Virtual Assistant Statistics 2022
Business owners around the world have seen the importance of counting on the necessary support to help them reduce workload and increase productivity. Virtual assistant became their first choice once the pandemic started and remote working became the only alternative to continue work, because of this, according this is an industry that will only continue to grow. To better understand it, let’s analyze some important virtual assistant statistics that tell us where this industry is headed.
Growth within the virtual assistant sector continues at a rapid pace, which leads us to our first statistics:
- 1. Last year, the virtual assistant industry generated $2054.5 USD. According to Market Watch.
- 2. The virtual assistant market size is projected to reach $8613.5 USD by 2028.
- 3. The growth rate will be at a CAGR of 22.3% from 2022 to 2028.
CAGR: Compound Annual Growth Rate
This significant growth rate was the result of the pandemic when more business owners started hiring virtual assistants. Due to the pandemic restrictions, remote working became normalized for all businesses.
- 4. It is said that 67% of business owners hired at least one virtual assistant in 2021, this is also because of how well VAs fit almost any industry. (99 firms)
- 5. A VA is a worker that can perform everyday tasks and because the list of duties they are able to do is so wide, there is a large number of people who currently work as virtual assistants.
- 6. The estimate is that there are 40+ million virtual assistants in the world; this approximation can be made when scanning the number of VAs available in freelance directory platforms like Fiverr, Upwork, and agencies such as There is Talent.
- 7. In the US freelancers are expected to reach over 86.5 million by 2027.
Virtual Assistants Statics: VAs Save Companies up to 78% in Operating Costs
- 8. Virtual assistants also have a fully equipped workstation, high-speed internet services, and common software programs for which the contractor does not have to make an investment. This alone allows companies to save up to 78% in costs per year.
- 9. Businesses also make the decision to hire a VA because they save money on taxes compared to full-time employees.
- 10. The majority of virtual assistants don’t require the contractor to pay for health insurance, sick leave, vacation days, etc.
If you decide to hire a VA overseas you could save even more money, especially if you choose to find talent in countries in Latin America. Currency exchange between countries allows you to save up to 70% on salaries compared to hiring a VA based in the US.
Virtual Assistants Salary
As we mentioned before, a VA will charge different amounts of money per hour depending on where they are located and their skill set. But on average VAs make $2 to $40 dollars per hour.
- 11. According to 99Firms, San Francisco is the highest paying city for virtual assistants in the U.S, holding a monthly salary of $7.099,5 US. Following those cities are Fremont and San Jose, CA with a salary of $6.805 US and $6.624 US respectively. Placing California as the #1 highest paying State in the country for VAs.
- 12. In the Philippines, Manila and Taguig rank as the highest paying cities for VAs according to Indeed. The average base salary in this country is equivalent to $520.54 US.
- 13. Bogota and Medellin are ranked as the highest paying cities in Colombia, where the average monthly salary starts at $394.73 US according to Salary Expert.
A virtual assistant can work anywhere from 10 hours to 40 hours weekly, it all depends on the needs of the contractor and the availability of the VA, the number of hours worked per week can fluctuate their salary as well as their level of experience.
Top In-demand Services for VAs
The goal an entrepreneur has when hiring a VA is to make their life easier by delegating tasks such as scheduling meetings, running email marketing, social media management, bookkeeping, data entry, etc.
- 14. Cold calling and email communication are the most in-demand services at the moment, but also virtual assistant statistics show that in the last year social media marketing services have become highly requested services by business owners.
- 15. Statistics show that there are over 20 types of virtual assistants because of how nicely they adapt to any industry.
- 16. 60% of virtual assistants work full-time. Being a VA requires commitment and time management, this is why most VAs are employed full-time although VAs can be contracted to work part-time as well.
Virtual assistant statistics illustrate that VAs overseas are in great demand, this is because they cost a lot less even while being well-educated workers. The cost of living changes in every country, so when a virtual assistant is hired abroad the cost is usually cheaper as they operate as independent contractors, meaning the contractor does not have to cover benefits, insurance, employment taxes, etc.
