If you consider starting a business or already own one, you want to reduce your costs, increase profit, and save time, but to do that, you need to delegate tasks. This is where virtual assistants come in – being a valuable asset to your company. We’ve compiled a list of essential virtual assistant statistics to clue you in to the latest industry trends and how your business could benefit from hiring a virtual assistant.
It is quite difficult to determine the size of the virtual assistant industry. Statistics, however, show that the global market for outsourced services, that this sector is part of, was valued at $92.5 billion in 2019 and is on track to grow further.
(Business Wire, Statista)
Covid-19 has impacted many businesses, but despite the downturn in a lot of sectors, the virtual assistant market has never been better. Recent virtual assistant usage statistics indicate that the growth of the VA industry is bound to continue even after Covid-19.
Virtual assistant jobs can be full-time, part-time, freelance, or temporary. Although some virtual assistants work with more than one client on a freelance basis, the majority are fully committed to their job.
Although the 9-to-5 office workday still exists in many companies, a growing number of businesses are shifting toward a remote work policy. Statistics on virtual assistants further reveal that 85% of virtual workers reported feeling more productive when working from home.
Virtual assistants are skilled in multiple areas, from phone answering services to administrative and data-entry jobs. They make sure that your business runs smoothly, organize everything for you, and boost your productivity — the list only goes on.
(Best of Budgets)
Virtual assistant rates worldwide vary greatly. The preferred place for hiring VAs is the Philippines, as they have an inexpensive average rate of $400/month, and most Americans find these rates budget-friendly. At the other end of the spectrum, virtual assistant industry statistics reveal that US professionals in this sector earn as much as $4,000/month.
(Best of Budgets)
While this data doesn’t really tell us how many of those assistants are virtual and how many in-person, some well-known entrepreneurs are convinced that VAs will soon overtake the rest, given the demand for such services and the multiple types of virtual assistants, including social media, data entry, marketing services, virtual receptionists, and so on.
We are working longer and harder than before, and we even do it on holidays. When you get overloaded with work, your best option is to outsource to a virtual assistant. Still, virtual assistant trends indicate that 42% of employees insist on this practice, fearing they might fall behind with work. Another 20% don’t think there’s a person who can complete their tasks, and 13% are looking out for opportunities.
Companies that hire virtual assistants can eliminate all the expenses required to maintain a traditional employee. They don’t have to worry about equipment, benefits, paid training, or long-term contract agreements.
That would be 69.3%, to be precise. Virtual assistant statistics indicate that 75% of VAs in the US are above their forties. Gender-wise, the virtual assistant market is dominated by women, who make for 83% of the US virtual assistant population.
(Best of Budgets, Zippia)
Since virtual assistants often work from the comfort of their own home, they have more time to manage their work and personal tasks in the most efficient way possible. Also, statistics show that the majority of remote workers are less distracted at home than they would be in the office and, therefore, can focus and get things done.
According to virtual assistant statistics, one out of eight million virtual assistants on Upwork are from the Philippines. Companies from other countries find it easy to work with Filipino virtual assistants. They also have the highest literacy rate — 96.2%, and they’re the most affordable VAs in the world.
Along with the rise of the demand for virtual assistants, the business process outsourcing industry has also been growing, with 37% of small businesses outsourcing a business process in 2018. A further 52% have had plans to hire a BPO specialist in 2019 and for a good reason – small business owners spend nearly a quarter of their workday performing manual tasks.
Although virtual assistants are in high demand among businesses of all sizes, virtual assistant statistics show large companies with over 1,000 employees most often turn to VAs. The percentage of VA-oriented companies employing between 100 and 1,000 people sits at 31%, while only 19% of companies with up to 100 employees resort to such practice.
Rather than paying the full-time employee who is, according to research, only productive for 2 hours and 53 minutes, companies hire virtual assistants whose work hours are fully productive ones. This way, they don’t have to pay for lunch or coffee breaks, only for the time spent on work-related tasks.
According to virtual assistant growth statistics, the demand for virtual assistants is increasing each year. Although it’s difficult to estimate the size of the VA sector, it is a part of the outsourced service industry which is projected to grow at a CAGR of 4.5% between 2020 and 2025.
Depending on the expertise, location, and market conditions, the hourly rates of virtual assistants can be in the range of $7.91 and $62.74.
Although the working hours of virtual assistants are flexible, virtual assistant industry statistics show that most of them work about 20 hours per week.
Virtual assistants typically provide support by handling customer service, accounting, scheduling, word processing, support tasks related to sales, and they are usually hired by companies, agencies, or individuals.
It’s difficult to find verified virtual assistant statistics for this industry since many VAs don’t belong to any official organization. However, a significant number of virtual assistants have joined freelancing platforms. There are more than 5,000 virtual assistants listed on Upwork, 74,000 on Guru, 26,000 on Freelancer, and 5,000 on PeoplePerHour.