The global space as a service market size is estimated to be valued at $11,581.3 million by 2028, surging from $8,437.6 million in 2020, at a CAGR of 4.2%.
COVID-19 Impact on the Space as a Service Market
During the COVID-19 pandemic, the global space as a service market trend is projected to be moderately impacted. The market for space as a service has suffered as a result of office closures and the emergence of the remote work culture.
The market for space as a service increased in the second half of the twentieth century as limits were eased. Businesses are restarting operations and adjusting to the new normal as they recover from the ravages of the coronavirus. During the coronavirus pandemic, these factors are said to have an impact on the SPaaS market.
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Global Space as a Service Market Analysis
The SPaaS market is made up of coworking space rental income generated by companies who rent or lease coworking spaces. Unlike standard office rentals, coworking offices typically include the usage of related services/equipment such as office chairs and desks, Internet/Wi-Fi connection, hardware, software, and other items. The extension of internet space, exposure to entrepreneurship expertise outside of the country's borders, and improved literacy rates are all contributing to the growth. Aside from advanced manufacturing and robotics, agriculture technology & new food, blockchain, artificial intelligence, big data, and analytics were the fastest expanding start-up sub-sectors worldwide. As a result, the growing number of startups in various industries throughout the world increased the demand for SPaaS, propelling the market forward.
Misconceptions and a lack of space as a service awareness among businesses are two factors that are hindering market expansion. Moreover, lack of privacy in both co-living and co-working spaces might further restrict the growth of the market.
Furthermore, according to a report published in April 2020, by Business 2 Community, the number of people employed working remotely increased by 44% in the last 5 years (2014-2019), with 7 million people working remotely in the United States prior to the rise of COVID-19. Despite this, the number of people working remotely has risen dramatically in recent months as a result of the coronavirus outbreak. As a result, revenues generated by the coworking space market are expected to decline during the covid-19 period. A major trend driving the coworking space market is the creation of sustainable coworking spaces. To attract entrepreneurs worried about environmental challenges such as global warming, coworking spaces are introducing eco-friendly measures in the workplace. As a result of these reasons, the SPaaS industry has a number of prospects.
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Global Space as a Service Market, Segmentation
The global space as a service market is segmented based on end-users and region.
The end-user segment is further classified into small & medium enterprises, freelancers, and others. Among these, small & medium enterprises sub-segment is anticipated to hold the maximum share of the global market revenue and register $5,278.7 million during the forecast period.
The advantages of coworking spaces, as well as the continued expansion of start-ups in developing countries, are propelling this market forward. Supporting government programmes and legislation fostering small-scale businesses are some of the key drivers of coworking space market development during the next few years, according to the study.
The market for space as a service in Asia-Pacific is anticipated to be the fastest growing market and reach $3,201.1 million by 2028, with a CAGR of 4.6%.
The Asia-Pacific area is critical to the future of the real estate sector. It is home to about one-third of the world's population and several of the world's fastest-growing economies. The demand for space as a service is rapidly expanding in the Asia-Pacific area, as the number of small businesses grows. The region's growth of the space as a service market is predicted to be boosted by the expansion in the number of SMEs, as well as the SPaaS benefits.
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Key Players in the Global Space as a Service Market
Some of the leading global space as a service market player are
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.