The Global Virtual Office Market size was USD 26.90 billion in 2018 and is expected to generate around USD 111.68 billion by 2026, at a CAGR of around 17.1% between 2021 and 2026.
A virtual office is a modern-day facility that allows employees and company owners to operate from anywhere with the help of internet and access a variety of business functions. It also allows businesses to establish and retain a presence in a desirable location without having to pay rent for a physical location. A virtual office has many advantages of a physical office without the need for physical space or desks. The virtual office offers administrative services through the use of technology for businesses that are concerned about costs.
Governments are increasingly promoting and financing start-ups and small businesses, which is accelerating the virtual office market's growth. The serviced an office is a form of office that comes equipped with anything a business needs and is available for rent. Start-ups and small businesses may not have a lot of money or time to construct an office. As a result, the majority of companies are opting for virtual offices. The demand for virtual offices is supported by increased government funding and funds for start-ups and SMEs.
The Virtual Office Market is segmented by Product Type (Cloud-Based, Web-Based), by Application (Large Enterprises, Small and Medium-sized Enterprises (SMEs)). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- Recovering from the COVID-19 effect and adapting to the new standard, which had previously resulted in restrictive containment steps such as social distancing, remote working, and the closure of commercial operations, all of which faced operational challenges.
- Fly Space, a versatile office space online marketplace located in the Philippines, has acquired Quickspace for an undisclosed amount. Quickspace is a serviced office provider based in Hong Kong. Fly Space will be able to expand its operations and accelerate its growth in Hong Kong as a result of the acquisition.
- The Asia Pacific flexible virtual office market is expected to witness the highest CAGR, as the companies are looking to move to the virtual office for ensuring the proper functioning of their business.
Key Participants like Young Living Essential Oils, ASEA LLC, Regus Group, VirtualOffice.com, WorkSocial, CISCO, ecos, OBC Suisse AG, DDS Conferencing & Catering GmbH, MEET/N/WORK.
For this report, Introspective Market Research have segmented the Virtual Office market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM