Trends
- Understanding market size and growth trends: Understanding market size and growth trends: Understanding the statistics and facts of the virtual assistant industry can assist businesses in making informed decisions about investment and expansion.
- Monitoring industry trends: By tracking industry statistics and facts, businesses can stay current on the latest trends and changes in the virtual assistant industry, which can inform their strategic planning and decision-making.
- Evaluating competition: Understanding the statistics and facts of the virtual assistant industry can provide businesses with valuable insights into the competitive landscape, allowing them to assess their market position and identify opportunities for differentiation.
- Spotting opportunities for innovation: Staying up to date on the latest developments and trends in the virtual assistant industry can assist businesses in identifying areas where new and innovative products or services can be introduced.
- Improving business efficiency: Businesses can increase productivity, cut costs, and streamline processes by using virtual assistants. Knowing the pertinent statistics and facts about the virtual assistant industry can assist businesses in making informed decisions about the deployment and use of virtual assistants, resulting in increased efficiency and performance.
Virtual Assistant Industry Stats and Facts for 2023
Here are the relevant statistics and facts that is essential for you to know:
There will be a 4.5% CAGR in the IT outsourcing sector between 2020 and 2025.
Estimating the size of the virtual assistant market is challenging. The global market for outsourced services, of which this industry is a part, was valued at $92.5 billion in 2019 and is expected to grow even further, according to the statistics. (Source: Statistics and Business Newswire)
In 2020, the use of virtual assistants hired through international firms grew by 41%.
Though many industries have suffered as a result of Covid-19, the market for virtual assistants has never been stronger. New data on the prevalence of virtual assistant use suggests that the VA market will continue to expand even after Covid-19. (Source: NanoGlobals)
Two-thirds of the VA workforce is comprised of full-time workers.
Full-time, part-time, freelance, and contract positions for virtual assistants are all possible. In spite of the fact that some VAs work with multiple clients on a freelance basis, the vast majority are completely dedicated to their work. (Source: Virtudesk)
Approximately half of the global workforce now spends at least half their week working outside of the office.
Many companies still have a traditional 9-to-5 office schedule, but more and more are allowing employees the flexibility to work from home. Furthermore, virtual assistant data shows that 85% of remote workers feel more productive when working from home. (IWG)
Virtual assistants can make anywhere from $400 to $5,600 every single month.
There is a wide range of pay for virtual assistants around the world. For most Americans, the average monthly salary of a virtual assistant in the Philippines is $400, making it the country of choice for hiring VAs. The opposite end of the spectrum is represented by the $4,000/month that US-based virtual assistant professionals can make, according to market research. (Source: Best of Budgets)
There are more than 3,3 million secretaries and administrative assistants in the United States.
In spite of the fact that this information doesn’t provide a breakdown of virtual vs. in-person assistants, many successful business owners believe that virtual assistants (VAs) will soon become the norm due to rising demand and the diversity of VA roles (e.g., social media, data entry, marketing services, virtual receptionists, etc.). (Source: BLS)
Eighty-six percent of U.S. citizens check their email while on vacation.
We are putting in more hours and working harder than ever before, even on days off. When you’re feeling overwhelmed, a virtual assistant is the way to go. Virtual assistants are becoming increasingly popular, but some workers still refuse to use them for fear of falling behind. Twenty percent more are doubtful that anyone can accomplish their work, while thirteen percent are on the lookout for better prospects. (Source: CBS News)
It is estimated that virtual assistants can save businesses 78% of their current administrative costs.
Businesses can save money by using virtual assistants instead of traditional employees. They are not responsible for providing any tools, benefits, training, or signing any lengthy contracts. (Source: Best of Budgets)
Approximately 69.3 percent of VAs have spouses.
According to surveys of American virtual assistants, most are in their forties or older. Eighty-three percent of the United States’ virtual assistant workforce is comprised of women. (Source: Best of Budgets and Zippia)
The productivity of remote workers increases by 13%.
As a result of the flexibility afforded by their remote work arrangements, virtual assistants are better able to balance the demands of their professional and personal lives. In addition, studies have shown that working from home allows remote employees to be more productive because they are able to concentrate on their work without as many distractions. (Source: Virtudesk)
The Philippines is the most popular location for finding a virtual assistant.
