Coworking Spaces Market Size, Share & Trends Analysis Report By Type (Corporate/Professional, Open/Conventional), By Application (SMEs, Freelancers), By Industry Vertical (BFSI, Professional Services), By Region, And Segment Forecasts, 2023 - 2030

Coworking Spaces Market Size, Share & Trends Analysis Report By Type (Corporate/Professional, Open/Conventional), By Application (SMEs, Freelancers), By Industry Vertical (BFSI, Professional Services), By Region, And Segment Forecasts, 2023 - 2030

Coworking Spaces Market Growth & Trends

The global coworking spaces market size is expected to reach USD 40.47 billion by 2030, growing at a CAGR of 14.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Coworking spaces are present in almost all major global markets. Owners of coworking spaces are directing their spending into technology-driven management solutions, like resource management software, visitor management software, appointment scheduling software, and coworking space administration software. Coworking space owners are utilizing the Internet of Things (IoT) to integrate smart technologies into their infrastructure and company operations. Globally, coworking spaces are increasingly adopting IoT-enabled key cards, Wiegand cards, proximity cards, and magnetic stripe cards.

COVID-19 has been pivotal for acceleration in the adoption of hybrid work models, where employees split their time between working remotely and in an office setting. This trend had a significant impact on the market, as companies are increasingly looking for flexible workspaces that can accommodate their hybrid workforce. Coworking spaces are well-positioned to meet the needs of companies with hybrid work models. They offer a variety of workspace options, from hot desks to private offices, and they provide amenities such as high-speed internet, meeting rooms, and kitchens. Coworking spaces also foster a sense of community and collaboration, which can be beneficial for employees who are working remotely.

As hybrid work models become more prevalent, coworking spaces are likely to continue to grow in popularity. Companies will need flexible workspaces that can accommodate their distributed workforce, and coworking spaces can provide the perfect solution. Global startup and freelance business industry is expanding rapidly, driven by a number of important causes such as governments' increasing support, which is manifested in policies and legislation that encourage innovation and entrepreneurship. People that have a great desire to implement their innovative ideas in the worldwide market are actively involved in the start-up ecosystem. Aspiring entrepreneurs are further driven by a strong desire for success on a national and international scale.

The combination of government assistance, an entrepreneurial spirit, and the drive for success has fostered a climate that has encouraged the growth of freelance firms and start-ups, resulting in their continuous global spread. Coworking spaces are responding to the increasing needs of large corporations for sustainability and employee wellbeing in addition to offering greater amenities. To develop ecologically pleasant work environments, green efforts including recycling programs, energy-efficient lighting, and the usage of eco-friendly materials are being implemented. Coworking spaces are supporting their employees' physical and emotional wellbeing by offering wellness programs including exercise facilities, meditation rooms, and healthy food alternatives.

Coworking Spaces Market Report Highlights

• Based on type, the corporate/professional segment led the market with a revenue share of 27.4% in 2022. Corporate and professional spaces offer dedicated desks, private offices, meeting rooms, top-notch furniture, cutting-edge technology, and other amenities to suit the needs of professionals and established businesses seeking a structured work environment
• Open coworking spaces provide a flexible setting that promotes networking among a variety of professionals and freelancers, entrepreneurs, and small businesses
• Based on application, the large size enterprise segment held the leading revenue share of 27.3% in 2022. Large corporations are using coworking spaces, and there are many advantages, such as affordability. These areas offer a chance to cut overhead expenses and stay away from long-term obligations
• SMEs are accounted to register the highest CAGR over the forecast period. The rise of coworking spaces coincides with the arrival of millennials into the labor force. People who were beginning their enterprises, launching startups, and combining smaller firms needed a suitable yet affordable workplace in which to collaborate, team up, and work

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