New York, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The retail e-commerce sales around the world in the year 2020 surpassed USD 4 Trillion. This is further expected to cross USD 6 Trillion by the end of 2025. Moreover, in the year 2020, more than 2 Billion people shopped online. Besides this, according to the statistics by the United States Bureau of Labor Statistics (BLS), the total number of establishments in private warehousing and storage for all establishment sizes in the U.S. grew from 15152 in 2010 to 19194 in 2020. Additionally, the total number of establishments in local government warehousing and storage for all establishment sizes in the country grew from 245 in 2010 to 248 in 2020.
Research Nester has recently added a report in its repository of market research reports titled “Global Flexible Space Market”. The report provides a detailed analysis of the key players operating in the market, the factors driving the market growth, the latest trends, and the impact of COVID-19 on the market during the forecast period, i.e., 2020-2028.
The demand for flexible spaces has surged significantly in recent years, backed by the growing e-commerce sales, further driving the need amongst the e-commerce players to expand their existing storage space. By the end of 2025, e-commerce sector is anticipated to occupy around 22% of the share of the total global retail sales. Moreover, over the last decade, there has been substantial progress in the emergence of small and medium enterprises (SMEs), especially startups, who have been playing a major role in advancing most of the economies around the globe, especially in developing countries. According to the World Bank, SMEs represent about 90% of businesses worldwide and contribute to more than 50% of employment. In addition, in emerging economies, formal SMEs contribute to around 40% of the GDP. On the other hand, according to the statistics by the Department for Promotion of Industry and Internal Trade of the Government of India (GoI), India registered to be the 3rd largest startup ecosystem in the world. Further, the statistics also stated that in the year 2018, the country had about 50,000 startups, of which, 8900 to 9300 were related to technology-based industries. Besides this, according to the statistics by the National Federation of Self Employed & Small Businesses Limited, there were 5.5 Million small businesses at the start of 2021 in the United Kingdom. This represented 99.2% of the total businesses of the country. Therefore, such growth in the emerging number of businesses is anticipated to drive the demand for spaces, which is one of the major factors anticipated to drive the growth of the global flexible space market in upcoming years.
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The market, which garnered a revenue of USD 27860 Million in 2019, is further anticipated to touch USD 41069 Million by the end of 2028, by growing at a CAGR of 16.76% during the forecast period. The market is also expected to grow on account of the increasing trends of hiring gig workers and freelancers across industries such as IT & telecommunications, retail, consumer goods, media & entertainment, and others, which is further driving the demand for flexible spaces. For instance, as per the statistics by the U.S. Bureau of Labor Statistics (BLS), 3.8% of workers or 5.9 Million people held contingent jobs in the U.S. in May 2017. During that period, the country also recorded 2.6 Million on-call workers, 933000 workers provided by contract firms, 1.4 Million temporary help agency workers, and 10.6 Million independent contractors.
Based on geography, the global flexible space market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Out of the market in these regions, the market in North America is expected to hold attain highest market revenue of USD 14,005 Million by the end of 2028, up from a revenue of USD 9,469 Million in 2019. The growth of the market can primarily be attributed to the growing number of establishments in the United States, along with the increasing need amongst organizations to expand their businesses to secondary and tertiary cities, backed by the rising prices of commercial properties in primary cities. According to the statistics by the United States Census Bureau, the total number of firms and establishments in the U.S. grew from 5,734,538 and 7,396,628 respectively in 2010 to 6,075,937 and 7,912,405 respectively in 2018.
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The market in Europe, on the other hand, is expected to generate second-leading market revenue and attain USD 4,684 Million by the end of 2021. The market is primarily driven by nations, such as the United Kingdom, Germany, and France, where there is an increase in the number of startups. The market in the region is further expected to attain a revenue of USD 12,937 Million by the end of 2028.
The study incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global flexible space market is segmented by type into flexible office space and flexible warehouse space. The flexible office space segment garnered a revenue of USD 26000 Million in 2019 and is further projected to reach USD 38150 Million by the end of 2028 by growing with a CAGR of 17.46% during the forecast period. In North America, the flexible office segment is expected to hold the largest market share and further register a market revenue of USD 13,276 Million by the end of 2028, whereas in the Asia Pacific, the segment is projected to garner a revenue of USD 3620 Million in 2021. The flexible warehouse segment, on the other hand, registered a market revenue of USD 1860 Million in 2019, and is further projected to reach USD 2919 Million by the end of 2028, by growing at a CAGR of 8.79% during the forecast period. The flexible warehouse segment in Europe is expected to reach a revenue of USD 414 Million by the end of 2028, whereas, in the Middle East & Africa, the segment is expected to garner USD 41 Million in 2021.
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The flexible office space segment in the global flexible space market is further segmented on the basis of office type, room service, and by end-use vertical.
Global Flexible Office Market, Segmentation by Office Type
- Serviced Office
- Virtual Office
- Managed Office
- Co-Working
- Remote Office
- Others
Global Flexible Office Market, Segmentation by Room Service
- Meeting/Conference Room
- Training Room
- Common Space
- Deposition Room
- Others
Global Flexible Office Market, Segmentation by End-Use Vertical
- IT & Telecommunication
- Media & Entertainment
- Retail & Consumer Goods
- Others
The flexible warehouse segment in the global flexible space market is further segmented on the basis of business model, component, warehouse type, infrastructure, and function.
Global Flexible Warehouse Market, Segmentation by Business Model
- Seasonal Storage
- Customized Plans
Global Flexible Warehouse Market, Segmentation by Component
- Solution
- Services
- Deployment
- Integration & Implementation
- Maintenance
Global Flexible Warehouse Market, Segmentation by Warehouse Type
- General Warehouse
- Specialized Warehouse
Global Flexible Warehouse Market, Segmentation by Infrastructure
- Single Storey
- Multi Storey
Global Flexible Warehouse Market, Segmentation by Function
- E-Commerce Fulfillment
- Retail Distribution
- Inventory Management
- Industrial
- Agricultural
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Some of the major industry leaders mentioned in our report that are associated with the global flexible space market and are offering flexible office space are WeWork Companies LLC, Jones Lang LaSalle, IP, Inc., IWG plc, Colliers International Property Consultants, Inc., Deskpass Corporation, LiquidSpace, Inc., Davinci Virtual, LLC, The Office Group, JustCo Management Pte. Ltd., Techspace, and others. Further, the report also includes players who offer flexible warehouse, which are Cubework, STORD, Inc., Ware2Go Inc., Flowspace, Inc., Stowga (Warehousio Ltd.), Clutter, Inc., FLEXE, Inc., and others.
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