New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global Coworking Space Management Software Market Size is to Grow from USD 532.46 Million in 2022 to USD 1342.11 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 9.69% during projected period.
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Coworking spaces are convenient workspaces where independent contractors and employees from different businesses share shared utilities, equipment, cleaning services, and occasionally mail and coffee services. This arrangement can save costs because multiple companies can use the same infrastructure. However, if the proper tools are not used, managing a shared workspace can be difficult. It appeals to independent contractors, independent scientists, telecommuting larger work teams that want flexibility and to avoid wasting real estate space if some employees work from home, work-at-home professionals, and frequent travellers. Furthermore, the development of sustainable coworking spaces, as well as the number of people working from home or remotely, are the major factors driving the growth of the coworking space market. Many businesses and professionals looking for alternatives to traditional workspaces find a flexible solution in coworking space management software. The COVID-19 pandemic has hastened the shift to remote work, making co-working spaces a popular choice for both individuals and businesses. Furthermore, an increase in the number of start-ups and freelancers is seen as a key factor in the growth of the co-working space management software market. However, co-worker concerns regarding security and confidentiality are paramount, as many business projects demand total confidentiality. Because consumers are concerned that someone will steal their valuable information, coworking space management software can be vulnerable to hacking.
COVID 19 Impact
Coworking spaces provide a unique service in that they allow self-employed people and businesses to have access to flexible office space while also benefiting from being embedded in coworking space communities COVID-19 has forced their clientele to move into new hybrid (digital/physical) arenas, whereas coworking spaces and embedded communities were previously location-bound in physical spaces. This paper investigates how coworking spaces responded to the COVID-19 pandemic. The impact of COVID-19, regional conflicts, and critical information for us to conduct a thorough examination of the Coworking Space Management Software market.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Coworking Space Management Software Market Size, Share, and COVID-19 Impact Analysis, By Type (Cloud-Based, On-Premise), By Organization Size (Large Enterprises, SMEs), By Application (Membership management, booking management, Billing and payment management, Reporting and analytics, Access control, Community management, Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The cloud-based segment dominates the market with the largest revenue share over the forecast period.
Based on the type, the global coworking space management software market is segmented into cloud-based and on-premise. Among these, the cloud-based segment is dominating the market with the largest revenue share over the forecast period. Users can access cloud-based software from anywhere at any time, and it is usually delivered over the Internet. In contrast to on-premises software, cloud computing requires only the installation of an application or a web browser to access its services. the growing demand for adaptable workspaces, the appeal of small enterprises and startups, and the tendency of startups to look for unofficial coworking spaces.
The SMEs segment is witnessing significant CAGR growth over the forecast period.
Based on organization size, the global coworking space management software market is segmented into large enterprises and SMEs. Among these, the SME segment is witnessing significant growth over the forecast period. As niche coworking spaces like those for women only, LGBTQ+ groups, and other social groups become more popular and attract more investment, it is anticipated that these spaces will offer profitable opportunities as the diversity of the SME segment continues to increase.
The membership management segment is expected to hold the largest share of the global coworking space management software market during the forecast period.
Based on application, the global coworking space management software market is classified into membership management, booking management, billing and payment management, reporting and analytics, access control, community management and others. Among these, the membership management segment is expected to hold the largest share of the coworking space management software market during the forecast period. The payment processing, reporting, and subscription management, membership management tools help businesses manage member data such as contact details, transaction histories, activities, events, and payment deadlines. These factors are expected to drive market growth over the forecast period.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. To keep its lead throughout the projection period as the number of micro and solo businesses in the region rises, technology advances more quickly, and social interaction becomes more important. Career flexibility, flexible hours, fun and casual work environments, and results-oriented work policies that allow individuals to choose their workplace as long as they deliver the work are all advantages. The number of millennials starting businesses and seeking non-traditional work has increased, thereby opening new doors for co-working spaces and expanding the co-working market.
Asia Pacific is expected to grow the fastest during the forecast period. Many businesses have shifted to coworking spaces because of the low costs and flexibility in working space. In China and Japan, the number of co-working spaces is rapidly increasing. This is due to an increase in the number of start-ups and a desire for more freedom for employees and businesses. Coworking space management software is a less expensive option than traditional office space. Because it provides a low-risk entry point into the broader office market, the majority of mainland Chinese landlords are likely to enter Hong Kong's flexible working space, which has traditionally been dominated by local and international investors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global coworking space management software market are Nexudus, Andcards, Optix, Cobot, Yardi Kube, OfficeRnD, Satellite Deskworks, Share Desk Global Inc, UPSTREAM - AGILE GMBH, WUN Systems, and others.
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Recent Developments
- In October 2023, Blue Star Innovation Partners invested strategically in OfficeRnD, a pioneer in coworking and hybrid work software.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global coworking space management software market based on the below-mentioned segments:
Coworking Space Management Software Market, Type Analysis
- Cloud-Based
- On-Premise
Coworking Space Management Software Market, Organization Size Analysis
- Large Enterprises
- SMEs
Coworking Space Management Software Market, Application Analysis
- Membership management
- booking management
- Billing and payment management
- Reporting and analytics
- Access control
- Community management
- Other
Coworking Space Management Software Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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