BUSINESS: Evolving Work Practices Of Remote Working Supported By Technology Drives Flexible Workspace Market, Transparency Market Research

business:-evolving-work-practices-of-remote-working-supported-by-technology-drives-flexible-workspace-market,-transparency-market-research
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By Daniel Webster, dWeb.News Publisher

– Advantages for SMEs and startups with financial constraints to direct initial capital toward core business stimulates demand for flexible workspace

– Sum of growth dynamics, trends, and opportunities in flexible workspace market expected to be US$ 31.5 Bn by 2030

ALBANY, N.Y., Sept. 15, 2021 /PRNewswire/ — Flexible Workspace Market – Overview

The flexible workspace market is projected to expand at a CAGR of 15.9% during the forecast period (2020-2030). Flexible workspaces are being driven by the changing corporate landscape and new work practices, as well as the availability of high speed Internet in remote areas. Flexible workspaces offer many benefits, including substantial cost savings in setting up and maintaining office infrastructure as well as operational costs. This is why the flexible workspace model has been a success for small businesses and startups that have limited budgets.

North America are a prominent area in the flexible workspace market. It is home to thousands of startups, including co-working spaces. This makes Silicon Valley a prominent region in flexible workspace markets. Flexible workspaces are gaining popularity due to the wide range of options available.

The Asia Pacific flexible workspace market is expected to grow at a rapid pace in the near future. The increasing adoption of flexible workspaces in countries such as India, wherein startups are mushrooming, is stimulating growth of the flexible workspace market in the region.

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Flexible Workspace Market – Key Findings of Report

Acceptance from Corporate Organizations, SMEs, Startups to Lead to Consistent Market Growth

Working practices and compensation components of large corporations have evolved considerably in terms of work location, bring-your-own-device, and food coupons in the past decade, which mostly is a win-win for both employers and employees. Flexible workspace is a result of the growing trend to work remotely at large corporations that employees value. This model allows employees to choose to work in co-working spaces leased by their employer in small numbers or to lease space at their own location. The protocols for data integrity ensure that all information is kept safe. Large corporations can deploy staff to distant locations with potential for business growth.

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The concept of flexible workspaces is a hit among SMEs, as it helps save heavy costs associated with setting and operating office infrastructure. Commercial real estate agents and realtors are working together to create flexible workspaces with attractive returns. These initiatives are usually undertaken in partnership with commercial building owners. In this case, a portion of the building is converted to one or more coworking spaces. The attractiveness of these co-working spaces being leased to individuals or businesses generates substantial revenues, which is a great way for the model’s growth. This encourages the growth of flexible workspace markets.

The flexible workspace market is thriving with startups, mainly for technology and services. Flexible workspace solutions allow for the direct allocation of initial capital towards the core business. It also allows for the flexibility to increase the size of the team and invest in infrastructure as needed.

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Advantages of Flexible Workplace Model for Employers, Employees Favor Adoption

The growing demand for work-life balance among knowledge workers is creating opportunities in the flexible workspace market. Co-working spaces that are available for rent are becoming more popular because they can be done from anywhere. Employees are no longer bound by office protocols, and can have flexible work hours that fit into their personal lives.

The outbreak of COVID-19 has led to a mixed impact on the flexible workspace market. The demand for coworking spaces has increased among small businesses and individuals. However, there was also a decrease in patrons wanting to use public spaces.

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Flexible Workspace Market – Growth Drivers

  • Advantages of significant cost savings associated with setting, maintaining, and operating office spaces drive flexible workspace market
  • Increasing acceptance to work remotely for improved work productivity, and work-life balance of employees flexible workspace market growth

Flexible Workspace Market – Key Players

Some key players operating in the flexible workspace market are BE Offices Limited, Flexspace, IWG plc., OfficeRnD Ltd., Space&Co., The Working Capitol, WeWork Companies Inc., Bizspace Limited, For a Space Ltd., JustCo, Servcorp Limited, Spaces, The Great Room Offices, Victory Offices Limited, and WOTSO Limited

Global Flexible Workspace Market: Segmentation

Flexible Workspace Market, by Ownership

  • Private
  • Shared

Flexible Workspace Market, by Type

  • Collaborative Workspace
  • Manufacturing Space
  • Others (Co-working Spaces and Managed Office)

Flexible Workspace Market, by End User

  • Small Business
  • Medium Business
  • Large Business

Flexible Workspace Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

With the penetration of internet, every business across the globe is fast migrating to the digital space. The rise of automation and the easy access to the internet will transform the technology market. Explore Transparency Market Research’s award-winning coverage of the global IT & Telecom Industry:

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Our data repository is constantly updated by research professionals to ensure it reflects current trends and information. Transparency Market Research has a wide range of research and analysis capabilities.

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