Global Virtual Office Market Dynamics 2021, SWOT Analysis and Forecast to 2029: A Report by Absolute Markets Insights

PUNE, MAHARASHTRA, INDIA, March 25, 2022 / — The Global virtual office market Report by Absolute overview of the markets offers a high-level summary of classification, competition and strategic actions taken in recent years. For a global scenario, the Virtual Desktop market report provides historical details, future forecast and market size. The competitive analysis conducted in this study informs you about the movements of the major players in the market. This report provides market insights that give a more accurate understanding of the market landscape, issues that may confront the industry in the future, and how best to position specific brands. Moreover, companies can decide strategies regarding product, customer, key player, sales, promotion or marketing by acquiring a detailed analysis of competitive markets.

The global virtual desktop market is estimated to accelerate at a CAGR of 15% over the forecast period (2021-2029). The study analyzes the market in terms of revenue in all major regions, which have been divided into countries.

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Rising consumer preference for work flexibility and remote working is driving the growth of the global virtual office market. Small and medium enterprises as well as startups remained the main users of virtual office services. However, increasing investment by large enterprises in custom virtual office services is expected to proliferate the growth of the global virtual office market over the forecast period. According to the Absolute Markets Insights report, startups accounted for the highest market share in 2020 and are expected to maintain their dominance during the forecast period in the global virtual desktop market. The growth of this segment can be attributed to profitable steps taken by startups to test new markets. According to the SME Banking Club, the startup economy created approximately $3.8 trillion in value between 2018 and 2020. Additionally, the democratization of technology created more than $540 billion in the same years. . The high rate of start-ups in Silicon Valley, New York and London due to supportive government initiatives boosted the startup ecosystem, which in turn contributed to the growth of the global virtual office market .

Since virtual offices are one of the main aspects of the flexible workspaces industry, they offer organizations a range of services without the upfront cost of renting or buying traditional office workspaces. Virtual office technology provides benefits with digital storage, coworking spaces, communication services to a wide range of employees. The growing need for remote work amid the pandemic along with the high demand from IT technology companies has created lucrative opportunities for players in the virtual office market. In addition, the adoption of virtual offices by organizations has allowed them to reduce the travel time of employees and improve the economic use of office space. The above-mentioned factors increased the adoption of virtual desktops in startups and small and medium enterprises, which subsequently drove the growth of the virtual desktop market in 2020. From the perspective of the pricing model, monthly or annual subscriptions have allowed various end users to get more flexibility, although end users choose to change their services. For example, the waiting time for lease expiration or the cost of a broken lease is eliminated. In addition, personnel or maintenance requirements are removed. The profitability associated with virtual office pricing models is further expected to propel the demand for virtual office in the long run.

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The growing trend of “big quitting” among characterized individuals in response to the COVID-19 pandemic along with a high rate of wage stagnation has favored the hybrid work approach. According to the Microsoft Work Trend Index 2021 survey, 70% of employees have opted into flexible remote work options to continue their current job. 66% of business leaders are choosing to redesign their business for hybrid working. Additionally, the growing number of full-time remote employees along with digital nomadism have further propelled virtual office adoption. Additionally, after the easing of the pandemic restriction, organizations opening in accordance with COVID-19 office guidelines are opting to reduce face-to-face meetings, which has led to an increase in demand for virtual meeting rooms. These factors are expected to augment virtual office services and drive the growth of the virtual office market.

Furthermore, the growth of investments in micro, small and medium enterprises (MSMEs) is likely to increase the demand for services globally. For example, the Innovative Small and Medium Enterprises (iSME) project in Lebanon invested approximately $10.23 million in 22 companies. In addition, the Small Industries Development Bank of India (SIDBI) aims to indirectly disburse USD 1.5 billion to start-ups by 2025. Growth in investment in micro, small and medium enterprises (MSMEs) coupled with their strong adoption of the hybrid working model is driving the growth of the virtual office market.

Some key players in the global virtual office market are Alliance Virtual Offices, Davinci Virtual Offices, Intelligent Office, Northwest Registered Agent, LLC, OBC Suisse AG, Office Evolution and its subsidiary, Opus Virtual Offices, Regus Group Companies, Rovva, Servcorp, Sococo . , executive center, thinkspace and virtual headquarters among other market players.

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Global Virtual Desktop Market:

By Services
• Live receptionist answering calls
• Business mailing address
• Company phone number
• Online fax service
• Voicemail converted to email
• Other

By pricing model
• Monthly
• Annually

Per end user
• Startups
• Small and medium enterprises
• Large companies
• Others

By region
• North America (United States, Canada, Mexico, rest of North America)
• Europe (France, United Kingdom, Spain, Germany, Italy, Nordic countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, Netherlands, Luxembourg), Rest of Europe
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
• Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, South Africa, Rest of Middle East and Africa)
• Latin America (Brazil, Argentina, rest of Latin America)

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