Services Industry Overview

The electric vehicle charging station market consist of sales of electric vehicle charging services. Electric vehicle charging stations provides charging facility to electric vehicles through alternating current (AC) and direct current (DC) charging. AC charging station consists of level 1 and level 2 charging. Level 1 charging station uses 120V AC current, level 2 Charging station uses 240V AC current to charge the vehicles. Whereas the DC charging station also known as Level 3 charging station uses 480V DC current to charge the EVs. The electric vehicle charging stations market covered in this report is segmented by installation type into home charging system, commercial charging system. The electric vehicle charging station market is also segmented by connector type into chademo, CCS, GB/T, tesla supercharger, others; by mode of charging into plug in charging system, wireless charging system; by charging station into AC charging station, DC charging station. The global electric vehicle charging stations market is expected to grow from $5.8 billion in 2020 to $6.79 billion in 2021 at a compound annual growth rate (CAGR) of 17.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electric vehicle charging station market is expected to reach $20.49 billion in 2025 at a CAGR of 31.8%. Increasing tax incentives and subsidies given to local automakers to produce electric vehicles is driving the demand for electric vehicle (EV) charging station market. Tax incentives and subsidies to the electric vehicle makers is encouraging auto makers to make more Electric vehicle which will generate more demand for EV charging stations. China's subsidy policy caused 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicles sales in China was almost four times the numbers sold in the USA, the growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government. The limited range of electric vehicles is hindering the Electric vehicle (EV) charging stations market growth. Electric vehicles have a limited range as compared to the traditional internal combustion engine vehicles as due to its limited battery capacity. The electric vehicles can’t be used in case of long-distance travel, this causes the slow growth of the electric vehicles. According to a survey conducted by BBC, involves a sample of 10,293 drivers out of which 76% of the drivers said that in a single charge electric vehicle can't travel long distances. Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast-charge. The ultra-quick charging technologies of the direct current (DC) are used in electric vehicle charging stations to transfer current to electric vehicles through DC. DC fast charging or level 3 charging is capable of charging 80% of the electric vehicle battery within 20 minutes. DC fast charging stations with ultra-quick technology provide high-power DC current up to 120 kW directly into vehicle’s battery without passing through any onboard AC/DC converter. The necessary conversion from AC to DC by a convertor done in case of AC charging process can be eliminated. In March 2019, Tesla an American automotive and energy company, launched the next generation super charger V3 with a higher charging capacity (250kW). Greenlots, an electric transportation company, has set plans to deploy 9 DC Fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger at Massachusetts, USA and is planning to invest $500 million to outfit the electric charging stations in 484 locations with 2000 DC fast chargers. In July 2018, "Automated and Electric Vehicles Act-2018", a new legislation has been enacted in the UK by the Secretary of State for Transport to ensure prohibitions and requirements of autonomous vehicles, and electric vehicle charging. The measures of the bill are intended to govern and enhance the electric vehicle charging capabilities in the stations, provide access and specific payment mechanisms, regulations defining performance and standards of the vehicles, availability of chargers at fuel stations, and others. In March 2020, ABB, a Switzerland based automation company acquired Shanghai Chargedot New Energy Technology Co., Ltd. for an undisclosed amount. The acquisition is expected to further strengthen ABB's relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings. Shanghai Chargedot New Energy Technology Co., Ltd., a Chinese e-mobility solution provider, the company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers. Major players in the electric vehicle charging station market are Tesla, Chargepoint, Siemens, ClipperCreek and Schneider Electric. The regions covered in the electric vehicle charging station market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the electric vehicle charging station market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global electric vehicle charging stations market is segmented - 1) By Installation Type: Home Charging System, Commercial Charging System 2) By Connector Type: CHAdeMO, CCS, GB/T, Tesla Supercharger, Others 3) By Mode Of Charging: Plug In Charging System, Wireless Charging System 4) By Charging Station: AC Charging Station, DC Charging Station

