Virtual Office Market size was valued at US$ 34.77 Bn. in 2020 and the total revenue is expected to grow at 16.52% through 2021 to 2027, reaching nearly US$ 101.39 Bn.
Virtual Office Market Overview:Virtual offices are a part of the flexible workspace sector, which offers organisations a range of services, space, and/or technology without the high upfront expenditures of buying or leasing traditional offices. Virtual office services began as a serviced office and have grown to include a wide range of employees, physical space, digital storage, and communication services as technology has improved. Customers pay contract expenses for these services, which can be bought separately, as a package, or as a membership subscription. To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysed specially with the impact of lockdown by region.
Virtual Office Market Dynamics:The growing importance of digital systems, as well as the necessity to complete knowledge-intensive jobs, has resulted in an increase in employee desire to work from home or from a preferred location. This has allowed businesses to make better use of their office space, cut employee travel time, and raise employee satisfaction, all of which have increased job efficiency and production. In the near future, this will assist the flexible office market in reaching new growth destinations. Additionally, the necessity to tap into employees' enormous potential necessitates workplace flexibility in terms of where and when office staff should work or do their jobs. A virtual office has a two-fold appeal for users. For starters, a virtual office is significantly less expensive than a typical office on a monthly basis. After all, it doesn't need to be staffed and doesn't require any maintenance or upkeep. A month-to-month lease can be used to acquire a virtual office, giving users more flexibility if their company needs change (no waiting for a lease to expire or incurring the cost of a broken lease). A virtual office might cost anywhere from $40 to $200 per month. The more services anyone add, the more money anyone can invest. Besides that, the growing importance of creative and analytical professions necessitates workplace flexibility, since these personnel require a quiet working environment and flexible workspace arrangements in order to focus on their tasks and provide results on time. As a result, organisations will be more likely to adopt the flexible office concept successfully. However, the entire dependence on the internet for work is a huge key barrier here. Interruptions in internet access may cause the entire organisation to cease operating, resulting in a loss of time and cash. The growing demand for human contact for training and monitoring employee performance is a major constraint to the Global Virtual Office Market's growth.
The COVID-19 will propelled the Virtual Office Market:COVID-19 has compelled enterprises to adopt new methods of working, and now they must redefine their work and the role of workplaces in ensuring that people have safe, productive, and happy employment and lives. Such overvaluation of virtual office services could have been justified prior to the global reality of a locked-down society because the virtual office was still a niche sector in the commercial world. Due to the COVID-19, an increasing number of enterprises have begun to operate remotely this year. Small firms didn't make sense in the pre-pandemic era to sign a costly lease for office space when they could work as a team remotely. Some may claim that a home-based business owner misses out on some of the benefits of having a physical location. Employers and employees can still take advantage of these benefits and tailor their use to the needs of the organisation with a virtual office.
Market Trends:The COVID-19 epidemic has served as a precious experiment in both the feasibility and the desirability of remote work. However the full allegations of the results may not be clear yet, it looks almost certain that telecommuting will remain firmly deep-rooted in 2021 and elsewhere. According to maximize research, 67% of IT administrators expect remote policies to stay in place either long-term or eternally, A significant growth from 38% who state the same at the beginning of the epidemic. The major two influences which fuel such swings in Outlooks. Primary and leading are cost-effective remunerations. By reducing office space and its related overhead, firms could be saving an average of $11,000 per half-time telecommuter every year. Total savings could also come from lower salaries given that 62 % of US labours specified they would be willing to take a pay cut in order to work remotely. Employees are also the other major factor that will drive the virtual office market. While about 75%of employees surveyed in the UK felt that their corporation must quite maintain an office, 86 % of them wanted to have the option to work remotely at just one day a week, and just over 90 % demanded to have steady more positive views about working from home during the epidemic. Parents, specifically, conveyed fairly strong feelings about the change, with 86 % of them now wanting to have remote flexibility, compared to just 46 % pre-pandemic. It has seemed that 78 % of employees would be eager to take a five % pay cut in order to work remotely at least some of the time, with 20 % eager to take more than a 10 % cut for the benefit.
Global Virtual Office Market Segment Analysis:Based on the Type, the global Virtual Office market is sub-segmented into Cloud Based, Web Based and Others. The Cloud Based segment held the largest market share of xx% in 2020. SD-WAN, a cloud-based product, is specifically suited for companies who are migrating to or expanding their distributed workforce. Virtual Office provides IT teams with network access, control, and insight into the work-at-home environment, as well as a secure network experience that is as near to being on the corporate WAN as feasible for remote workers. Based on the End-User, the global Virtual Office market is sub-segmented into Freelancers, Start-ups, ITES Services, Government Organizations, Large Organizations and Others. The Large Organization segment held the largest market share of xx% in 2020. Virtual office provides the possibility to test new markets for larger or established enterprises. Companies that want to grow into a new market can use a virtual office to test their ideas without risking financial loss. A virtual office eliminates the need for a costly long-term lease in an unfamiliar location. Companies that need to decrease their traditional office space can also use a virtual office to manage workflow and direction changes. According to recent surveys, almost 60% of large organisations now allow their staff to work from home. This is due to a variety of factors, including lower overhead and more productive personnel. Furthermore, the amount of face-to-face meetings has decreased dramatically in favour of technology, conference calls, and convenience throughout the years. People can now work remotely and at different hours thanks to the same technological advancements.
