Global Co-working Space Market size was valued nearly US$ XX Mn. in 2019 and is expected to grow at a CAGR of 6.8% over 2020-2026, to account for US$ XX Mn. in 2026.
Global Co-working Space Market size
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Global Co-working Space Market Overview:
The global co-working space market is majorly driven by the rise in the number of start-ups globally. In Oct 2019, as per the thegeniuswork.com publication, the global start-up economy was worth US$ 3 trillion in 2019, with an upsurge of 20% from 2017 & 2018. The growth is backed by the growth of internet space, exposure to the knowledge of entrepreneurship outside the boundaries of the country, and better literacy rates. Moreover, advanced robotics & manufacturing, new food and agriculture technology, AI, big data, and analytics were the fastest rising global start-up sub-sectors. Henceforth, the rise in the number of startups across various industries globally increased the demand for co-working spaces, driving the market during the forecast period.
However, the global co-working space market is hampered by the rising number of people working remotely or work from home due to the COVID-19 lockdown. For example, in March 2020, various companies working from home because of COVID-19 crises, operators of co-working spaces have seen nearly 50% decline in footsteps. Moreover, in April 2020, consistent with the Business 2 Community publication, the number of people working from home or remotely has grown by 44% in the last 5 years. However, the number of people working remotely is extremely increased because of the COVID-19 lockdown over the last few months. Therefore, declining the revenues generated by the co-working spaces market during 2020.
Market Insights:
• In 2020, the global co-working space market is forecasted to grow at nearly half the rate as the previous two years, owing to the coronavirus.
• The number of global co-working space is expected to reach more than 20,000 in 2021.
• The number of global co-working space is projected to more than double by 2024, and exceed 40,000.
• Approximately 6 million people will work from co-working space by 2026, an increase of 158% compared to 2020.
Segmentation of the Global Co-working Space Market:
The MMR report covers all the segments in the Global Co-working Space Market such as type and applications. By type, corporate/ professional co-working spaces segment was valued US$ XX Mn. in 2019 and is expected to reach a value of US$ XX Mn. by 2026, with a CAGR of XX% during the forecast period. However, open/ conventional co-working spaces segment is expected to account for the largest XX% market share by 2026. Likewise, the MMR report provides an accurate prediction of the contribution of the various segments to the growth of the global co-working space market size.
Regional Analysis of the Global Co-working Space Market:
Geographically, North America dominated the co-working space market, with market size of US$ XX Mn. in 2019 and reach US$ XX Mn by 2026, with a CAGR of XX%. This growth is attributed to the number of single entrepreneurs & Micro SME (with employee strength between 0-10) and growing need for socializing within North America is very high compared to another regions. Nevertheless, APAC accounted for the second largest market XX% share in 2019, and expected to register a CAGR of XX.61% during forecast period.
Countrywide Analysis of the Global Co-working Space Market:
Global Co-working Space Market
The U.S. is still leading as the biggest co-working space market with above 3,700 shared workspaces across the country, followed by India-2,197 spaces and the UK-1,044 spaces. Based on yearly growth in 2020, out of the largest co-working space markets, India & Germany are the two fastest-growing economies, followed by the U.S. and Canada.
Japanese telecom giant SoftBank spent over US$ 4 Bn. into WeWork Company, much of which will support APAC expansion. This contains a takeover of Singapore’s largest co-working space, Spacemob. The company anticipates being in as various as a dozen cities in South Asia in 2018.
Countrywide Number of Co-Working Space and the Corresponding Global Share 2020.
The objective of the report is to present a comprehensive analysis of the Global Co-working Space Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Co-working Space Market dynamics, structure by analyzing the market segments and projects the Global Co-working Space Market size. Clear representation of competitive analysis of key players by End Use, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Co-working Space Market the report investor’s guide.
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Global Co-working Space Market table
Global Co-working Space Market, by Region
• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Global Co-working Space Market Key Players
• CommonGrounds Workplace
• Convene
• District Cowork
• Green Desk
• HackerLab
• Impact Hub
• Industrious
• Intelligent Office
• Knotel, Inc.
• Kr Space
• Make Office
• Mix Pace
• Novel Coworking
• Office Evolution
• Premier Workspaces
• Regus Corporation (IWG PLC)
• Serendipity Labs
• Servcorp Limited
• SimplyWork
• SOMAcentral
• TechSpace, Inc.
• UCOMMUNE
• Venture X
• Wework
• Your Alley
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