The medical waste management market consists of the revenue generated from establishments providing services that include collection, transportation, storage, treatment, disposal, and recycling of waste. Biomedical waste is generated during the diagnosis, treatment, and immunization of human beings or other living beings from healthcare facilities. The medical waste management market covered in this report is segmented by type into bio-hazardous/infectious waste, non-hazardous waste, sharps, pharmaceutical, radioactive, others. The medical waste management market is also segmented by treatment into incineration, autoclaving, chemical treatment, others; by services into onsite services, offsite services and by the waste generator into hospitals, clinics, ambulatory surgical centers, pharmaceutical companies, biotechnology companies, others. The global medical waste management market is expected to grow from $14.17 billion in 2020 to $14.56 billion in 2021 at a compound annual growth rate (CAGR) of 2.8%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The medical waste management market is expected to reach $18.18 billion in 2025 at a CAGR of 6%. The rise in the use of disposable medical products in healthcare facilities is expected to drive the medical waste management market. In a healthcare setting, most of the products used are meant for single-use to limit cross-contamination among patients and decrease hospital-acquired infection. The use of single-use or disposal products surged due to the COVID-19 pandemic outbreak. The widely used disposables like surgical gloves, disposable bed sheets, masks, surgical gowns, syringes, intravenous saline bags, and others account for most of the hospital waste. Therefore, the rise in the use of disposable medical products is expected to drive the medical waste management market. Low awareness among developing countries is limiting the growth of the medical waste management market. Inadequate knowledge of healthcare professionals and sanitation health workers on biomedical waste regulations and medical waste management protocols is causing improper segregation of waste which is leading to increased hazardous waste, needle prick injuries and infections like hepatitis which is increasing the load on the medical waste management companies. Infectious waste (or hazardous medical waste) constitutes around 15 to 25% of total healthcare waste. According to the World Health Organization (WHO), in low-income countries, health care waste is not separated into hazardous and non-hazardous waste which is causing an increase in the actual quantity of hazardous waste. Therefore, such a lack of awareness in developing countries is hindering the growth of the medical waste management market. Recycling is expected to become a key trend in medical waste management. The ongoing medical supplies shortage due to the COVID-19 pandemic has resulted in the need for more sustainable and recycling of medical products. Battelle Critical Care Decontamination System, which was approved in April 2020 by Food and Drugs Administration (FDA), uses hydrogen peroxide for decontamination of N95 respirators and PPE kits. In 2019, Waste Management, Inc. is a US-based waste management, comprehensive waste, and environmental services company acquired Advanced Disposal Services, Inc. for $4.6 billion. The acquisition increases Waste Management’s footprint and enables the company to produce an unparalleled way to differentiated, sustainable waste management and recycling services to about 3 million new commercials, industrial and residential consumers primarily located in 16 states in the eastern half of the US. Advanced Disposal is a US-based company that makes new ideas and solutions to the business of a clean environment. Major players in the medical waste management market are Waste Management (WM), Citiwaste, Sanpro Waste, MedPro Waste Disposal, Sharps Compliance, BioServeUSA, BioMedical Waste Solutions, PureWay Total Compliance, Medasend, and Veolia Environnement. The regions covered in the medical waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the medical waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global medical waste management market is segmented - 1) By Type: Bio-Hazardous/Infectious Waste, Non-Hazardous Waste, Sharps, Pharmaceutical, Radioactive, Others 2) By Treatment: Incineration, Autoclaving, Chemical Treatment, Others 3) By Services: Onsite Services, Offsite Services 4) By Waste Generator: Hospitals, Clinics, Ambulatory Surgical Centres, Pharmaceutical Companies, Biotechnology Companies, Others

The passenger car aftermarket consists of sales of passenger car aftermarket parts and services. Companies operating in the passenger car aftermarket (parts and services) provide manufacturing, remanufacturing, distribution, retailing, and installation of replacement vehicle parts, equipment, service repair, and automotive accessories. The market includes the sales of the tires, batteries, brakes parts, filters, lightings, and electronic components. The passenger cars aftermarket covered in this report is segmented by type into tires, battery, brake parts, filters, body parts, lighting, wheels, exhaust components, turbochargers, others. The passenger car aftermarket is also segmented by distribution channel into retailers (OEM's, repiar shops), wholesalers & distributors and by certifiations into genuine parts, certified parts, uncertified parts. The global passenger cars aftermarket is expected to grow from $230.17 billion in 2020 to $247.49 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The passenger car aftermarket is expected to reach $289.37 billion in 2025 at a CAGR of 4%. Increasing