Global Space as a Service Market Anticipated to Generate a Revenue of $11,581.3 Million and Rise at a CAGR of 4.2% during the Forecast Period from 2021 to 2028 [250-Pages] | Research Dive
The global space as a service market is expected to see striking growth by 2028, owing to the increase in technology in the commercial real estate industry. Regionally, the Asia-Pacific region is anticipated to have the largest share of the market.
NEW YORK, July 25, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Space as a Service Market by End-user (Small & Medium Enterprises, Freelancers, and Others) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the global space as a service market is predicted to generate a revenue of $11,581.3 million and grow at a healthy CAGR of 4.2% throughout the analysis period from 2021-2028.
Dynamics of the Space as a Service Market
With the increasing advancements in technology such as proliferation of cloud computing and IoT devices, acceptance of artificial intelligence and robots, growing usage of smartphones, and many more in the commercial real estate industry, the market is expected to witness significant growth during the forecast period. Moreover, the increased usage of space as a service business model by large and small organizations is predicted to foster the growth of the space as a service market throughout the estimated timeframe. However, the lack of privacy and awareness of space as a service business model may hinder the growth of the market over the estimated period.
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Covid-19 Impact on the Space as a Service Market
The rise of the Covid-19 pandemic has had a negative impact on the space as a service market. This is mainly because of the shutdown of offices for prolonged period and growing adoption of remote work culture globally. However, on the later period of the pandemic with the ease of the restrictions the market has experienced moderate growth by restarting operations and adapting to the changing normal such as contactless working, social distancing which has caused various operational challenges.
Specific Requirement on COVID-19 Impact on Space as a Service market? Connect with an Expert Analyst
Segments of the Space as a Service Market
The report has been divided the space as a service market into segments based on end-user, and region.
- By end-user, the small & medium enterprises sub-segment is expected to garner a revenue of $5,278.7 million during the analysis period. The increasing government initiatives in supporting and promoting regulation for small-sale firms and rapid rise of start-ups in developing economies is expected to bolster the growth of the space as a service market sub-segment during the forecast period.
- By region, the Asia-Pacific region of space as a service market is projected to generate a revenue of $3,201.1 million and rise at a CAGR of 4.6% during the estimated timeframe. The increasing number of small and medium enterprises in this region along with SPaaS benefits is the factor expected to drive the regional market growth over the forecast period.
Key Players of the Space as a Service Market
The major players of the space as a service market include
- Workbar LLC
- Innov8
- Regus
- Common Ground
- Colive
- Awfis
- MindSpace
- 91springboard
- Industrious
- WeWork and many more.
These players are working on the development of new business strategies such as collaborations and partnerships, mergers and acquisitions, product development and many more to attain leading positions in the global industry. – Inquire here before buying the full report
For instance, in October 2021, WeWork, a leading American commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises, has announced its acquisition with BowX Acquisition Corp., a special purpose acquisition company (SPAC). With this acquisition, WeWork has become a global leader in flexible spaces by trading through SPAC merger as a publicly listed company and the companies together have transformed the real estate industry with booming growth and innovations.
Further, the report also presents some crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis and latest strategic developments.
More about Space as a Service Market:
- Investments and Business Expansion by Market Players such as WeWork, Mindspace, and Others to Foster the Growth of the Global Space as a Service Market
- A Concise Outlook on the Space as a Service Concept: Its Advantages and Challenges
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