New York, USA, June 08, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global space as a service market is predicted to rise at a tremendous CAGR of 5.1%, thereby garnering a revenue of $14,017.90 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the space as a service market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand for space as a service option from small and medium-scale enterprises is expected to become the primary growth driver of the space as a service market in the forecast period. Moreover, changing workforce dynamics and a growing demand for cost-effective office solutions is expected to help the market grow substantially in the forecast period.
Opportunities: Growing demand for flexible workspaces is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, the wide range of amenities offered by SPaaS such as high-speed internet, printing facilities, and concierge services is estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to lack of customization and limited availability, which might prove to be a restraint for the space as a service market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The space as a service market, however, has been moderately affected by the pandemic. Though several offices were shut down during the pandemic, the space-as-a-service industry got enormous opportunities to change and adapt as per the changing workplace needs of different corporate houses. This helped the market to post growth numbers despite the pandemic.
Segments of the Market
The report has divided the space as a service market into certain segments based on end-user, and region.
End-User: Small & Medium Enterprises Sub-segment to Flourish Immensely
The small & medium enterprises sub-segment is expected to propel ahead during the 2022-2031 timeframe. Since small and medium enterprises require flexible, cost-effective, and scalable workspace solutions to run their businesses, their demand for SPaas has increased in the past few years. This increase in demand is predicted to push the sub-segment forward in the forecast period.
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Region: North America Market to be the Most Profitable
The space as a service market in the North America region is expected to become the most profitable sub-segment. The wide range of amenities and services, such as high-speed internet, meeting rooms, and reception services provided by SPaas has increased its demand, which is expected to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the prominent players of the space as a service market are
- WeWork
- Innov8
- Colive
- 91springboard
- Workbar LLC
- MindSpace
- Awfis
- Regus
- Industrious
- Common Ground
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
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For instance, in January 2022, WeWork, an office space solutions provider, announced the acquisition of Common Desk, a coworking space renting company. This acquisition is projected to help the acquiring company i.e., WeWork to expand its operations globally in the coming period.
Finally, the report also summarizes many crucial aspects of the space as a service market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Space as a Service Market:
- Space as a Service: Empowering Businesses with Agile Space Options
- Global Space as a Service Market to Generate $14,017.90 Million by 2031, Owing to Increased Demand for Flexible Workspaces