average lifespan of a car is one of the major drivers of the passenger car aftermarket as it leads to an increase in consumer’s regular maintenance and scheduled servicing of the vehicle. The lifespan of the car describes the maximum service life in terms of mileage and time. Changing of wheels, batteries, spark plugs, air filters plays a significant role in prolonging the life of a vehicle. According to IHS automotive survey in 2019, the typical car on the road in the US is 11.8 years old. Addition to that, based on an article by USA Today, the number of old vehicles on the road that are totalling up to 278 million in 2019. Many companies are offering extended warranties to third parties on vehicle parts or services which in turn is hampering the growth of independent service providers. Extended warranties are given on a vehicle part/service to increase the lifetime of a vehicle which leads to free service or discounts towards the consumer. Since all warranty repairs are performed by the OEM (Original Equipment Manufacturers) only, the aftermarket sales and services market which is generated majorly from dealer service centres suffers a loss. According to Motor & Equipment Manufacturers Association (MEMA), in California for all light-duty vehicle extended warranties did not have an effect on independent repair shops. The passenger car aftermarket is using 3D printing technology also called as Additive Manufacturing (AM) to make high-quality off-the-shelf car parts using 3D printers that are capable of printing in metals and alloys. 3D printing works by making a virtual 2D object in the software and constructing the 3D framework by using the printer. The use of 3D printing in producing automobile parts increases the efficiency and raises the production standards of the companies. Companies (original equipment manufacturers) such as General Motors, BMW, Ford and Porsche have already started investing in this trend. The industry is regulated by several regulations governed by multiple international and country-specific agencies. One of the examples of such regulatory body is National Highway Traffic Safety Administration (NHTSA) of U.S. The Standard number 108 of section 571 under Title -49 "Transportation" mentioned in Code of Federal Regulations (CFR), states the requirements for original and replacement lamps, reflective devices, and associated lighting equipment for passenger cars as well as other multipurpose passenger vehicles. As defined in CFR, the purpose of section 571 is to set regulatory standards relating to lighting equipment in vehicles to be followed by motor vehicles including passenger cars. The standards also specify points where the equipment such as Headlamp should be mounted in vehicles so as to make it easily visible in public roads both in daylight and in darkness or other conditions of reduced visibility thus reducing traffic accidents and deaths and injuries. In 2018, Tenneco acquired Federal-Mogul for $5.4 Billion from Carl Icahn. The purchase included $800 million cash payment and 29.5 million shares of Tenneco, including non-voting stock. Federal-Mogul Corporation was established in 1899 and is headquarters in Southfield, Michigan, United States. It is a company which develops, manufactures and supplies products for automotive, commercial, aerospace, marine, rail, and off-road vehicles. Federal Mogul has a strong position in manufacturing and supplying of various auto parts all over the globe. The acquisition benefitted Tonneco with an increase in its auto parts portfolio in the global vehicle aftermarket. Through the acquisition, Tonneco plans to provide engineered solutions addressing fuel economy, power output and criteria pollution requirements for diesel, gasoline and electrified vehicles. Major players in the passenger car aftermarket are Denso Corporation, Robert Bosch Gmbh, Continental AG, 3M company and Delphi Automotive PLC. The regions covered in the passenger car aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the passenger car aftermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global passenger cars after market market is segmented - 1) By Type: Tires, Battery, Brake Parts, Filters, Body Parts, Lighting, Wheels, Exhaust Components, Turbochargers, Others 2) By Distribution Channel: Retailers (OEMs, Repiar Shops), Wholesalers & Distributors 3) By Certifiations: Genuine Parts, Certified Parts, Uncertified Parts

The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are those individuals or companies that have websites that allow consumers to book various travel related services via the internet. Travel agents are engaged in sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks. The online travel agent market covered in this report is segmented by service type into vacation packages, transportation, accommodation; by platform into mobile/tablets based, desktop based; by category into hotel bookings, tickets, others. The global online travel agent market is expected grow from $432.14 billion in 2020 to $561.36 billion in 2021 at a compound annual growth rate (CAGR) of 29.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The online travel agent market is expected to reach $833.52 billion in 2025 at a CAGR of 10%. The surge smartphone users along with growing internet penetration are anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings. According to a special report on Digital 2019 published by We Are Social’s in January 2019, the number of internet users in 2019 augmented to 4.39 billion than in January 2018, recording a growth of 9% or 366 million users across the globe. Furthermore, the number of smartphone users increased by 100 million or 2% to 5.11 billion in 2019 compared to the previous year. