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Flexible Workspace Market (Type - Dedicated Desk, Hot Desk, Private Office, Virtual Office, and Others; End User - BFSI, IT and Telecommunications, Media and Entertainment, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : September, 2021

  • Rep Id : CGP00148

  • Category : Consumer Goods and Packaging

  • Status : Published

A recent report published by Infinium Global Research on flexible workspace market provides in-depth analysis of segments and sub-segments in the global as well as regional flexible workspace market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional flexible workspace market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global flexible workspace market. According to the report, the global flexible workspace market is projected to grow at a CAGR of 16.4% over the forecast period of 2021-2027, growing from nearly USD 7.7 billion in 2020 to about USD 22.17 billion in 2027.

 

Market Insight

The developments in technology and rapid urbanization are transforming the way of living and working. Commercial and personal real estate is booming, with the increasing prices of the spaces. A flexible workspace is an alternative to traditional office space that allows businesses to save on overheads. Flexible workspace involves a license agreement instead of a lease. The license agreement is a contract between the workspace provider and the occupier that offers plenty of options in terms of committing on a monthly basis or for a fixed term. The workspace providers offer various plans based on the amount of privacy, and frequency the occupier requires to work in these spaces. Moreover, flexible workspace offers various advantages over the traditional workspace, including flexible real estate costs, wider work setting choices, and operational efficiencies. Several start-ups are entering the market and developing innovative business models. This multiplies the growth of the flexible workspace market.

 

The COVID-19 pandemic has had a serious impact on many countries and their economies. The pandemic evolved as a worse crisis than other critical economic, strategic, and political crises around the world. The outbreak has emerged as one of the greatest risks to businesses across the world. Government across several countries implemented strict lockdown restrictions to contain the spread of the infection. Many businesses had to close their offices and were compelled to adopt remote working strategies. This, in turn, hampered the market growth of flexible workspace over the pandemic period. Nevertheless, as the pandemic crisis got under control, the restrictions were slowly lifted. However, the social distancing and public hygiene norms were still in place. Several workspace providers designed their office layout according to the preventive guidelines by the government. This, in turn, augmented the market growth over the short period post-pandemic as well as over the long term.

 

The growing trend of enterprise mobility is majorly driving the demand for flexible workspace. Several advertising and media agencies, technology companies, and startups have generalized the use of mobile devices such as tablets, and laptops. Flexible workspace offers freedom to enterprise and its employees to design the space matching the mobility of devices. Furthermore, the wide number of choices offered by the workspace providers are augmenting the growth of the flexible workspace market. The workspace providers offer different choices to the occupiers including memberships, subscriptions, and renting. Compared to the traditional office space, the flexible workspace can be used for much shorter durations. However, the growing trend of remote working is likely to hinder the adoption of flexible workspace. Nevertheless, the emergence of innovative technologies such as cloud computing, and Infrastructure as a Service (IaaS) augment the demand for flexible workspace market over the forecast period.

 

In terms of region, the global flexible workspace market is segmented into North America, Europe, Asia Pacific, and RoW. North America accounted for the largest market share among the region in the global flexible workspace market mainly due to the presence of a large consumer base and the increasing adoption of cloud and enterprise mobility in various organizations. Moreover, the presence of several major market players in the North American region holding a huge share in the market favors the growth of the flexible workspace market. On the other hand, Asia Pacific is expected to grow with the highest CAGR over the forecasted period. The growth is majorly attributed to the growing demand for cost-efficient office spaces and the increasing presence of several market incumbents.

 

Segment Covered

The report on global flexible workspace market covers segments such as type, and end user. On the basis of type, the sub-markets include dedicated desk, hot desk, private office, virtual office, and others. On the basis of end user, the sub-markets include BFSI, IT and telecommunications, media and entertainment, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Awfis Space Solutions Pvt Ltd, Bizspace Limited, Alley NYC LLC, Croissant, Inc., Davinci Virtual, LLC, WeWork Companies Inc, Servcorp Limited, JustCo Group, Garage Holdings Limited, and IWG plc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of flexible workspace market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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