According to virtual assistant statistics, the Philippines account for one out of every eight million virtual assistants on Upwork. Working with Filipino virtual assistants is simple for companies from other countries. They also have the highest literacy rate in the world — 96.2% — and the most affordable VAs in the world. (Source: Virtudesk)
Over a third of small businesses outsourced a business process in 2018.
The business process outsourcing industry has grown in tandem with the rise in demand for virtual assistants, with 37% of small businesses outsourcing a business process in 2018. A further 52% intend to hire a BPO specialist in 2019, which is understandable given that small business owners spend nearly a quarter of their workday performing manual tasks. (Source: CloudTask)
49% of companies that hire virtual assistants have more than 1,000 employees.
Despite the fact that virtual assistants are in high demand among businesses of all sizes, virtual assistant statistics show that large companies with more than 1,000 employees are the most likely to use VAs. The percentage of VA-oriented businesses employing 100 to 1,000 people is 31%, while only 19% of businesses with less than 100 employees use this practice. (Source: Zippia)
87.7% of virtual assistants are compensated on an hourly basis.
Instead of paying a full-time employee who, according to research, is only productive for 2 hours and 53 minutes, businesses hire virtual assistants with fully productive work hours. This way, they only pay for the time spent on work-related tasks and not for lunch or coffee breaks. (Source: Virtudesk)
85% of VAs have a business website.
This data demonstrates that virtual assistants are serious about expanding their businesses.
Most VAs are married, have college degrees, are over the age of 30, and work full-time, indicating that the virtual assistant profession is still in its infancy. The market is studied by analysts, and professional groups are coalescing. In addition, a recent report by Staffing Industry Analysts (SIA) highlighted the landscape of virtual assistants as a dynamic subset of BPO.
Virtual assistant businesses expanded during the pandemic, and SIA discovered that they are increasingly used by corporations to boost the efficiency of their top executives. (Source: OutsourceWorkers.com.au)
Virtual Assistant Trends: The Future of Work
With all the facts and statistics presented, we can say that Virtual Assistant, which started as an alternative career for individuals more than a decade earlier, is now a major industry that have come a long way since their inception. They have gone from being simple administrative assistants to critical components of modern businesses numbering to more than 12 million and counting. The Pandemic and the previous year show the rapid increase in the demand for virtual assistants, and the trend will only continue in the future.
The following are some of the most significant virtual assistant trends that are shaping the future of work:
1. The growing army of virtual staff and/or remote workers: ne of the most noticeable changes in the virtual assistant market is the increasing number of remote freelancers. There has been a rise in the number of people opting to work as virtual assistants in tandem with the growth of the gig economy and the availability of remote work opportunities. Due to this rise, there are now more virtual assistants from which companies can choose.
2. Increased reach of high-speed internet: As the number of people with access to high-speed internet continues to grow, so too will the customer base for virtual assistant services. As a result, there are now more potential clients and markets open to virtual assistants.
3. Remote-Friendly Startups: Another movement that is influencing the virtual assistant industry is the growth of companies that are open to employees working remotely. These companies facilitate the hiring of virtual assistants for businesses and give virtual assistants access to a wider variety of clients. This has opened up new opportunities for virtual assistants to collaborate with startups and for startups to reap the benefits of virtual assistants’ expertise.
4. Flexible Work Schedule Shift: Shift to a more flexible work schedule is another development in the virtual assistant market. In a time when more people than ever are trying to find a better work-life balance, virtual assistants can provide an attractive alternative by allowing their clients to set their own hours and working from any location they choose. As a result, companies have an easier time locating flexible virtual assistants, and assistants can handle more clients at once.
5. Digital Tools Integration: Finally, the incorporation of digital tools is another development that is having an impact on the virtual assistant market. Virtual assistants are becoming increasingly useful as new technologies and applications become available. This has made it possible for virtual assistants to offer more sophisticated services like data analysis and market research in addition to automating simpler tasks.
Conclusion…
The role of virtual assistants in modern businesses is only expected to grow as a result of the trends currently shaping the market.
The rising number of freelancers working remotely, the expansion of high-speed internet access, the proliferation of remote-friendly startups, the trend toward more flexible work hours, and the widespread adoption of digital tools all bode well for the future of the virtual assistant industry.
Whether you’re an employer looking to hire a virtual assistant or an assistant looking for a new position, now is the time to take advantage of these trends and welcome the future of work.
