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Co-Working Space Market by Business Type (Corporate /Professional Co-Working Spaces and Open/ Conventional Co-Working Spaces), Product Type (Serviced Office and Flexible Managed Office), Organizational Size (Small and Medium Enterprise, Large Enterprise), Industry Vertical (IT & Telecom, BFSI, Mobile & Entertainment, Travel & Hospitality and Healthcare & Life Science):Global Opportunity Analysis and Industry Forecast, 2020–2027

A08860
Pages: NA
Dec 2020 | 72 Views
 
Author(s) : NA
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Charts: NA
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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Co-Working Space Market Insight

Co-working space can be defined as is the use of working environment or office space by employees who are working as self-employed or working for another employer to share ideas knowledge, and equipment. Co-working spaces are basically designed for the provision of a collaborative and productive environment for their dynamic employees, and also it made of a place where their employee can nourish their ideas with a flexible and healthy environment. The co-working space market helps the people or employees who are working together to share their idea and their day-to-day work without any barrier and organizational policy restrictions. This software only shares data that is required for this particular project between the two organizations.

Co-Working Space Market Scope and Structure Analysis:

Report Matric

Details

  Market size available for the years

  2019-2027

  Base year considered

  2019

  Forecast period

  2020-2027

  Forecast unit

  Value (USD)

  Segments covered

  • Business Type
  • Product Type
  • Organizational Size
  • Industry Vertical
  • Region

  Regions covered

  • North America (U.S. and Canada)
  • Europe (Germany, UK, France, and Rest of Europe)
  • Asia-Pacific (China, Japan, India, and Rest of Asia Pacific)
  • LAMEA (Latin America, Middle east, and Africa)

  Companies covered

 

  • The Office Group Ltd.
  • WeWork Companies Inc
  • UCommune (HK) Ltd.
  • Soho China Ltd
  • Nash Work Entrepreneurship Technology Beijing Co., Ltd.
  • LiquidSpace Inc.
  • Knotel Inc.
  • Industrious LLC
  • Awfis Space Solutions
  • Kr Space Ltd

Impact of COVID-19 on Co-Working Space Market

1. The emergence of COVID-19 pandemic has severely affected almost all the industries across the world. Furthermore, increased lock down and restriction and bounding to work in home has also affected several markets including co-working space market. Many India organizational employees working from home due to the COVID-19 virus pandemic and operators of co-working spaces, which offer shared office spaces, have seen an almost 50% dip in footfalls.

2. However, organizations are expecting and believe that the downfall could be temporary and demand for flexible space would go up again as some key factors are going for them. Co-working space providers would now have to rethink their strategy, particularly in workplace, interior and design areas, and make the segment more attractive for consumers.

3. In addition to this, the pandemic has also created an opportunity to rethink their working arrangements to provide more flexibility to their employees than ever before, especially considering the benefits of productivity and engagement, and, this will push up the demand for co-working spaces.

4. Moreover, once the lockdown period ends, companies would also lay more emphasis on cost optimization and prefer flexible workspaces. Most corporates would avoid capital expenditures and look to co working facilities to expand their business.

5. The COVID-19 is certainly not an end to the co working culture as people would discover that the benefits of social gatherings in terms of emotional and intellectual fulfillment would be a crucial necessity for the overall health of a society, thus increasing the multiple opportunities for the co working space market in the upcoming years.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Numerous factor such as rising number of entrepreneurs, start-ups, and freelancers and global expansion, increase demand for the remote working, rising demand for the mobile technologies are some of the major key drivers for the growth of this market. In addition to this, low cost, flexible spaces, expansion of internet spaces, improved literacy rates are also some of the factors for the growth of this market. However, lack of awareness, security concerns, lack of privacy is some of the factors which may hinder the growth of the market. Furthermore, agriculture technology and new food, advanced manufacturing and robotics such as artificial intelligence, big data, and analytics integrating with the startups is expected to bring lucent opportunities for the market.

Rise in number of startups and entrepreneurs:

As the technology are moving, a greater number of people creating employment in less traditional ways which thus further increases the number of adoption of entrepreneurs and startups. The major advantage of co-working spaces for startup founders is the flexible pricing and greater affordability options as the entrepreneurs and startups work under budget constraint, co-working spaces is cheaper than renting a traditional physical office space. In addition to this, co-working space also available to rent on monthly, week or even day, it also help to entrepreneurs to free from any contract which results in flexibility to change quickly as per the evolving business needs.

Enhanced technology integration:

The wearable technology, artificial intelligence is likely to replace the traditional workspace in the upcoming years and thus also aims to convert the co-working spaces into autonomous spaces. In addition to this, organizations are also trying to implement Smart access, smart meeting rooms and smart reception in addition to the cloud-based access systems with the facial recognition and real time security monitoring. Thus, these integrations will surely help to create lucent opportunities for the co-working space market.

Key Segments covered:

Segments

Subsegments

  BusinessType

  • Corporate /professional co-working spaces.
  • Open/ Conventional co-working Spaces

  ProductType

  • Serviced office
  • Flexible Managed office

  Organizational Size

  • Small & Medium Enterprise
  • Large Enterprise

  Industry Vertical

  • IT & Telecom
  • BFSI
  • Mobile & Entertainment
  • Travel & Hospitality
  • Healthcare & Life Science

Key benefits of the report:

•  This study presents the analytical depiction of the global co-working space market along with the current trends and future estimations to determine the imminent investment pockets.
•  The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global co-working space market share.
•  The current market is quantitatively analyzed from 2019 to 2027 to highlight the global co-working space market growth scenario.
•  Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
•  The report provides detailed co-working space market analysis based on competitive intensity and how the competition will take shape in coming years.

 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, 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

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
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  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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