Space as a Service Market Expected to Rise Progressively Owing to the Growing Demand for Flexible Workspaces across the Globe

The global space as a service market is predicted to see significant growth by 2031, due to the increasing demand for flexible workspaces around the globe. The North America region generated the highest revenue in 2021.

As per the report published by Research Dive, the global space as a service market is envisioned to generate a revenue of $14,017.90 million and rise at a CAGR of 5.1% during the analysis timeframe from 2022 to 2031.

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Dynamics of the Market

The increasing demand for flexible workspaces owing to the rising trend of the gig economy and remote work is expected to fortify the growth of the space as a service market over the forecast timeframe. Besides, the SPaaS providers offer a wider range of amenities and services such as printing facilities, high-speed internet, and many more, which is expected to amplify the growth of the market during the analysis timeframe. Moreover, the growing demand for SPaaS solutions from small and medium enterprises to scale up their businesses without experiencing high costs associated with traditional office leases is expected to create massive growth opportunities for the market over the estimated period. However, the lack of customization and limited availability may hamper the growth of the market throughout the analysis timeframe.

COVID-19 Impact on the Space as a Service Market

The outbreak of the COVID-19 pandemic has had a moderate impact on the space as a service market. This is mainly because of the increased shift of many businesses to remote work arrangements to maintain social distancing guidelines and minimize the speed of the deadly virus. Moreover, the increasing adoption of safety measures by SPaaS providers such as increased sanitization, flexible cancellation protocols, and the growing focus on offering more private office spaces to their clients to meet changing market scenarios had provided new growth opportunities for the market during the pandemic.

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Segments of the Market

The report has divided the space as a service market into end-user and region.

Based on end-user, the small and medium enterprises sub-segment held the highest market share in 2021. The increasing demand for SPaaS solutions across the SMEs to avail the high-quality office space, including meeting rooms, and virtual offices without investing more in office infrastructure, or real-estate is expected to bolster the growth of the market sub-segment over the forecast period.

Based on region, the North America space as a service market generated the biggest revenue in 2021. The increasing demand for flexible and adaptable workspace solutions owing to the growing demand for remote work and the increasing focus on sustainability and energy efficiency across the region are predicted to drive the regional growth of the market during the analysis timeframe.

Key Players of the Market

The major players of the space as a service market include Workbar LLC, Innov8, Regus, Common Ground, Colive, Awfis, MindSpace, 91springboard, Industrious, WeWork, and many more. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.

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This release was published on openPR.