V.A. Statistics You Need to Know in 2023

Whether you’re looking to become a virtual assistant in 2023, or already are one and looking to grow your VA business - being aware of the industry is important.

There are often virtual assistant statistics published online in various places that you can keep up with to have a better understanding of how the industry is performing. This is important, as it can help guide you in terms of your service offering as well as your pricing model.

But, we’re all busy people. So rather than you having to sift through the plethora of data out there, here’s the most important virtual assistant statistics you need to know in 2023.

1. The Compound Annual Growth Rate for the VA Industry Will Explode In The Next Five Years

From 2022 to 2028, the Compound Annual Growth Rate (CAGR) is predicted to be 22.3 %, meaning there will be a massive increase in terms of the industry’s growth. That means more VAs, more people using VAs, a bigger market.

This is important because it lets you know that as the years go on there will both be more demand for VA services and more competition.

To stay competitive, it is advisable for you to start now. That is the best way of ensuring that you can still land roles when thousands more VAs pop up out of the woodwork.

2. Virtual Assistants Save Companies 78 % In Operating Costs

It’s true. Through a combination of being freelance, which costs less than hiring a new employee, as well as having your own workstation and perhaps even necessary software/equipment already in your position - you’ll save companies lots of money.

Make sure you keep this in mind when being interviewed for a VA position. You are saving the company massive amounts of money, and you should keep this in the forefront of your clients mind when they are interviewing you or considering your necessity to their business. 

3. 60 % of Virtual Assistants Work Full-Time

Being a virtual assistant is a role that requires hard work and excellent time management. With 60 % of VAs working full time for companies, you’ll have to make sure you’re putting in the work to stay competitive in the market.

Particularly as the CAGR is predicted to increase a lot over the next five years, as discussed previously. If you’re thinking of going full-time with your VA side hustle, now is definitely the time to do so, and upskill as much as you can so that eventually you’ll be able to make the same money but work part-time.

4. India and the Philippines Are The Top Hiring Destinations for Cost-Cutting Business Owners

VAs in India and the Philippines tend to charge less than those working from the US, the UK, and similar countries.

If you are in either of those locations, get ready for a lot of work to come your way until 2028. If you’re not, consider how you can stay ahead of this competition: either through accepting lower pay, or upskilling to the point of being worth extra money from a cost-cutting entrepreneur’s view.

5. USA Has More Than 3 Million Administrative Employees

There are many types of virtual assistant services you can offer to your clients. It’s probably worth picking those that aren’t oversaturated. 

For instance, there are millions of Americans who are trained in administrative duties. When you consider that as well as the number of VAs worldwide that will be offering admin duties, you can see how it might be difficult to stand out.

Everyone’s got to start out somewhere, but make sure if you currently only offer admin duties then you are doing what you can to upskill.

The Virtual Assistant Industry Is Only Going to Keep Growing

It’s never been a better time to jump into the VA industry. With so much growth predicted over the next five years, it’s a solid decision.

Just make sure that you are doing all you can to get experience and upskill yourself to remain competitive in the job market for longer.