Flexible Office Market Segmented: By Type (Private Offices, Co-Working Space, Virtual Offices and Others); By Application (IT and Communications, Media and Entertainment, Retail and Consumer Goods and Others); By Space Provider (Big Brands and Independent Brands) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Flexible Office Market to surpass USD 199.13 billion by 2030 from USD 37.54 billion in 2020 at a CAGR of 18.16% in the coming years, i.e., 2021-30.
A place where an organization carries out its day-to-day activities and businesses is known as an office or a workplace. It could be a self-owned building or a part of a building that is rented, owned, or leased. A flexible office or a shared office space is different from that of a traditional one in terms of layout as well as the environment. Flexible workplaces are not bounded by a specific physical location or a corporate environment. It offers budget-friendly solutions for enterprises with versatile space solutions. Fixed office space is equipped with phone lines, chairs, desks, and workers have usually been provided the facility of working from home and are called to offices for a few hours per week or a month.
The global Flexible Office Market is expected to project a notable CAGR of 18.16% in 2030.
Global Flexible Office Market to surpass USD 199.13 billion by 2030 from USD 37.54 billion in 2020 at a CAGR of 18.16% in the coming years, i.e., 2021-30. The increase in small- and medium-sized businesses is a trend observed across all major cities of the world, while new working practices are neither location- nor sector-specific. These trends have fueled the flexible office market globally. The rise in the number of startups in the world is also likely to boost the market growth. Increased self-employment in the freelance industry growing significantly, and the flexible workplace is also expected to grow during the forecasted period.
Co-working space segment to grow with the highest CAGR during 2020-30
Global Flexible Office Market is segmented by type into private offices, co-working spaces, virtual offices, and others. The co-working space segment held the largest market share in the year 2020. Despite struggling with the sublease model of typical co-working providers, investors are majorly exploring partnerships and vertical integration opportunities within this sector. It has become a trend in past years and is likely to dominate the type segment.
IT and communications segment to grow with the highest CAGR during 2020-30
Global Flexible Office Market is segmented by application into IT and communications, media and entertainment, retail and consumer goods, and others. The IT and communications sector is expected to dominate the segment due to the increased durability of offices with co-working operators on the rent.
Big brands segment to grow with the highest CAGR during 2020-30
By space provider, the market can be divided into big brands and independent brands. The big brand's segment registered the highest CAGR in 2020 and is likely to continue doing so in the forecast period due to the increased adoption of hybrid places of work by the SMB’s to improve their talent and collaboration.
Increased Demand for Corporate Firms and Self Employment
The rise in the number of startups and small and medium enterprises in the world is likely to increase market growth. Increased self-employment in the freelance industry growing significantly, and the flexible workplace is also expected to grow during the forecasted period. Space allocation also helps in cost-saving and time efficiency which in turn propels the market growth. Additionally, the increased demand of corporate firms to acquire spaces on a rental basis is also increasing the market for flexible offices.
No Safety of Data and High Operational Cost
There are no such measures to ensure the safety of data and hence this acts as a Restraint in the growth of the flexible offices market. High operational costs reduce the profit margins of SMB’s which also reduces the growth. As a flexible office market is open to all cultures a culture clash threat can also be seen as an issue in the market that negatively impacts it.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Flexible Office Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America has the highest CAGR but the Asia Pacific region is likely to dominate this region within the forecasted period. Several co-working centers and an increased number of other flexible office spaces are expected to increase the growth in the region. Additionally, increasing disposable income in the APAC region, European region, and North American region are also predicted to accelerate market growth.
Global Flexible Office Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Flexible Office Market Segments:
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