The Coworking Space Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Coworking Space Global Market Report 2024, The coworking space market size has grown rapidly in recent years. It will grow from $19.05 billion in 2023 to $22.44 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to cultural shift towards collaboration, evolving work culture, entrepreneurial boom, urbanization trends, post-recession market.
The coworking space market size is expected to see rapid growth in the next few years. It will grow to $40.4 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to hybrid work culture, global expansion, workforce mobility and remote work, corporate utilization, entrepreneurial ecosystems. Major trends in the forecast period include agile design and flexibility, industry-specific spaces, flexible memberships and pricing models, hybrid work environments, emphasis on wellness and community.
The coworking spaces market is majorly determined by the increase in the number of start-ups globally. According to the Global Startup Ecosystem Report 2021, by Startup Genome, the global start-up economy was worth $ 3.8 trillion. The growth is backed by the expansion of internet space, exposure to the knowledge of entrepreneurship outside the boundaries of the country, and improved literacy rates. Besides, advanced manufacturing and robotics, agriculture technology and new food, blockchain, artificial intelligence, big data, and analytics were the fastest-growing start-up sub-sectors globally. Therefore, the rise in the number of startups across various industries globally increased the demand for coworking spaces, driving the market during the forecast period.
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The coworking space market covered in this report is segmented –
1) By Business Type: Open/ Conventional Coworking Spaces, Corporate/ Professional Coworking Spaces, Other Business Types
2) By User: Enterprises, Freelancer, Other Users
3) By End Use: Finance, Legal Services, Marketing, Technology, Real Estate, Consulting Services, Other End Uses
The development of sustainable coworking spaces is a major trend shaping the coworking spaces market. Coworking spaces are implementing eco-friendly measures in the workplace to attract entrepreneurs concerned with environmental issues such as global warming. Sustainable practices adopted by coworking space providers offer substantial benefits and are economically feasible. For instance, CoCoon in Hong Kong has a floor made of natural bamboo and uses non-toxic paints and LED lights. In addition to this, drought-resistant plants are part of the interior and exterior. Another such example is Green Spaces in Denver uses about 160 solar panels on the roofs of its offices. These allow significant cost savings at Green Spaces. Thus, sustainable coworking space is a key trend in the coworking spaces market.
The coworking space market report table of contents includes:
1. Executive Summary
2.Coworking Space Market Characteristics
3.Coworking Space Market Trends And Strategies
4.Coworking Space Market analysis
5.Coworking Space Market Size And Growth
6.Coworking Space Segmentation
7.Coworking Space Regional And Country Analysis
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27.Coworking Space Competitive Landscape And Company Profiles
28.Coworking Space Key Mergers And Acquisitions
29. Coworking Space Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- District Cowork Inc.
- WeWork Companies Inc.
- IWG PLC
- Ucommune International Ltd.
- KR Space Information Technology Co. Ltd.
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