Numerous factor such as rising number of entrepreneurs, start-ups, and freelancers and global expansion, increase demand for the remote working, rising demand for the mobile technologies are some of the major key drivers for the growth of Co-working space market.
In addition to this, low cost, flexible spaces, expansion of internet spaces, improved literacy rates are also some of the factors for the growth of Co-working space market. However, lack of awareness, security concerns, lack of privacy is some of the factors which may hinder the growth of the market.
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Furthermore, agriculture technology and new food, advanced manufacturing and robotics such as artificial intelligence, big data, and analytics integrating with the startups is expected to bring lucent opportunities for the market.
Impact of COVID-19 on Co-Working Space Market
1. The emergence of COVID-19 pandemic has severely affected almost all the industries across the world. Furthermore, increased lock down and restriction and bounding to work in home has also affected several markets including co-working space market. Many India organizational employees working from home due to the COVID-19 virus pandemic and operators of co-working spaces, which offer shared office spaces, have seen an almost 50% dip in footfalls.
2. However, organizations are expecting and believe that the downfall could be temporary and demand for flexible space would go up again as some key factors are going for them. Co-working space providers would now have to rethink their strategy, particularly in workplace, interior and design areas, and make the segment more attractive for consumers.
3. In addition to this, the pandemic has also created an opportunity to rethink their working arrangements to provide more flexibility to their employees than ever before, especially considering the benefits of productivity and engagement, and, this will push up the demand for co-working spaces.
4. Moreover, once the lockdown period ends, companies would also lay more emphasis on cost optimization and prefer flexible workspaces. Most corporates would avoid capital expenditures and look to co working facilities to expand their business.
5. The COVID-19 is certainly not an end to the co working culture as people would discover that the benefits of social gatherings in terms of emotional and intellectual fulfillment would be a crucial necessity for the overall health of a society, thus increasing the multiple opportunities for the co working space market in the upcoming years.
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As the technology are moving, a greater number of people creating employment in less traditional ways which thus further increases the number of adoption of entrepreneurs and startups.
The major advantage of co-working spaces for startup founders is the flexible pricing and greater affordability options as the entrepreneurs and startups work under budget constraint, co-working spaces is cheaper than renting a traditional physical office space.
In addition to this, co-working space also available to rent on monthly, week or even day, it also help to entrepreneurs to free from any contract which results in flexibility to change quickly as per the evolving business needs.
The wearable technology, artificial intelligence is likely to replace the traditional workspace in the upcoming years and thus also aims to convert the co-working spaces into autonomous spaces.
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In addition to this, organizations are also trying to implement Smart access, smart meeting rooms and smart reception in addition to the cloud-based access systems with the facial recognition and real time security monitoring. Thus, these integrations will surely help to create lucent opportunities for the co-working space market.
Key benefits of the report:
• This study presents the analytical depiction of the global co-working space market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global co-working space market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global co-working space market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides detailed co-working space market analysis based on competitive intensity and how the competition will take shape in coming years.
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