A co-working space is a shared or collaborative office space between many individuals or companies located in the same buildings, provided on rent by property owners, and helps employees replicate that sense of community they may be missing in the virtual workplace. Co-working spaces offer a variety of work setups, allowing members to choose how and where they work. This includes options such as open seating, dedicated desks, and private offices. Furthermore, co-working spaces provide amenities such as high-speed internet, meeting rooms, printing and scanning services, kitchen areas, and sometimes even wellness facilities such as gyms or meditation rooms.
The key factors that drive the growth of the co-working space market include increase in the number of startups and freelancers and development of sustainable co-working spaces. Rise in the number of startups is driven by a strong entrepreneurial spirit. More individuals are inclined to pursue their business ideas and passions, and they often require flexible and affordable workspace solutions to get started. Co-working spaces provide startups with essential amenities such as high-speed internet, meeting rooms, office equipment, and administrative support. These amenities help startups focus on their core business activities while leaving operational details to the co-working space operator. However, limited space and availability of limited equipment are expected to hamper the market growth. Limited space in co-working spaces creates a hindrance to requirements such as privacy, creativity and innovative ideas, and one-on-one discussions. Lack of privacy in such spaces leads to employee dissatisfaction and unproductivity. However, integration of advanced technology contributes significantly to the growth of the co-working space market. Integrating advanced technology into co-working spaces presents substantial opportunities for the industry's growth and innovation. Technology integration enhances user experience, improves operational efficiency, and provides a competitive edge for co-working space providers. Internet of Things (IoT) technology enables the creation of smart co-working spaces.
The co-working space market is segmented on the basis of business model, end user, industry vertical, and region. On the basis of business model, the market is categorized into corporate/professional co-working spaces, open/conventional co-working spaces, and others. On the basis of end user, the market is divided into freelancers, large enterprises, and small and medium sized enterprises. On the basis of industry vertical, it is divided into IT and Telecom, BFSI, mobile and entertainment, travel and hospitality, healthcare and life sciences, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the co-working space market such as Awfis Space Solutions Pvt Ltd, Industrious LLC, Newmark Group, Inc., Impact Hub GmbH, LiquidSpace Inc, Techspace Group Ltd, Soho China Ltd, The Office Group Ltd, Ucommune (Beijing) Venture Capital Co., Ltd, and Wework Companies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the co-working space market.
The key factors that drive the growth of the co-working space market include increase in the number of startups and freelancers and development of sustainable co-working spaces. Rise in the number of startups is driven by a strong entrepreneurial spirit. More individuals are inclined to pursue their business ideas and passions, and they often require flexible and affordable workspace solutions to get started. Co-working spaces provide startups with essential amenities such as high-speed internet, meeting rooms, office equipment, and administrative support. These amenities help startups focus on their core business activities while leaving operational details to the co-working space operator. However, limited space and availability of limited equipment are expected to hamper the market growth. Limited space in co-working spaces creates a hindrance to requirements such as privacy, creativity and innovative ideas, and one-on-one discussions. Lack of privacy in such spaces leads to employee dissatisfaction and unproductivity. However, integration of advanced technology contributes significantly to the growth of the co-working space market. Integrating advanced technology into co-working spaces presents substantial opportunities for the industry's growth and innovation. Technology integration enhances user experience, improves operational efficiency, and provides a competitive edge for co-working space providers. Internet of Things (IoT) technology enables the creation of smart co-working spaces.
The co-working space market is segmented on the basis of business model, end user, industry vertical, and region. On the basis of business model, the market is categorized into corporate/professional co-working spaces, open/conventional co-working spaces, and others. On the basis of end user, the market is divided into freelancers, large enterprises, and small and medium sized enterprises. On the basis of industry vertical, it is divided into IT and Telecom, BFSI, mobile and entertainment, travel and hospitality, healthcare and life sciences, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the co-working space market such as Awfis Space Solutions Pvt Ltd, Industrious LLC, Newmark Group, Inc., Impact Hub GmbH, LiquidSpace Inc, Techspace Group Ltd, Soho China Ltd, The Office Group Ltd, Ucommune (Beijing) Venture Capital Co., Ltd, and Wework Companies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the co-working space market.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global co-working space market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global co-working space market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global co-working space market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Business Model
- Corporate /professional co-working spaces.
- Open/ Conventional co-working Spaces
- Others
By End Users
- Large Enterprises
- SMEs
- Freelancers
By Industry Vertical
- IT and Telecom
- BFSI
- Media and Entertainment
- Travel and Hospitality
- Healthcare and Life Science
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Industrious LLC
- Soho China Ltd.
- Techspace Group Ltd.
- The Office Group Ltd.
- Newmark Group, Inc.
- Ucommune (Beijing) Venture Capital Co., Ltd.
- Impact Hub GmbH
- LiquidSpace Inc.
- Awfis Space Solutions Pvt Ltd.
