Fort Collins, Colorado, November 20, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the co-working space management software market size was estimated at $572.4 million in 2022 and is expected to reach a market size of $1,581.9 million by 2032 at a CAGR of 10.8%.
Thanks to co-working, companies can also enter new markets with the lowest risk. The new startups can scale their businesses and expand their operations globally with no or less investment and with low market risk. AstroLabs has collaborated with Google to open a co-working space in Dubai with special and innovative amenities that will help the startups expand their ventures globally.
Co-working spaces empowering individuals to choose where and when they want to work, contributing to a more flexible and judgement-free working environment. The variable work schedules contribute to the increased productivity of the individuals. These spaces also reduce unproductive time commuting to distant facilities, optimizing individuals’ productive time.
Coworking spaces generate new opportunities and discoveries because they promote healthy discussions, incubate new ideas and improve knowledge sharing. This in turn builds a healthy community and has produced beneficial productivity and health outcomes. Millennials prefer more career flexibility, flexible hours, fun and informal work environments, and results-oriented work policies that allow them to choose their workplace, as long as they deliver the work. The number of millennials starting their businesses and opting for non-traditional work has increased, ultimately opening new doors for co-working spaces and expanding the co-working market.
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The global Co-working space management software market is segmented into implementation, application and region. North America, especially the United States, had a booming market for co-working space. Metro cities like New York, San Francisco and Los Angeles have hosted countless co-working spaces and demand for management software remains high. The market witnessed an increase in the use of software tools designed for member onboarding, booking systems, billing, space usage analysis and community management.
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Highlights of the Co-working Space Management Software Market Report:
- The global Co-working Space Management Software market growth is expected to reach a CAGR of 10.8% by 2032.
- The emphasis on innovation, optimized productivity and community building contributes significantly to the market growth. Co-working spaces allow for the sharing of ideas and creativity and are ideal working environments that stimulate innovation and support effective processes or product development.
- Based on implementation, the market is segmented into on-premise and cloud. The cloud segment held more than 80% of the co-working space management software market by 2022.
- Based on application, the market is segmented into small and medium enterprises (SMEs) and large enterprises.
- Some prominent players in the Co-working Space Management Software market report are Coworkify, DropDesk, Essensys, Officernd, Nexudus, Yardi Kube, UPSTREAM – AGILE GMBH (Cobot), ShareDesk Global Inc (Optix), Satellite Deskworks, Andcards and Coworks. others.
Sector trends and insights:
– In July 2023, Johnson Controls, a global provider of smart, healthy and sustainable buildings, acquired FM:Systems. FM:Systems specializes in digital workplace management and Internet of Things (IoT) solutions. Johnson Controls plans to expand its OpenBlue digital construction capabilities with this acquisition.
– Recent news: WeWork will convert its co-working spaces into apartments at its Manhattan co-working location. The Vanbarton Group will organize this transition.
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Co-working Space Management Software Market Segmentation:
Per implementation: Cloud-based, on-premise
By application: Large companies, SMEs
Per region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon research:
DataHorizzon is a market research and consulting firm that helps organizations around the world formulate growth strategies to change business dynamics. The offering includes enterprise advisory services and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term sustainable trends in the market facilitates complex decisions for organizations.
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