Coworking Space Market Growth Opportunities and Future Scope, 2022-2029

Allied Market Research published a new report, titled, "Coworking Space Market Growth Opportunities and Future Scope, 2022-2029." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rising number of entrepreneurs, start-ups, and freelancers and global expansion, increase demand for the remote working, rising demand for the mobile technologies are some of the major key drivers for the growth of this market. In addition to this, low cost, flexible spaces, expansion of internet spaces, improved literacy rates are also some of the factors for the growth of this market. Furthermore, agriculture technology and new food, advanced manufacturing and robotics such as artificial intelligence, big data, and analytics integrating with the startups is expected to bring lucent opportunities for the market

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The wearable technology, artificial intelligence is likely to replace the traditional workspace in the upcoming years and thus also aims to convert the co-working spaces into autonomous spaces. In addition to this, organizations are also trying to implement Smart access, smart meeting rooms and smart reception in addition to the cloud-based access systems with the facial recognition and real time security monitoring. Thus, these integrations will surely help to create lucent opportunities for the co-working space market.

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As the technology are moving, a greater number of people creating employment in less traditional ways which thus further increases the number of adoption of entrepreneurs and startups. The major advantage of co-working spaces for startup founders is the flexible pricing and greater affordability options as the work under budget constraint, co-working spaces is cheaper than renting a traditional physical office space. In addition to this, co-working space also available to rent on monthly, week or even day, it also helps to entrepreneurs to free from any contract which results in flexibility to change quickly as per the evolving business needs

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COVID-19 Scenario Analysis:

• The COVID-19 is certainly not an end to the co working culture as people would discover that the benefits of social gatherings in terms of emotional and intellectual fulfillment would be a crucial necessity for the overall health of a society, thus increasing the multiple opportunities for the co working space market in the upcoming years.

• The emergence of COVID-19 pandemic has severely affected almost all the industries across the world. Furthermore, increased lock down and restriction and bounding to work in home have also affected several markets including co-working space market. Many India organizational employees working from home due to the COVID-19 virus pandemic and operators of co-working spaces, which offer shared office spaces, have seen an almost 50% dip in footfalls.

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