Virtual Assistants Bring Businesses Higher Productivity
The productivity of an organization increases when hiring a VA due to the streamlined responsibilities. The limited range of tasks and flexibility makes VAs highly productive.
- 17. A survey demonstrates that 91% of remote workers believe that they are more productive when working at home compared to working on-site (Flowster App).
- 18. The study ¨Does working from home work?¨ done by Stanford University indicated that remote workers have a 13% higher productivity, enforcing that the quietness and isolation from coworkers had positive effects on the work delivered.
- 19. Because of the big shift towards remote working, 80% of large companies plan on increasing their virtual hiring.
- 20. 60% of VAs have a College Degree: In countries like Colombia, Mexico, and the Philippines there is better job offers to be a virtual assistant compared to common jobs available to recent college graduates. As we mentioned before, this is one of the reasons business owners find working with VAs overseas so attractive since they can find specialized and knowledgeable workers at a great price.
Remote Working: The New Way of Working
- 21. Virtual Assistant Statistics: In 2019, there were 3.6 million administrative assistants in the US, this number was predicted to increase by 34.4% in 2021.
- 22. After the pandemic, freelancing has become the preferred way of working for most employees. In the US freelancers are expected to reach over 86.5 million by 2027. What makes this modality so popular is the flexibility it allows workers to hold and the capability to work from any place in the world.
- 23. Finding a job that promotes work-life balance is very important for employees when looking for a new job. Most of them find that balance while working from home. Over 50% of employees in the US work from home at least 2.5 days per week. (Regus)
Virtual Assistant Statistics: Entrepreneurs Prefer to Work in The Same Time Zone
Having great communication is crucial to achieving a supportive work environment. Communication can be affected because of time zone differences since not all employees are working during the same time period. This makes it harder to solve issues, delays due dates, and reduces productivity, some of the reasons why business owners prefer to hire VAs in their same time zone.
Working within the same time zone, businesses have the guarantee that everyone works together. Maintaining a sense of the workplace community, even as employees work in separate locations.
Virtual Assistants and Their Positive Impact
- 24. 84.4% of business owners interviewed by VirtuDesk expressed a positive impact on their business since hiring a VA. 10.9% had just hired a VA and were too early in the process to report results.
- 25. 3.1% of the surveyed entrepreneurs agreed that their personal lives were positively impacted once they hired a virtual assistant.
- 26. Virtual assistants are also positively impacted by their job in their personal life. 96.4% of VAs are said to be satisfied with their job.
- 27. VAs find their job pleasant and don’t feel burn-out or stressed by it, this is why 93.1% of the virtual assistants interviewed consider working in the industry permanently.
The Virtual Assistant Global Market
- 28. India and the Philippines were the top hiring destinations for VAs when entrepreneurs consider cost-effectiveness the most important aspect.
- 29. The trend mentioned above began to change once the Latin American market started to grow (this is also a cost-effective market). Entrepreneurs have been captivated by the warmth and kindness of Latinos, which has brought investments from big multinationals to this part of the world.
- 30. Colombia ranked third in The A.T Kearney’s Latin America Service Location Indicator, meaning virtual assistants from this country provide excellent quality of work, are responsible and offer the best customer service. (Kearny)
Where Do People Hire VAs?
If after reading these virtual assistant statistics from 2022 you have decided to hire one for your business, there are two ways to do this. You can get a VA privately, that is, through freelance directory platforms like Fiverr and Upwork or through agencies such as There is Talent.
With a freelancer directory platform, you have to dedicate yourself to the selection of the ideal person for the position. One of the important and sometimes ignored details is that you can’t always find the expected quality of work.
The benefit of working with a VA agency is that you can be sure that even if the virtual assistant you hired does not meet all the requirements, he/she can be replaced.
At There is Talent we take this policy very seriously because we always want to provide you with the best Spanish-speaking VAs in the market that provides you with impeccable work, but most importantly results.
Do you want to know more about our team and what they can do for your business?
Book a strategic call with our director Claudia and start enjoying the benefits of having the best Spanish-speaking VAs!