Flexible Workspace Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

Flexible Workspace Market Insights

According to the report published by Zion Market Research, the global Flexible Workspace Market size was valued at USD 42.67 Billion in 2023 and is predicted to reach USD 130.86 Billion by the end of 2032. The market is expected to grow with a CAGR of 13.26% during the forecast period. The report analyzes the global Flexible Workspace Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Flexible Workspace industry.

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Global Flexible Workspace Market: Overview

Flexible workspace operates as a type of asset for organizations. A flexible workplace in a company is far more adaptable to the general challenges faced by companies, which pushes the demand for such workplace models. A flexible workplace results in lower operational demand, fewer workplace costs & occupancy, and less worker support. Since a flexible workspace model is accessible and operational by companies in many industry verticals, this model contributes heavily to revenue generation. Flexible workspaces offer several advantages to the employees, as well as employers.

Apart from the cost-cutting, employers can augment the work setting choices and elevate the productivity of their employees. Thus, such a plan indirectly aids in the positive financial numbers. Moreover, a flexible workspace includes a flexible desk layout that can help in sorting out multitasks at immediate time periods. Company owners focus on increasing their employee productivity rates to increase their leads and sales volume. Therefore, with the adoption of flexible workspaces in most parts of the world, this market is propelling at a high growth rate and is set to grow tremendously during the anticipated period.

Global Flexible Workspace Market: Growth Factors

The prominent elements driving the growth of the global flexible workspace market are a surge in commercial flexible workspaces, expansion strategies of the small, medium, as well as large enterprises, the evolving corporate landscape across the world, surging strategic alliances, and increasing penetration of technology & digital platforms in several countries. For instance, in September 2020, IWG, a Belgium-based company signed a franchise contract with the Adams Group, Australia to launch ten new co-working spaces under its Regus brand. The Adams Group will look upon the Regus brand to open new locations through the state in Noosa, Townsville, Cairns, Mackay, Gladstone, Rockhampton, Bundaberg, the Sunshine Coast, Hervey Bay, and Airlie Beach. On the contrary, the data security of firms is a major concern revolving around this industry. Also, the flexible design of workspace outsourced services points out threats for the market in the forecast period. The lack of measures for security, as well as the unaffordability of startups to invest in top-notch security software platforms might decrease the preference rate of customers during the anticipated period.

An abrupt dropdown in the economy has been observed throughout the globe amidst the COVID-19 pandemic outbreak in 2020. There has been a rise in the cost of raw materials, unavailability of labor, and cessation in the production units of many companies. Owing to such factors, a wide array of organizations is inclining towards flexible workspace design. The Covid-19 pandemic is expected to have a positive outcome on the growth rate in the near future on the global flexible workspace market as many new entrants and new customers are employing this innovative workspace designs.

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Global Flexible Workspace Market: Segmentation

The global flexible workspace market is categorized based on type, end use, and region.

Based on the type, the global flexible workspace market is segmented into assigned workspace, breakout spaces, co-working space, and others.

On the basis of end use, the global flexible workspace market is divided into office, home, and others.

Flexible Workspace Market: Report Scope

Global Flexible Workspace Market: Regional Analysis

North America held the majority share in 2020 in the global flexible workspace market. North American countries such as the US and Canada have increasingly adopted the flexible workspaces in organizations. Owing to the pandemic outbreak, many companies have ruled out traditional workspaces completely. A high number of corporates are shifting towards flexible workspaces due to the ease of manageability of this model. Moreover, Asia Pacific is anticipated to be the fastest-growing region during the forecast period.

The critical growth drivers include a surge in the co-working of many companies, acceptance of open workspaces, a rising number of startups & small establishments, and the implementation of smart office designs. Countries like India, China, and Australia have seen incubators and accelerator firms operating in the online mode through the use of a flexible workspace model. For instance, according to the 2019 Startup Genome Project, Bangalore, a metropolitan city in India, is ranked within the world’s 20 leading startup cities. The city is also positioned as one of the globe's five fastest-growing startup cities. Thus, such strategies are set to increase the growth rate of the regional market for flexible workspaces.

Global Flexible Workspace Market: Competitive Players

Some of the key players in the global flexible workspace market are:

• Urban Office
• Herman Miller Furniture
• BE Offices Limited
• Awfis Space Solutions Pvt Ltd.
• Fora Space Ltd.
• Flexspace
• OfficeRnD Ltd
• Space&Co.
• JustCo
• The Great Room Offices
• Victory Offices Limited.
• The Working Capito
• WOTSO Limited
• WeWork Companies Inc.
• Servcorp Limited, IWG plc.
• Bizspace Limited
• Haworth
• The Great Room Offices
• Garage Society, among others.

The Global Flexible Workspace Market is segmented as follows:

By type 

• assigned workspace
• breakout spaces
• co-working space
• and others

By end use 

• office 
• home 
• and others

Global Flexible Workspace Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.