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the online travel agent market during the years to come ahead. Rising possibilities of uncertain events such as COVID19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agent. According to the UNWTO estimates, the global international tourist arrivals in 2020 is predicted to fall by 20% to 30% compared to the previous year (2019), which translates into a loss of $30-50 billion in travel spending by the international visitors. Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID19 across the globe. Moreover, according to Travel Daily Media news, the Typhoon Mangkhut jolts Hong Kong and China leaving tourism, aviation, and transportation industry at standstill. Therefore, possibilities of natural events are probably to restraint the growth of the tourism industry including the online travel agent market during the coming years. Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure in order to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to the Press Information Bureau- Ministry of Tourism, Government of India’s report published in July 2019, ministry of tourism is providing financial assistance under National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) and Swadesh Darshan schemes to various state and union territories for the development of tourism-related infrastructure in the country. Therefore, the government initiatives and steps to promote tourism and develop tourism infrastructure are to act as a key trend in the online travel agent market over the period. In January 2020, Despegar, a Latin America based online travel company acquired Best Day Travel Group for USD 136 million. This acquisition allows Despegar to increase revenues by 25%, further strengthening its market position as the leading travel agency both in Mexico and Latin America. Best Day Travel Group, a Mexico based online travel agency. Major players in the online travel agent market are Booking.com, Expedia Inc., Ctrip, TripAdvisor, Trivago, eDreams Odigeo, Despegar, MakeMyTrip, Lastminute, and On the Beach. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the online travel agent market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global online travel agent market is segmented - 1) By Service Type: Vacation Packages, Transportation, Accommodation 2) By Platform: Mobile/Tablets Based, Desktop Based 3) By Category: Hotel Bookings, Tickets, Others

The drone package delivery market consists of sales of drone package delivery services by entities (organizations, sole traders and partnerships) that deliver packages through drones. Delivery drones are unmanned aerial vehicles (UAVs) capable of carrying lightweight packages. Delivery drones are functioned independently or remotely, with controllers theoretically monitoring several drones at one time. The drone package delivery market covered in the report is segmented by drone type into fixed wing, rotor drone, hybrid drones; by range into short <25 kilometers, long >25 kilometers; by package size into < 2 kilograms, 2 – 5 kilograms, > 5 kilograms; by application into e-commerce, quick service restaurant, convenience stores, healthcare, others. The global drone package delivery is expected to grow from $0.68 billion in 2020 to $0.99 billion in 2021 at a compound annual growth rate (CAGR) of 45.5%. The growth is mainly due to the increasing demands of contactless delivery during COVID-19 and social distancing. The market is expected to reach $4.40 billion in 2025 at a CAGR of 45.1%. The increasing demand for drone deliveries during COVID-19 is expected to propel the growth of the drone package delivery market in the coming years. During the COVID-19 period, contactless distribution increased and drones played a crucial role in ensuring the companies and clients communicate as little as needed. Drones are heading to the sky in massive numbers during the pandemic to bring vital goods and drugs to populations under lockdown. In recent weeks of 2020, Alphabet's drone delivery company Wing has seen a major rise in demand as individuals comply with social distancing guidelines during the COVID-19 outbreak. Many individuals have been using the service in recent months as the coronavirus pandemic continues, and Wing found that between February 2020 and April 2020, also in Australia, the use of its service increased by 500%. Therefore, the increasing demand for drone deliveries during COVID-19 drives the growth of the drone package delivery market. The high cost of drone deliveries is expected to impede the growth of the drone package delivery market over the coming years. Delivery drones or unmanned aerial vehicles are unmanned aircraft delivering items to a specified location. Drones are costly because of all the modern technologies that need to enable them to fly longer, safer and avoid hurdles. United parcel service (UPS) charges its customers $12.92 to ship a parcel through drones, but the real average price of shipping one product along a path they are already delivering is likely to be nearer to $2. Therefore, the high cost of drone deliveries