Global Space as a Service Market Predicted to Make a Strong Comeback After the Pandemic Debacle by Generating a Revenue of $14,017.90 Million by 2031|Research Dive
The global space as a service market is predicted to see significant growth by 2031, due to the increasing demand for flexible workspaces around the globe. The North America region generated the highest revenue in 2021.
NEW YORK, June 21, 2023 /PRNewswire/ --
Global Space as a Service Market Forecast Analysis:
As per the report published by Research Dive, the global space as a service market is envisioned to generate a revenue of $14,017.90 million and rise at a CAGR of 5.1% during the analysis timeframe from 2022 to 2031.
Segments of the Space as a Service Market
The report has divided the market into space as a service market into the following segments:
- End-User: small and medium enterprises, freelancers, and others
- Small and Medium Enterprises – Held the highest market share in 2021
The increasing demand for SPaaS solutions across the SMEs to avail the high-quality office space, including meeting rooms, and virtual offices without investing more in office infrastructure, or real-estate is expected to bolster the growth of the market sub-segment over the forecast period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Generated the biggest revenue in 2021
The increasing demand for flexible and adaptable workspace solutions owing to the growing demand for remote work and the increasing focus on sustainability and energy efficiency across the region are predicted to drive the regional growth of the market during the analysis timeframe.
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Dynamics of the Space as a Service Market
The increasing demand for flexible workspaces owing to the rising trend of the gig economy and remote work is expected to fortify the growth of the space as a service market over the forecast timeframe. Besides, the SPaaS providers offer a wider range of amenities and services such as printing facilities, high-speed internet, and many more, which is expected to amplify the growth of the market during the analysis timeframe. Moreover, the growing demand for SPaaS solutions from small and medium enterprises to scale up their businesses without experiencing high costs associated with traditional office leases is expected to create massive growth opportunities for the market over the estimated period. However, the lack of customization and limited availability may hamper the growth of the market throughout the analysis timeframe.
Covid-19 Impact on the Space as a Service Market
The outbreak of the Covid-19 pandemic has had a moderate impact on the space as a service market. This is mainly because of the increased shift of many businesses to remote work arrangements to maintain social distancing guidelines and minimize the speed of the deadly virus. Moreover, the increasing adoption of safety measures by SPaaS providers such as increased sanitization, flexible cancellation protocols, and the growing focus on offering more private office spaces to their clients to meet changing market scenarios are provided new growth opportunities for the market during the pandemic.
Key Players of the Space as a Service Market
The major players of the market include
- Workbar LLC
- Innov8
- Regus
- Common Ground
- Colive
- Awfis
- MindSpace
- 91springboard
- Industrious
- WeWork
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in January 2022, WeWork Inc., a leading provider of coworking spaces, including physical and virtual shared spaces announced its acquisition of Common Desk, a renowned Texas-based flexible workspace provider. With this acquisition, the companies aimed to expand best-in-class flex space across various markets around the world.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Space as a Service Market:
- Space as a Service: Empowering Businesses with Agile Space Options
- Global Space as a Service Market to Generate $14,017.90 Million by 2031, Owing to Increased Demand for Flexible Workspaces
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