Global Virtual Office Market: Industry Analysis and Forecast (2021-2027)

 Global Virtual Office Market size was valued at US$ 29.84 Bn. in 2019 and the total revenue is expected to grow at 16.5 % through 2021 to 2027, reaching nearly US$ 101.25 Bn.

Global Virtual Office Market Overview:

Virtual Office is an online platform that provides all required aspects for a business and helps in reducing the overall cost required by a business that exists in tangible form. Virtual Office provides accessible address, contact, and office-related services required to run a business along with readily available remote access for employees.

Virtual Office reduces miscellaneous expenses required to run a business and frees the employer from liabilities required for renting or purchasing workspace as per need. Increased preference for cost-efficient work medium by employers and employees has resulted in a growth in demand for Virtual Office. The rising demand for digitally accessible work platforms and the presence of a convenient way to work on a global platform has resulted in a boom in the global Virtual Office Market.

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The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Virtual Office Market Dynamics:

Virtual Office provides a Cost-effective medium for organizational operations. Virtual Office provides easy to use interface for employees that can complete their scheduled work by accessing the network from any place in the world. The increased use of the internet by the service sector has resulted in a rise in demand for digital platforms like Virtual Office.

Virtual Office provides a flexible digital workspace that reduces the time and cost required for commutation. An increase in the global fuel prices, rise in traffic congestions, and demand for a resourceful way for optimum use of time has resulted in a growth in demand for Virtual Office by employers and employees alike.

Start-up is a cost-efficient and tax beneficial way to convert a unique idea to a business model. An increase in the number of people following entrepreneurs like Jeff Bezos, Mark Zuckerberg, and Elon Musk has resulted in a growing trend to set a start-up by young generations around the world. Increased demand for free from liabilities of investing on office infrastructure to initiate their start-up has resulted in a rising demand for Virtual Office from the young generation.

Globalization has resulted in a rising demand for the platform that can be used to provide services to people living in different geographical locations. An increase in the global service sector has resulted in a rising demand for digital platforms that are accessible to employees who are present in various regions or countries. Virtual Office provides an essential platform to hire global talent that can prove beneficial for the growth of the firm present in a region.

Increased preference for freelancing work by the young generation has resulted in a rise in the use of Virtual Office by firms providing Information Technology Enabled Services. The presence of a big service sector and a highly qualified young population in countries like India has resulted in WeWork Global raising nearly US $ 27 Million in April 2021 for investing in the Indian market. In August 2020, WeWork Global committed the US $ 100 Million for tapping the growing demand for Virtual Offices in the Indian market.

A survey report by PwC published on January 12, 2021, states that more than 70% of the employers and employees working in ITES said that remote work has been a success and more than 50% of employers said that the productivity of their employees has improved over the prolonged work-from-home period. The same report states that more than 85% of executives are trying to relocate their workspace in the span of 9-12 months. An increase in the prices of real estate at prime locations and the preference for work from home by employees has resulted in a rise in demand for Virtual Offices around the world.

A report by Trade Union Congress published in September 2019, states that a rise of 28% has been observed in the number of employees working from home from the last 10 years. A steady rise of 12% has been observed in the number of senior management personnel that prefer remote working. The rising preference for convenient working conditions has resulted in a growth in demand for Virtual Office by global firms.

Easy access to the internet around the world and a rising preference for optimally flexible working conditions by employers and employees around the world act as the main driving factor for the growth of the Global Virtual Office Market.
Restraints:

Total dependence on the internet for working acts as the major restraining factor here. Interruptions in the internet service may stop the working of the entire organization resulting in loss of time and revenue.
The increasing need for human contact for training and monitoring work of the employees acts as the major restraining factor for the growth of the Global Virtual Office Market.
Global Virtual Office Market Segment Analysis:

By Type, Increased demand for Cost and resource-efficient medium has resulted in more than 50% of the Virtual Office provider services operating on Cloud-Based services. Increased preference for established platforms has resulted in a 1.7% increase in the use of Virtual Offices working on Web-Based platforms by small and medium scale industries.

By Services, More Than 65% of customers purchasing Virtual Office have said to use this digital platform due to the range of digital services provided by it. The preference for textual documents in written format as a legal document around the world has resulted in a 2.6% increase in the provision of Physical services like mailing and faxing by Virtual Office Providers.