is expected to hamper the growth of the drone package delivery market. The growing technological advancements are a key trend gaining popularity in the drone package delivery market. Over the last several years, drones have become extremely prevalent as many individuals and organizations completely accepting and incorporating this technology into their business model. For instance, in April 2019, Wing, the drone shipping firm operated by Google's parent company Alphabet, became the first U.S. organization to receive permission from the Federal Aviation Authority (FAA) to start testing deliveries. It has collaborated with Walgreens that has a store within five miles of 78% of the US population. This means that almost 80% of the US would actually be in the range of Wing shipments if and when the technology was more extensively deployed. In June 2020, PDI Software, an America-based software provides ERP, Fuel Pricing, Logistics, and Marketing Cloud solutions for the convenience retail and petroleum wholesale industries company that acquired Zipline for an undisclosed amount. This acquisition strengthens the PDI Marketing Cloud Platform giving businesses everything they need in a loyalty solution, including customer engagement tools, offers, insights, and integrated digital payments. Zipline, a US-based Logistics & Supply Chain company. The major players covered in the global drone package delivery market are Amazon.com Inc., United Parcel Service of America Inc, Zipline, FedEx, DHL International GmbH, Boeing, Matternet Inc, Flirtey, Drone Delivery Canada Corp., Flytrex, Cheetah Logistics Technology, Wing Aviation LLC, Airbus S.A.S., Skycart Inc., DroneScan, Edronic, Altitude Angel, Fli Drone, BIZZBY. The countries covered in the global drone package delivery market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global apparel market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global drone package delivery market is segmented - 1) By Drone Type: Fixed Wing, Rotor Drone, Hybrid Drones 2) By Range: Short <25 Kilometers, Long >25 Kilometers 3) By Package Size: < 2 Kilograms, 2 – 5 Kilograms, > 5 Kilograms 4) By Application: E-Commerce, Quick Service Restaurant, Convenience Stores, Healthcare, Others

Consumer Electronics Repair and Maintenance Market Definition

The consumer electronics repair and maintenance market consist of sales of consumer electronics repair and maintenance services by entities (organizations, sole traders and partnerships) that are engaged in repairing and maintaining consumer electronics such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics. Consumer electronics are electronic devices that store, generate or transmit information in electronic form. These are components used for controlling the flow of electrical currents for information processing and system control. Consumer electronic products include televisions, speaker systems, household-type video cameras, jukeboxes, and other similar products and are used for various applications such as entertainment and communication. In recent years the consumer electronics market has witnessed huge growth and therefore there is high demand for its repair and maintenance services as well. Electronic devices are automated machines which generally have a digital display, controls, and monitoring solutions and therefore require timely maintenance and repair for effective performance and operations.

The coworking spaces market consists of coworking space rental revenues earned by entities (organizations, sole traders and partnerships) that provide coworking workspaces on rent or lease. Unlike traditional office rental, the cost of renting coworking workspaces usually covers the use of related services/equipment such as office chairs and desks Internet/Wi-Fi connection, hardware, software, and others. The industry includes businesses that offer non-residential structures with amenities and facilities on a flexible rental basis. The global coworking space market is expected grow from $7.97 billion in 2020 to $8.14 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.03 billion in 2025 at a CAGR of 12%. The coworking spaces market covered in this report is segmented by business type into open/ conventional coworking spaces, corporate/ professional coworking spaces, others and by end use into finance, legal services, marketing, technology, real estate, consulting services, others. The coworking spaces market is majorly determined by the increase in the number of start-ups globally. According to thegeniuswork.com publication in October 2019, the global start-up economy was worth $ 3 trillion in 2019, with a rise of 20% from 2017 and 2018. The growth is backed by the expansion of internet space, exposure to the knowledge of entrepreneurship outside the boundaries of the country, and improved literacy rates. Besides, advanced manufacturing and robotics, agriculture technology and new food, blockchain, and artificial intelligence, big data, and analytics were the fastest growing start-up sub-sectors globally. Therefore, the rise in the number of startups across various industries globally increased the demand for coworking spaces, driving the market during the forecast period. The increase in the number of people working from home or remotely owing to COVID-19 lockdown limits the growth of the market. For instance, in March 2020, many companies working from home owing to