Co-Working Space Market Demand and Competitive Analysis by Leading Manufacturers 2022-2030

The Co-Working Space Market size was valued at USD 6.89 billion in 2021 and is predicted to reach USD 24.00 billion by 2030 with a CAGR of 14.9% from 2022-2030.

The co-working space is a shared place that can accommodate employees of more than one company or set of independent individuals. It provides shared infrastructure to multiple people or groups at a much cheaper cost compared to traditional offices. Coworking spaces enhance the feeling of community, creativity, fun, flexibility, accessibility, and sustainability. Also, it offers a variety of amenities like meeting rooms, private offices, hot desk space, private cabin space and shared workstations in an open plan. In addition, they work on a flexible pay-as-you-go membership model which enables users to save a lot of additional costs by allowing the pay for what they use. Moreover, coworking typically operates on a monthly club membership or subscription fee, which includes access to many additional facilities like cafeteria and others. With the rising cost of rents in tier 1 and tier 2 cities, many SMEs and entrepreneurs are choosing coworking spaces to gain access to better facilities at a cheaper cost.

Access Full Description of this report at:-

https://www.nextmsc.com/report/co-working-space-market

Top Companies: Regus Group Companies, TechSpace Inc, Knotel Inc, SimplyWork, District Cowork, Premier Workspaces, Kr Space, Convene, Servcorp Limited, and Novrl Coworking. and others.

Market Dynamics and Trends:

Increasing number of startups is driving the growth of co-working space market as they are opting for coworking spaces owing to increasing rent of private office spaces. For instance, according to a survey in 2020, nearly 1.4 million startups were founded in the third-quarter quarter of 2020, a 49% increase over the second quarter of 2020 and a 67% increase over the previous third-quarter startup high set in 2018. Coworking spaces are not only helping to reduce the cost of rent but also additional utilities such as desk, high-speed Wi-Fi connection, coffee, meeting rooms, recreation zones and many others. Also, coworking spaces help startups in acquiring new talents from number of freelancers working together with them on a day-to-day basis, which in turn reduces the cost of recruitments. Thus, fueling the growth of the market. Moreover, increasing investments in niche coworking spaces such as women only spaces, LGBTQ+ spaces, and other social groups are expected to provide lucrative opportunity as they are becoming popular to accommodate the growing diversity in SMEs such as on-premise childcare and other.

However, the low awareness regarding coworking spaces is hampering the growth of the market. This is attributed to huge misconception among many SMEs and startups from various industry vertical that coworking spaces is only for IT sector as they mainly work from their devices. According to a poll, just 20% of office workers attend a coworking space once a month, leaving a big portion of the population (80%) without general awareness regarding such spaces. In addition, coworking means sharing workspace with strangers, which in turn creates problem for many workers to adapt to unknown people and environment of the spaces.

Request sample copy of this report at:-

https://www.nextmsc.com/co-working-space-market/request-sample

Market Segmentations and Scope of the Study:

The co-working space market is segmented based on business type, business model, end user and geography. On the basis of business type, the market is divided into conventional coworking, professional coworking, and others. On the basis of business model, the market is categorized into sub-lease model, revenue sharing model, and owner-operator model. On the basis of end user, it is segmented into independent professionals, startup teams, and small to medium sized enterprises (SMEs). Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America region holds the lion share of co-working space market at present and is expected to continue dominating the market during the forecast period. This is due to the highest number coworking spaces in terms of size, with an average of 9,799 sq.ft. per space are available in this region. This huge demand for coworking space is fueled by growing adoption of flexible work practices, service offices and remote teams.

However, Asia-Pacific is expected to witness a steady rise in the co-working space market owing to increase in awareness related to the significant advantages of coworking space among the population in this region.

Contact:
Phone Number: +1-217-650-7991
E-mail: info@nextmsc.com

About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

For more insights, please visit, https://www.nextmsc.com

This release was published on openPR.