Flexible Workspace Market Report
Global Flexible Workspace Market, Dynamics, and Market Analysis See less
Global Flexible Workspace Market, Dynamics, and Market Analysis
Global Flexible Workspace Market report is segmented By Type (Co-working, Open Office, Hot Desks, Serviced Office, Manufacturing Space, Virtual Office), End-User (IT, Education, Media, Manufacturing) and Region. This report also focuses on the COVID-19 Impact Analysis and Forecast to 2026. This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global flexible workspace market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Flexible Workspace Market is expected to grow from USD 33.23 billion in 2020 to USD 73.03 billion by 2026 at a CAGR of 14.0% during the forecast period.
Figure: Global Flexible Workspace Market Size, 2020-2026 (USD Billion)
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Flexible workspace refers to the office space with numerous creative desk layouts. The key layouts include hot desks, open offices, and collaborative coworking spaces. Hot desks are non-fixed desks, which any employee can utilize. These are suitable for workers and visitors who do not have a permanent workspace.
Open offices refer to the office space where all employees from different departments accommodate in a single room. These office spaces are popular among remote workers and travelling professionals. Collaborative coworking spaces are the shared spaces within a single office space. Flexible workspaces enable a company to easily adapt to the employee’s changing focus, tasks, and needs.
Key players operating in the global flexible workspace market are-
The flexible workspace market is gaining traction owing to the growing number of small businesses and freelancers, and good service offerings at low cost. Offering living spaces along with office spaces offers new growth opportunities to the service providers. However, the growing trend of work from home acts as a major restraining factor for the market.
Flexible workspace is widely popular among small businesses, freelancers, and travelling professionals.
The users from the sector of IT, computer graphics, education, media, and health and fitness often look for low-cost office space solutions that are keeping the market to grow at a steady rate. Due to the high demands for such office space solutions, many small service providers have also emerged who advertise their services through free online channels and serve the local users.
Among regions, North America is expected to be the largest contributor during the forecast period due to the nationwide availability of cost-effective flexible workspaces and demand for innovative office solutions by the regional businesses.
Asia Pacific is expected to grow with the highest CAGR due to increasing number of small businesses and freelancers in the region who require these kinds of temporary workspaces to do their jobs.
COVID-19 had an adverse effect on the global flexible workspace market as many businesses remained shut down for a long period and people were restricted to leave their homes during the lockdown. This resulted in a massive decline in the revenue of flexible workspace service providers across the globe in 2020. The market is expected to take some more time to return to its normal state.
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The following is a list of the customers that the Flexible Workspace market aims to convert the most:
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The flexible workspace market is expected to witness an impressive growth of 14.0% CAGR in the coming years.
WeWork (The U.S), Workspace (UK), Awfis (India), SMARTWORKS (India), BizSpace (UK), Servcorp (Australia), IWG (Luxembourg), Garage Society (India), The Great Room (Singapore) and Pacific Workplaces (The U.S) are among the key players in the flexible workspace market.
The flexible workspace market size is expected to reach USD 73.03 billion in the foreseeable future.
North America is expected to be the largest contributor in the flexible workspace market during the forecast period.
Asia-pacific is expected to grow with the highest CAGR in the flexible workspace market in the coming five years.
Flexible Workspace Service Providers, Office Maintenance Service Providers, Enterprises, Freelancers, Real Estate are the target audience in the flexible workspace market.