Space as a Service Market to Reach $14 Billion, Globally, by 2031 at 5.1% CAGR: Allied Market Research

Increase in demand for flexible working options from freelancers & small businesses and the rising adoption of remote & hybrid work models are the factors anticipated to drive the growth of the global space as a service market. The small and medium enterprises sub-segment to be most dominant during the forecast period. The North America region is projected to garner the highest revenue by 2031.

PORTLAND, Ore., April 19, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Space as a Service Market by End-user (Small & Medium Enterprises, Freelancers, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031". According to the report, the global space as a service market generated $8,670.5 million in 2021, and is anticipated to generate $14 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031.

Prime Determinants of Growth

The increasing number of entrepreneurs, freelancers, and small businesses, the rising demand for flexible workstations, and the growing adoption of remote and hybrid work models across the globe, are the factors expected to drive the growth of the global space as a service market in the forecast period from 2022 to 2031. However, the dependence on the real estate market and the lack of standardization may hamper the space as a service market growth in the coming future. On the contrary, the increasing demand for space as a service (SPaaS) solutions from small and medium enterprises (SMEs) is expected to offer remunerative opportunities for expansion of the space as a service market during the forecast period.

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Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a moderate impact on the growth of the global space as a service market.
• Decrease in demand for office and workspace solutions due to lockdown restrictions to prevent the spread of the virus affected the growth of the space as a service market growth in the initial period of the pandemic.
• However, the SPaaS providers shifted their focus on providing remote work solutions, such as virtual offices and coworking spaces to their customers by implementing safety measures. They focused on offering more private office spaces by maintaining social distancing norms to meet the changing demands of the market. These factors have significantly impacted the global space as a service market growth.

Small and Medium Enterprises Sub-segment to Maintain its Leading Position by 2031

Based on end-user, the small and medium enterprises sub-segment held the largest market share in 2021 and is estimated to maintain its leadership status during the forecast period. This sub-segment of the global space as a service market is predicted to grow at a highest CAGR of 5.5% during the estimated timeframe, owing to the growing demand from SMEs for flexible office spaces due to the dynamic nature of their business. Besides, SPaaS providers offer these enterprises the flexibility to rent or lease office space on a short-term basis, which makes it an attractive option for small businesses.

North America Region to Generate Highest Revenue by 2031

Based on region, North America held the significant market size in 2021 and is expected to witness significant growth during the forecast period. The dominance of the region is majorly owing to the increased demand for flexible workspace solutions due to the rise of remote work. In addition, the increasing focus of SPaaS providers in the region on sustainability and energy efficiency is driving the regional market growth. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR of 6.8% during the forecast period, owing to the continuing rising popularity of SPaaS due to the rapid growth in remote work and gig economy.

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Leading Players of the Space as a Service Market:

• WeWork
• Awfis
• 91springboard
• Common Ground
• Workbar LLC
• Innov8
• Regus
• MindSpace
• Colive
• Industrious

The report provides a detailed analysis of the key players of the global space as a service market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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