Global Co-working Space Services Market: Introduction
Co-working spaces refers to renting a desktop in an open space for a flexible period. The space is shared by other people from different backgrounds: entrepreneurs, associations, artists, students, and researchers. In co-working spaces, entrepreneurs share one big office and benefit from a wide range of services depending on their membership. These include conference rooms, espresso machines, or lounge.
The services include WIFI connection, power, IT facilities, fax machines, projectors, flipcharts, printers, phones, scans, bookbinders, whiteboards, paper, furniture, conference rooms, lounge, recreation rooms, library, water, coffee and snacks, storage capacity, and insurance.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Global Co-working Space Services Market – Dynamics
Increasing Need for Social Interaction by Solo Entrepreneurs is expected to drive the Co-working Space Services Market
A 2007 CDW survey of over 2000 workers showed that 79% of workers employed in the private sector and half of workers employed in the public sector were worried about feeling isolated and missing human interaction if they were to start telecommuting. Co-working spaces help solo entrepreneurs to socialize as well as share their experience. The increasing need for such services from solo entrepreneurs is expected to drive the demand for co-working spaces services.
Privacy Concerns Restricting Growth of the Co-working Space Services Market
Lack of Privacy
The major disadvantage of co-working spaces is lack of privacy. Many projects or assignments need 100% privacy. Co-workers are quite sensitive about security and confidentiality. Co-working spaces can be vulnerable to hacking given the audience of the space. Co-workers are afraid of someone stealing their ideas, and this could hamper the adoption of co-working spaces across the globe.
North America Expected to Dominate the Global Co-working Space Services Market
In terms of region, the global co-working space services market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global co-working space services market during the forecast period, as the number of solo entrepreneurs and Micro SME (with employee strength of 0-10) and increasing need for socializing within this region is very high compared to other regions.
Looking for exclusive expert insights from business experts? Request a custom report here
Global Co-working Space Services Market - Competition Landscape
- In November 2018, global real estate giant, CBRE announced its entry into the co-working business. It launched ‘Hana’ - a subsidiary of CBRE that provides flexible office space and co-working memberships under management agreements with landlords.
Established in 1906, CBRE is headquartered in Los Angeles, California, the U.S. CBRE is a provider of integrated commercial real estate and investment management services. The Hana team is led by CEO Andrew Kupiec, who joined CBRE from Zipcar in 2017, and Scott Marshall, Hana’s president and chief development officer, who previously led CBRE’s investor leasing service line in the Americas.
Global Co-working Space Services Market: Segmentation
The global co-working space services market can be segmented based on:
Global Co-working Space Services Market, by Industry
In terms of industry, the global co-working space services market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
Regional analysis of the global co-working space services market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.