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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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: -
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.
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