Sandy, Utah, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Flexible Office Market Size, Trends and Insights By Type (Coworking space, Private offices, Virtual offices, Others), By Application (Media and entertainment, It and communications, Retail, Consumer goods, Others), By Space Provider (Independent brands, Big brands), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.

“According to the latest research study, the demand for global Flexible Office Market size & share was valued at approximately USD 54.10 Billion in 2021 and is expected to reach USD 70.32 billion in 2022 and is expected to reach a value of around USD 200.14 Billion by 2030, at a compound annual growth rate (CAGR) of about 19.16% during the forecast period 2022 to 2030.”

A flexible office pattern is quite different from the usually practised work. It enables employees to carry out their functions by remaining within their comfort zone and space and fulfilling their responsibilities, which helps the company record considerable revenue.

 The significant number of industries all over the world that have adopted the flexible office pattern to expand their business without investing a considerable amount in purchasing a private office space has helped the flexible office market to record substantial revenue over the period and is expected to grow similarly during the future as well about the rapidly changing way of business and office patterns.

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Market Dynamics
Drivers

The massive number of startups that have emerged worldwide proved to be a significant market for flexible office patterns, which has helped to boost the market tremendously. Corporate firms worldwide have outsourced their functions and services to carry out the necessary jobs without hiring a person who needs to be trained within the office space, which imposes an additional cost on the business. 

Flexible work patterns have enabled these companies to hire the required professionals and outsource the work. These multiple reasons have emerged as the driving forces for the growth of the flexible office market during the forecast period.

Restraints

Outsourcing services and functions impose an additional risk of safety over the company and hence emerges as a major restraining factor for the market’s growth. Data security can be compromised without a secured office space, which threatens the company’s growth. Flexible work patterns adopted by various companies have hampered the employees’ work efficiency and output. These multiple reasons have emerged as the restraining factors for the growth of the flexible office market during the forecast period.

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(Please note that the sample of the Flexible Office report has been modified to include the COVID-19 impact study prior to delivery.)

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Opportunities

The pattern of space allocation proves to be an excellent opportunity for many multinational companies as it helps to save a considerable amount of money and time spent on arranging a proper and conducive workspace for business. 

The freelance industry is significantly growing, allowing the flexible office market to record considerable revenue as it includes various professionals. They are based in remote areas and function without occupying an actual space within the company. The increasing fashion of renting office space is also helping businesses to save a vast amount of money on private office spaces.

Challenges

The company’s office culture is hampered tremendously due to the inclusion of other cultures in the market, negatively impacting the entire business. The total cost of operation is relatively high, which inhibits the profit returns obtained by the company. The safety of the data can be compromised outside the safe environment of a private office space which emerges as a significant challenge for the growth of the flexible office market during the forecast period.

Report Highlights

Based on Type, the segment of coworking space has emerged as the largest market due to the rapid adoption of this working pattern by numerous multinational companies to carry out their functions in multiple sectors without actually hiring or purchasing specialized working spaces or stations, which will impose an additional cost on the total revenue of the company.

The other segments discussed under this category are private and virtual offices, which are also experiencing steady growth over the period. Based on Application and its feature of it and communications has emerged as the largest market due to the vast number of IT companies that have adopted the flexible work pattern, which has enabled the employees to remain in their comfort zone and carry out numerous functions that will help the business to continue its growth over the period. 

Key questions answered in this report:

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Finally, based on space providers, the segment of big brands has emerged as the largest market as these industries have adopted the flexible pattern tremendously over the period to carry out their functioning smoothly without incurring an additional cost in purchasing a private office space. This pattern of working was widely adopted during the course of the pandemic.

Regional Snapshots

The region of North America has emerged as the largest market for flexible offices due to the rapid adoption of flexible work patterns by many companies all over the country. In addition, the increasing practice of outsourcing the various services required for business has helped companies adopt the flexible office pattern. 

Key Offerings:

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Multinational companies all over the country outsource the services and functions and deal with only the final product, which is used for business. This helps the company continue functioning by fulfilling the requirements without investing considerable time in training the employees within their workspace.

Report Scope

Feature of the ReportDetails
Market Size in 2021USD 54.10 billion
Projected Market Size in 2030USD 200.14 billion
CAGR Growth Rate19.16% CAGR
Base Year2021
Forecast Period2022-2030
Prominent PlayersAlley, ShareDesk, Davinci Virtual, Green desk, Serendipity Labs, Croissant, Hubble, Instant, The Office Group, and Others
Key SegmentBy Type, Application, Space Provider, and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfill your requirements for research.

Key Players

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Browse the full “Flexible Office Market Size, Trends and Insights By Type (Coworking space, Private offices, Virtual offices, Others), By Application (Media and entertainment, It and communications, Retail, Consumer goods, Others), By Space Provider (Independent brands, Big brands), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” Report at https://www.custommarketinsights.com/report/flexible-office-market/

Recent Developments

In March 2022, a merger was made between stronger, a worldwide women-focused tech, and We Work India. This deal took place intending to launch Arise, which will emerge as a major opportunity for numerous female entrepreneurs in India by unlocking various fields. The leading position of the association will be held by WeWork Labs, a worldwide acceleration and incubation organization.

Segments covered in the report

By Type

By Application

By Space Provider

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On the basis of Geography

North America

Europe

Asia Pacific

The Middle East & Africa

Latin America

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This Flexible Office Market Research/Analysis Report Contains Answers to the following Questions.

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