A new report from Research Dive shows that the space-as-a-service market is anticipated to see significant growth over the next few years.
The report shows that the industry is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% between 2021 and 2028.
For small to medium-sized businesses, the space-as-a-service market is expected to thrive yielding $5.2 million by 2028 driven by the increasing number of entrepreneurial endeavors and startups.
Asia-Pacific is anticipated to be the fastest growing region for the space-as-a-service market, with the report predicting a CAGR growth of 4.6% by 2028.
Across the report, Research Drive offers insights into growth drivers, opportunities, roadblocks, and restraints that may impact the space-as-a-service market industry.
One of the biggest drivers for the space-as-a-service market has been the increased demand for office space, particularly flexible workspaces. Because there are limited resources across the office sector at the moment, more businesses have been encouraged to seek out coworking spaces, which allow them to incorporate offices on a more flexible and agile lease.
As a result, the space-as-a-service business model has been embraced by companies large and small, allowing them to access more opportunities for growth within the market.
Still, with this growth will come some resistance. Many have expressed concern over privacy issues that can come with the space-as-a-service model, which could potentially hinder its future growth.
But thanks to the reopening of society across various regions, experts believe that the space-as-a-service market is poised for growth in the coming years as operators tinker with the best methods of accommodating growing demand, without sacrificing a business’ privacy.