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Co-Working Space Market to Reach $34.5 Billion Globally by 2032 at 14.6%% CAGR: Allied Market Research
[November 20, 2023]

Co-Working Space Market to Reach $34.5 Billion Globally by 2032 at 14.6%% CAGR: Allied Market Research


Increase in the number of people working from home or remotely, development of sustainable co-working spaces, and increase in the number of startups and freelancers are driving the growth of the global co-working space market.  

NEW CASTLE, Del., Nov. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Co-Working Space Market by Business Model (Corporate/Professional Co-Working Spaces, Open/Conventional Co-Working Spaces, and Others), End Users (Freelancers, Large Enterprises, and Small and Medium Sized Enterprises), and Industry Vertical (IT and Telecom, BFSI, Mobile and Entertainment, Travel and Hospitality, Healthcare and Life Sciences, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global co-working space industry generated $9.2 billion in 2022, and is anticipated to generate $34.5 billion by 2032, witnessing a CAGR of 14.6% from 2023 to 2032.  

Prime Determinants of Growth  

Co-working spaces offer a cost-effective alternative to traditional office spaces, which drives the growth of the co-working space market. However, high member turnover rates can lead to increase in operational costs and revenue instability, which is expected to hamper the market growth. On the contrary, creation of niche co-working spaces tailored to specific industries, professions, or communities is anticipated to provide lucrative development opportunities for the co-working space market in the forthcoming years. 

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Report Coverage & Details:





Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$9.2 Billion

Market Size in 2032

$34.5 Billion

CAGR

14.6 %

No. of Pages in Report

400

Segments covered

Business Model, End Users, Industry Vertical, and Region.

Drivers

Increase in number of people working from home or remotely

Development of sustainable co-working spaces

Increase in number of startups and freelancers

Opportunities

Partnership between real estate players and open space providers

Integration of advanced technology

Restraints

Limited space and availability of limited equipment


 

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The open/ conventional co-working spaces segment to maintain its leadership status during the forecast period 

By business model, the open/ conventional co-working spaces segment held the highest market share in 2022, accounting for more than three-fifth of the global co-working space market revenue. This is attributed to the fact that open business model segment is offering a variety of workspace options, from shared desks to private offices, to accommodate the diverse needs and preferences of professionals and businesses. However, the corporate /professional co-working spaces segment is projected to attain the highest CAGR of 16.8% from 2023 to 2032. This is due to the fact that co-working providers are collaborating with enterprise clients to design bespoke office spaces that align with branding and specific needs. This trend caters to companies looking for a unique and personalized workspace experience.   

The IT and telecom segment to maintain its dominance during the forecast period

By industry vertical, the IT and telecom segment held the highest market share in 2022, accounting for nearly two-fifth of the global co-working space market revenue, and is estimated to maintain its leadership status during the forecast period. This is because organizations in the IT and telecom sector are increasingly inclined towards co-working spaces due to their flexibility and cost-effectiveness. These shared working facilities establish an environment that encourages collaboration and innovation, thereby fostering market growth. However, the media and entertainment segment is projected to atain the highest CAGR of 19.8% from 2023 to 2032, owing to the fact that the media and entertainment industry experiences fluctuations in workforce size due to project-based work. Co-working spaces offer scalability, allowing businesses to adjust the number of workstations or office space based on project requirements.  

Asia-Pacific to maintain its dominance by 2032

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifth of the global co-working space revenue. Asia-Pacific has attracted significant investment in the co-working sector, with both, local and international providers expanding their presence. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.8% from 2023 to 2032.  

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Leading Market Players: -

  • Awfis Space Solutions Pvt Ltd
  • Industrious LLC
  • Newmark Group, Inc.
  • Impact Hub GmbH
  • LiquidSpace Inc
  • Techspace Group Ltd
  • Soho China Ltd
  • The Office Group Ltd,
  • Ucommune (Beijing) Venture Capital Co., Ltd
  • Wework Companies Inc

The report provides a detailed analysis of these key players of the global co-working space market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research


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