Global Virtual Office Market Regional Insights:Asia Pacific is expected to grow at the highest CAGR of xx% in the global Virtual Office market during the forecast period. Asia, Increased knowledge of the benefits of implementing an efficient workspace flexibility plan, such as higher returns on real estate investments, lower occupancy costs, and the retention of high-performing staff, will propel the flexible office market in the Asia Pacific to new heights. Employees in nations like Indonesia, India, and South Korea were found to be more productive when working from home or from remote locations, according to a poll. Furthermore, the presence of a high number of co-working units and flexible working spaces in countries such as Australia in recent years is expected to contribute significantly to Asia Pacific flexible office market growth throughout the forecast period. The objective of the report is to present a comprehensive analysis of the global Virtual Office Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also helps in understanding the global Virtual Office Market dynamic, structure by analyzing the market segments and project the global Virtual Office Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Virtual Office Market make the report investor’s guide.
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Global Virtual Office Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 34.77 Bn. Forecast Period 2021 to 2027 CAGR: 16.52% Market Size in 2027: US $ 101.39 Bn. Segments Covered: by Type • Cloud Based • Web Based • Others by Services • Teleconferencing • Videoconferencing • Team Apps • Remote Working Access • Cloud Storage • Others by End-User • Freelancers • Start-ups • ITES Services • Government Organizations • Large Organizations • Others
Global Virtual Office Market, by Region• North America • Europe • Asia Pacific • South America • Middle East and Africa
Global Virtual Office Market Key Players• Young Living Essential Oils • ASEA, LLC • Regus Group • VirtualOffice.com • WorkSocial • CISCO • ecos • OBC Suisse AG • DDS Conferencing and Catering GmbH • MEET/N/WORK • Intelligent Office • i2Office Ltd. • METRO OFFICES • CLOUDVO • CARR Workplaces • Expansive Workplace • THINKSPACE
Frequently Asked Questions:1] What segments are covered in Virtual Office Market report? Ans. The segments covered in Virtual Office Market report are based on Type, Services, and End-User. 2] Which region is expected to hold the highest share in the global Virtual Office Market? Ans. Asia Pacific is expected to hold the highest share in the global Virtual Office Market. 3] What is the market size of global Virtual Office Market by 2027? Ans. The market size of global Virtual Office Market is expected to reach US $101.39 Bn. by 2027. 4] Who are the top key players in the global Virtual Office Market? Ans. Young Living Essential Oils, ASEA, LLC, Regus Group, VirtualOffice.com, Work Social and CISCO are the top key players in the global Virtual Office Market. 5] What was the market size of global Virtual Office Market in 2020? Ans. The market size of global Virtual Office Market in 2020 was US $ 34.77 Bn.
1. Global Virtual Office Market: Research Methodology 2. Global Virtual Office Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Virtual Office Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Virtual Office Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Virtual Office Market Segmentation 4.1 Global Virtual Office Market, by Type (2020-2027) • Cloud Based • Web Based • Others 4.2 Global Virtual Office Market, by Services (2020-2027) • Teleconferencing • Videoconferencing • Team Apps • Remote Working Access • Cloud Storage • Others 4.3 Global Virtual Office Market, by End-User (2020-2027) • Freelancers • Start-ups • ITES Services • Government Organizations • Large Organizations • Others 5. North America Virtual Office Market(2020-2027) 5.1 Global Virtual Office Market, by Type (2020-2027) • Cloud Based • Web Based • Others 5.2 Global Virtual Office Market, by Services (2020-2027) • Teleconferencing • Videoconferencing • Team Apps • Remote Working Access • Cloud Storage • Others 5.3 Global Virtual Office Market, by End-User (2020-2027) • Freelancers • Start-ups • ITES Services • Government Organizations • Large Organizations • Others 5.4 North America Virtual Office Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Virtual Office Market (2020-2027) 6.1. Asia Pacific Virtual Office Market, by Type (2020-2027) 6.2. Asia Pacific Virtual Office Market, by Services (2020-2027) 6.3. Asia Pacific Virtual Office Market, by End-User (2020-2027) 6.4. Asia Pacific Virtual Office Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Virtual Office Market (2020-2027) 7.1 Middle East and Africa Virtual Office Market, by Type (2020-2027) 7.2. Middle East and Africa Virtual Office Market, by Services (2020-2027) 7.3. Middle East and Africa Virtual Office Market, by End-User (2020-2027) 7.4. Middle East and Africa Virtual Office Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Virtual Office Market (2020-2027) 8.1. Latin America Virtual Office Market, by Type (2020-2027) 8.2. Latin America Virtual Office Market, by Services (2020-2027) 8.3. Latin America Virtual Office Market, by End-User (2020-2027) 8.4 Latin America Virtual Office Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Virtual Office Market (2020-2027) 9.1. European Virtual Office Market, by Type (2020-2027) 9.2. European Virtual Office Market, by Services (2020-2027) 9.3. European Virtual Office Market, by End-User (2020-2027) 9.4. European Virtual Office Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Young Living Essential Oils 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. ASEA, LLC 10.3. Regus Group 10.4. VirtualOffice.com 10.5. WorkSocial 10.6. CISCO 10.7. ecos 10.8. OBC Suisse AG 10.9. DDS Conferencing and Catering GmbH 10.10. MEET/N/WORK 10.11. Intelligent Office 10.12. i2Office Ltd. 10.13. METRO OFFICES 10.14. CLOUDVO 10.15. CARR Workplaces 10.16. Expansive Workplace 10.17. THINKSPACE