New York, USA, April 11, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global space as a service market[p1] is anticipated to rise at a stable CAGR of 4.2%, thereby garnering a revenue of $8,437.6 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the space as a service market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: As more companies get established, the need for an office space is sure to be felt more gravely. Since resources are limited, a new concept of co-working spaces has come up wherein workers of different organizations share an office space, thereby saving the limited resources. This new concept is expected to become the main growth driver for the space as a service market. Moreover, technological advancements in this field will also help the market to grow by 2028.
Opportunities: The new business model of space as a service is being adopted by both large and small organizations. This will offer huge growth opportunities to the market. Additionally, growing reach of the internet along with increasing adoption of smartphones and other such technologies have immense potential to offer opportunities that the space as a service market needs to grow.
Restraints: However, according to market analysts, the lack of privacy associated with space as a service business model might become a restraint in the growth of the market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has disrupted the routine lifestyle of people across the globe and the subsequent lockdowns have adversely impacted the industrial processes across all sectors. The space as a service market also has been affected very badly due to this unprecedented situation created by the pandemic. This is because the government mandated strict lockdowns, thus compelling the offices to be shut and switch to the remote work culture.
However, since the lifting of lockdowns has started, a growth in the space as a service business model is being experienced. This has made the analysts predict a growth in this market in the upcoming years.
Segments of the Market
The Research Dive report has fragmented the space as a service market across different segments such as end-user and region.
End-User: Small and Medium Enterprises Sub-segment to be the Most Dominant
The small and medium enterprises sub-segment is expected to generate the highest yield of $5,278.7 million by 2028. There is an increasing number of start-ups that have been established in the last few years. Moreover, the benefits associated with the space as a service business model have attracted many small-scale firms to economize their expenditures.
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Region: Market in the Asia-Pacific Region to be the Fastest Growing
The space as a service market in Asia-Pacific region is anticipated to be the fastest growing one. It is predicted to grow with a CAGR of 4.6% by 2028. The real-estate sector in the developing economies of this region is booming and expected to grow at a tremendous rate in the upcoming years. This has, in turn, helped the space as a service business model to thrive in this part of the world.
Prominent Market Players
Some prominent players in the space as a service market are
- MindSpace
- Awfis
- Colive
- Common Ground
- We Work
- Innov8
- 91springboard
- Workbar LLC
- Industrious
- Regus
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in November 2021, Awfis, an Indian company engaging in space as a service business model, partnered with CBRE, an American real-estate service firm, and WayCool, an agritech startup. This partnership has opened several business opportunities for all the three stakeholders that are involved in the deal as they can increase their foothold in their respective sectors by pooling their collective strengths.
Finally, this comprehensive report also summarizes many crucial facets of the space as a service market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
Related Article Links:
- A Concise Outlook on the Space as a Service Concept: Its Advantages and Challenges
- Investments and Business Expansion by Market Players such as WeWork, Mindspace, and Others to Foster the Growth of the Global Space as a Service Market
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