(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 %.
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