- WeWork Companies Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CO-WORKING SPACE MARKET, BY BUSINESS MODEL
CHAPTER 5: CO-WORKING SPACE MARKET, BY END USERS
CHAPTER 6: CO-WORKING SPACE MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: CO-WORKING SPACE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the co-working space market was valued at $9.2 billion in 2022, and is estimated to reach $34.5 billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.Coworking spaces is a setting where workers of various firms share the same office space, which allows minimum cost and better convenience by the use of the same infrastructure, such as equipment, utilities and other such services. This type of setting is attractive to lone contractors, remote workers and freelancers.
The major factors driving the growth of the ambient intelligence market increase in the number of people working from home or remotely and the development of sustainable co-working spaces. Many businesses and professionals are looking for alternatives to traditional workspaces, and co-working spaces offers a flexible solution. The shift to remote work accelerated by the COVID-19 pandemic has made co-working spaces a preferred option for individuals and businesses. In addition, increase in number of startups and freelancers is considered an important factor to boost the co-working space market. The rise of startups is driven by a strong entrepreneurial spirit. More individuals are inclined to pursue their business ideas and passions, and they often require flexible and affordable workspace solutions to get started. Co-working spaces provide startups with essential amenities such as high-speed internet, meeting rooms, office equipment, and administrative support. These amenities help startups focus on their core business activities while leaving operational details to the co-working space operator. However, limited space and availability of limited equipment are expected to hamper market growth. Limited space in coworking spaces creates a hindrance to requirements such as privacy, creativity and innovative ideas, and one-on-one discussions. The lack of privacy in such spaces leads to employee dissatisfaction and unproductivity.
The market also offers growth opportunities to the key players in the market. Partnership between real estate players and open space providers contributed significantly to the growth of the co-working space market. Real estate players have access to well-located properties, including office buildings, commercial spaces, and mixed-use developments. Partnering with open space providers allows co-working operators to secure prime locations in desirable areas, which is crucial for attracting professionals and businesses. Therefore, these factors are expected to drive the growth of co-working space market in upcoming years.
The co-working space market is segmented on the basis of business model, end users, industry vertical, and region. On the basis of business model, the market is categorized into corporate/professional co-working spaces, open/conventional co-working spaces, and others. On the basis of end users, the market is divided into freelancers, large enterprises and small and medium sized enterprises. On the basis of industry vertical, it is divided into IT and Telecom, BFSI, mobile and entertainment, travel and hospitality, healthcare and life sciences, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Awfis Space Solutions Pvt Ltd, Industrious LLC, Newmark Group, Inc., Impact Hub GmbH, LiquidSpace Inc, Techspace Group Ltd, Soho China Ltd, the Office Group Ltd, Ucommune (Beijing) Venture Capital Co., Ltd, and Wework Companies Inc. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in March 2022, Newmark Group, Inc. announced the launch of Optality, a dynamic portfolio optimization solution to enable enterprises to add flexibility to their office space in real time by providing the agility to quickly adjust workspace provisions, globally. Through Optality's innovative technology platform, corporate real estate leaders advanced real estate goals and managed associated costs to meet shifting market demands, such as those of hybrid office models. Moreover, in February 2023, co-working major, WeWork India has started a new center in Pune with 1,500 desks and 96,000 square feet area amid rise in demand for flexible office space from corporates. The new facility is located at Raheja Woods IT Tower developed by K Raheja Corp. This is an asset-light deal, and the company has leased the entire building comprising five floors in the Kalyani Nagar property, spread across a deskspace of 1,500. Such strategies foster co-working space market growth.
Key Market Insights
By business model, the open/ conventional co-working spaces segment was the highest revenue contributor to the market, and is estimated to $18.80 billion by 2032, with a CAGR of 13.3%. However, the corporate /professional co-working spaces segment is expected to be the fastest growing segment with the CAGR of 16.8% during the forecast period.By end users, the large enterprises segment dominated the global market, and is estimated to reach $19.94 billion by 2032, with a CAGR of 13.4%. However, the SMEs segment is expected to be the fastest growing segment with the CAGR of 16.9% during the forecast period.
By industry vertical, the IT and telecom segment dominated the global market, and is estimated to reach $10.90 billion by 2032, with a CAGR of 12.4%. However, the media and entertainment segment is expected to be the fastest growing segment with the CAGR of 19.8% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $3.39 billion in 2022, and is estimated to reach $14.08 billion by 2032, with a CAGR of 15.8%.
Companies Mentioned
- Industrious LLC
- Soho China Ltd.
- Techspace Group Ltd.
- The Office Group Ltd.
- Newmark Group, Inc.
- Ucommune (Beijing) Venture Capital Co., Ltd.
- Impact Hub GmbH
- LiquidSpace Inc.
- Awfis Space Solutions Pvt Ltd.
- WeWork Companies Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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