Dublin, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The "Co-working Space Market By Business Type, By Business Model, and By Enduser - Global Opportunity Analysis And Industry Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
Coworking spaces enhance the feeling of community, creativity, fun, flexibility, accessibility, and sustainability. Also, it offers a variety of amenities like meeting rooms, private offices, hot desk space, private cabin space and shared workstations in an open-plan.
In addition, they work on a flexible pay-as-you-go membership model which enables users to save a lot of additional costs by allowing the pay for what they use.
Moreover, coworking typically operates on a monthly club membership or subscription fee, which includes access to many additional facilities like cafeteria and others. With the rising cost of rents in tier 1 and tier 2 cities, many SMEs and entrepreneurs are choosing coworking spaces to gain access to better facilities at a cheaper cost.
Market Dynamics and Trends:
Increasing number of startups is driving the growth of coworking space market as they are opting for coworking spaces owing to increasing rent of private office spaces.
For instance, according to a survey in 2020, nearly 1.4 million startups were founded in the third-quarter quarter of 2020, a 49% increase over the second quarter of 2020 and a 67% increase over the previous third-quarter startup high set in 2018. Coworking spaces are not only helping to reduce the cost of rent but also additional utilities such as desk, high-speed Wi-Fi connection, coffee, meeting rooms, recreation zones and many others.
Also, coworking spaces help startups in acquiring new talents from number of freelancers working together with them on a day to day basis, which in turn reduces the cost of recruitments. Thus, fueling the growth of the market.
Moreover, increasing investments in niche coworking spaces such as women only spaces, LGBTQ+ spaces, and other social groups are expected to provide lucrative opportunity as they are becoming popular to accommodate the growing diversity in SMEs such as on-premise childcare and other.
However, the low awareness regarding coworking spaces is hampering the growth of the market. This is attributed to huge misconception among many SMEs and startups from various industry vertical that coworking spaces is only for IT sector as they mainly work from their devices.
According to a poll, just 20% of office workers attend a coworking space once a month, leaving a big portion of the population (80%) without general awareness regarding such spaces. In addition, coworking means sharing workspace with strangers, which in turn creates problem for many workers to adapt to unknown people and environment of the spaces.
Geographical Analysis:
North America has the highest number coworking spaces in terms of size, with an average of 9,799 sq.ft. per space. This huge demand for coworking space is fueled by growing adoption of flexible work practices, service offices and remote teams.
On the other hand, Asia-Pacific has two of the highest populated countries in the world such as China and India. These two are also emerging markets. Increase in awareness related to the significant advantages of coworking space among the population is creating opportunity for this region to become one of the major coworking space markets.
Competitive Landscape:
Market players are adopting various joint venture strategies and planning expansion of their businesses across various regions to maintain their dominance in the coworking space market.
The coworking space market comprises of various market players such as
- Regus Group Companies
- TechSpace Inc.
- Knotel Inc.
- SimplyWork
- Talent Garden S.p. A
- Premier Workspaces
- Kr Space
- Convene
- Servcorp Limited
Market Dynamics
Drivers
- Increase in the Number of Start-Ups
- Low Cost of Coworking Space
Restraints
- Low Awareness and Privacy Issues
Opportunities
- Increasing Investment for Improvement and Diversification of Coworking Space
Key Market Segments:
Coworking Space Market, By Business Type
- Open/Conventional Coworking Spaces
- Corporate/Professional Coworking Spaces
- Others
Coworking Space Market, By Business Model
- Sub-lease Model
- Revenue Sharing Model
- Owner-Operator Model
Coworking Space Market, By End User
- Independent Professionals
- Startup Teams
- Small to Medium Sized Enterprises (SMEs)
- Large Scale Corporations
Coworking Space Market, By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Italy
- France
- Netherland
- Denmark
- Finland
- Norway
- Sweden
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Singapore
- Taiwan
- Vietnam
- Rest of Asia-Pacific
- Rest of World
- Brazil
- South Africa
- Nigeria
- Israel
- KSA
- Turkey
- Remaining Countries
For more information about this report visit https://www.researchandmarkets.com/r/oqbslq
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