By End-Users, an increase in the use of digital platforms by the young generation to work with various organizations has resulted in making the internet-based service sector the biggest consumer of the Virtual Office Market. Increased preference for a tacit platform by senior management employees has resulted in a 3.1% increase in the use of Virtual Office by established organizations. The emergence of Virtual Office as a convenient medium is attributed to the rise of individualistic lifestyle and has observed an 8.5% increase in demand for them by tech-savvy young generation living in urban areas.

A report by World Bank published in December 2020 states that a rise of 53% has been observed in the Global service sector in the second decade of the 21’st Century. Increased preference for a virtual platform to work has resulted in a 12.6% increase in the use of Virtual Office by Information Technology Enabled Services working in the service sector.

A report by Reliable Receptionist published in 2018 states that the rising trend of Startups, especially in the developing nations has resulted in a 3.8% increase in demand for Virtual Office. The growing trend of freelancing has resulted in a 2.1% increase in the use of Virtual Office by firms working in the service sector. Increased preference for a digital platform for smooth internal working has resulted in a 6% increase in demand for Virtual Office by Small, Medium, and large organizations.

The presence of a quickly accessible medium to resolve issues of a large number of people has resulted in a 4.2% increase in the use of Virtual Office by governments present in Europe. Different organizations, educational institutes use Virtual Office as per need.
Global Virtual Office Market Regional Insights

The presence of some globally renowned businesses has resulted in making North America the biggest manufacturer and consumer of the Virtual Office Market. An increase in the preference for convenient working conditions has resulted in a 12.3% increase in demand for Virtual Offices by various businesses present in this region.

Increased demand for remote working by employees scattered across a vast region has resulted in a 9.3% increase in demand for Virtual Office by the service sector present in Europe. The presence of the option to perform physical work like mailing and faxing in the Virtual Office has resulted in a 4.8% increase in demand for it by SME’s present in this region.

The presence of favorable policies for establishing and operating start-ups by various governments has resulted in a 6% increase in demand for Virtual Office in the Asia-Pacific. The presence of a large number of firms doing outsourcing work for the US and Europe-based companies has resulted in an 8% increase in demand for Virtual Office by the service sector present in this region.

An increase in the Information Technology Enabled Services has resulted in a 3.3% increase in demand for Virtual Office in South American Countries like Brazil and Venezuela. The Middle East and Africa’s Market is showing a growth rate of 2.1% which is concentrated more in the countries like Israel, Jordan, UAE, and Saudi Arabia that have a good technological infrastructure.

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, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have 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 report also helps in understanding the global Virtual Office market dynamics, 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 Scope: Inquire before buying

Global Virtual Office Market, by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Virtual Office Market Key Players

• Davinci Virtual Office Solutions
• Global Virtual Office Solutions
• Northwest Registered Agent
• Servcorp
• Regus Group Companies
• WeWork Companies Inc.
• OpusVo
• Alliance Virtual Offices
• Sococo
• Office Evolution
• Intelligent Office
• i2Office Ltd.
• METRO OFFICES
• CLOUDVO
• CARR Workplaces
• Expansive Workplace
• THINKSPACE
FAQ’s:-

1) What is the market size of the Global Virtual Office Market in 2019?

Ans: The rising need for cost-efficient digital workspace has resulted in the value of the Global Virtual Office Market at nearly US $ 30 Billion in 2019.

2) What is the major driving factor for the growth of the Global Virtual Office Market?

Ans: Increased demand for an internet-based platform that allows remote access to its employees acts as the major driving factor for the growth of the Global Virtual Office Market.

3) What are the benefits that employees get from the use of Virtual Office by the organization?

Ans: Avoidance of time and cost required for commutation along with preferred and convenient workplace as per the employee are some of the benefits received by employees.

4) What are the benefits that employers get by using Virtual Office?

Ans: Elimination of costs required for establishing and operating a workspace along with increased productivity are some of the benefits that employers receive.

5) Who needs Virtual Office?

Ans: Freelancers, Firms dealing in the service sector, and established businesses need Virtual Office for smooth internal functioning.

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