Overview and Scope
Dormitory refers to a large residential building or facility that offers accommodation services to groups of people such as students or workers. Dormitories are often located on or near college and university campuses, as well as military bases providing affordable housing options.
Sizing and Forecast
The dormitories market size has grown rapidly in recent years. It will grow from $16.83 billion in 2023 to $18.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to educational enrollment trends, urbanization and campus development, international student mobility, affordability and student housing demand, government and institutional investments..
The dormitories market size is expected to see rapid growth in the next few years. It will grow to $28.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to changing education delivery models, sustainability and green campus initiatives, student wellbeing and amenities, public-private partnerships, global educational hub development.. Major trends in the forecast period include inclusive housing, flexible dining options, safety and security measures, space efficiency, remote learning support..
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Segmentation & Regional Insights
The dormitories market covered in this report is segmented –
1) By Type: Rooming And Boarding Houses, College Housing
2) By Service Type: PBSA, Private Rented Sector, University Accommodation, Other Services
3) By Application: Freshman, Sophomore, Junior, Senior, 5Th Year Or Later, Graduate Student
North America was the largest region in the dormitories market in 2023. The regions covered in the dormitories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing student population is expected to propel the growth of the dormitories market going forward. Dormitories are commonly used by students as a convenient and cost-effective lodging option. Furthermore, dormitories provide students with the opportunity to live in a social and diverse environment, allowing them to form relationships with students from various backgrounds. Moreover, dormitories are an attractive option for students due to their affordability and proximity to campus. For instance, in January 2022, according to the Higher Education Statistics Agency (HESA), a UK-based official agency that collects and publishes data about higher education of the country, 2,751,865 students were enrolled in higher education overall in 2020–21, an increase of 9% from 2019–20. While the number of first-year degree applicants increased by 8%, the number of first-year postgraduate students increased by 16%. First-year enrolment increased by 4% for non-UK students and by 13% for students from the UK. First-year enrolment from India increased by 27%. Therefore, an increasing student population is driving the growth of the dormitories market.
Key Industry Players
Major companies operating in the dormitories market are focusing on partnerships to drive revenues in their market. Partnership typically refers to a collaborative agreement or alliance between entities to enhance and optimize connectivity-related aspects. For instance, in November 2023, SpaceBasic Inc. an India-based company that digitizes student experiences within universities and student housing communities by automating partnered with Good Host Spaces Pvt. Ltd. The collaboration aims to lessen the environmental impact of student housing by implementing sustainability and resource management programs, such SpaceBasic’s Digital Cafeteria (Mess Management) system. The partnership attempts to improve student housing management through the use of automation and data-driven insights, in order to enhance property management, maintenance, and administrative procedures while strengthening security regulations. Good Host Spaces Pvt. Ltd. is an India-based student accommodation service provider.
The dormitories market report table of contents includes:
1. Executive Summary
- Dormitories Market Characteristics
- Dormitories Market Trends And Strategies
- Dormitories Market – Macro Economic Scenario
- Global Dormitories Market Size and Growth
.
31. Global Dormitories Market Competitive Benchmarking
- Global Dormitories Market Competitive Dashboard
- Key Mergers And Acquisitions In The Dormitories Market
- Dormitories Market Future Outlook and Potential Analysis
- Appendix
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