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.
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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.
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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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.