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(Wireless-NewsWire.Com, July 25, 2024 ) As per Maximize Market research, the Co-working Space Market size was valued nearly USD 9.27 Bn. in 2023 and is expected to grow at a CAGR of 6.80% over 2024-2030, to account for USD 14.69 Bn. in 2030.
The global co-working space market is primarily driven by the rise in startups, with the global startup economy valued at $3 trillion in 2021, a 20% increase from 2017-2018. This growth is fueled by internet advancements, increased entrepreneurial knowledge, and higher literacy rates. Fast-growing sectors such as AI, big data, advanced robotics, and food and agriculture technology have also spurred demand for co-working spaces. But the COVID-19 pandemic caused a significant shift to remote work, reducing step in co-working spaces by nearly 50% and growing the number of remote workers by 44% over the last five years, impacting revenue in 2020.
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Despite these challenges the market is expected to grow with global co-working spaces projected to exceed 40,000 by 2024 and nearly 6 Mn. users by 2029, a 158% increase from 2022. North America dominates the market driven by a high number of single entrepreneurs and SMEs, with a significant socializing need. The Asia-Pacific region is the second largest market, expected to register a high CAGR during the forecast period. India and Germany are the fastest-growing economies in the co-working space market.
Co-working Space Market Segmentation:
By Product
Open/ Conventional Co-working Spaces
Corporate/ Professional Co-working Spaces
Others
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By Type
Finance
Legal Services
Marketing
Real Estate
Consulting Services
Other
Co-working Space Market Key Players:
Common Grounds Workplace
Convene
District Cowork
Green Desk
HackerLab
Impact Hub
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Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Flexible Workspace Market size is expected to reach USD 122.19 Bn. by 2030, at a CAGR of 13.9 % during the forecast period.
Global Enterprise Networking Market size was valued at USD 78.7 Bn. in 2023 and is expected to reach USD 131.68 Bn. by 2030, at a CAGR of 11.45 %.
About Maximize Market Research
Maximize Market Research provides B2B and B2C research on 6,500 high-growth emerging opportunities and technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics and communications, Internet of Things, Food and Beverages, Aerospace and defense, and other manufacturing sectors.
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