COVID-19 pandemic, operators of coworking spaces have seen an almost 50% decline in footfalls. Furthermore, according to Business 2 Community publication in April 2020, the number of people working remotely has grown by 44% in the last five years, with 7 million people (3.4% of the population) were working remotely in the USA before the arrival of COVID-19. Nevertheless, the number of people working remotely is tremendously increased owing to the coronavirus outbreak over the last few months. Consequently, declining the revenues generated by the coworking spaces market during 2020. The development of sustainable coworking spaces is a major trend shaping the coworking spaces market. Coworking spaces are implementing eco-friendly measures in the workplace to attract entrepreneurs concerned with environmental issues such as global warming. Sustainable practices adopted by the coworking space providers offer substantial benefits and are economically feasible. For instance, CoCoon in Hong Kong has a floor made of natural bamboo and uses non-toxic paints and LED lights. In addition to this, drought-resistant plants are part of the interior and exterior. Another such example is Green Spaces in Denver uses about 160 solar panels on the roofs of its offices. These allow significant cost savings at Green Spaces. Thus, sustainable coworking space is a key trend in the coworking spaces market. In January 2019, a Los Angeles based workspace provider Cross Campus, announced the acquisition of San Diego’s coworking space provider DeskHub, for an undisclosed amount. This acquisition helps the company to increase its footprints in San Diego and Scottsdale, AZ, providing an opportunity to broaden its services in the region. DeskHub is committed to creating a premier network for coworking workspaces across the USA. The major players covered in the global coworking space market are Wework, Regus Corporation (IWG Plc), Mix Pace, Knotel, Inc., SimplyWork, District Cowork, Premier Workspaces, Krspace, Convene, Servcorp Limited, Novel Coworking, TechSpace, Inc., SOMAcentral, HackerLab, Industrious, UCOMMUNE, Your Alley, Impact Hub, Serendipity Labs, Make Office, Green Desk, Venture X, Office Evolution, CommonGrounds Workplace, Intelligent Office, Studio. The countries covered in the global coworking space market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global coworking space market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global coworking space market is segmented - 1) By Business Type: Open/ Conventional Coworking Spaces, Corporate/ Professional Coworking Spaces, Others 2) By End Use: Finance, Legal Services, Marketing, Technology, Real Estate, Consulting Services, Others 3) By User: Enterprises, Freelancer, Others

The serviced office market consists of offering of fully equipped office or office building, managed by the office provider and related services. Serviced office is provided with some services like dedicated receptionist, administrative support as well and facilities like conference rooms, meeting rooms, air conditioning and other utilities. A serviced office is a furnished and fully-equipped pay-as-you-use office space, located in a building managed by the office and services provider. The global serviced office market is expected grow from $27 billion in 2020 to $32.9 billion in 2021 at a compound annual growth rate (CAGR) of 21.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $84.48 billion in 2025 at a CAGR of 27%. The serviced office market covered in this report is segmented by offering into private offices, virtual offices, others. Governments are increasingly supporting and funding start-ups and SMEs which is primarily contributing to the growth of serviced offices. The serviced office is a type of office which is supplied with each and everything needed for an office and it is offered on rent. Start-ups and SMEs will not have many funds, and time to build the office. Therefore, most of the firms move in serviced offices or coworking spaces. According to the world bank, there are 400-500 million SMEs, start-ups across the globe, the number is increasing day by day due to extensive support by the government. Increased government support and funds for start-ups and SMEs boosted the demand for the serviced office market. Lack of available space in some cities has always been a major challenge in the serviced office market. In recent years, availability of large conventional spaces in well-developed countries has been decreasing and land rate in desired locations is increasing due to which the service office provider firm is not able to afford to buy and supply the offices with the basic needs. Lack of large spaces can harm the serviced office market. The serviced offices are implementing the internet of things into their services. A smart serviced office came in most of the aspects as a serviced office except that smart serviced office is equipped with sensors, interactive devices, etc. For companies that are concerned about costs, the smart serviced office provides management services with the use of technology. For instance, an empty meeting room or a quiet area within the smart serviced office can be found easily using sensors. There are many advantages with IoT in the serviced office. Smart serviced offices offer several advantages such as improved time management, efficiency, reduced operational cost. In January 2019, a Philippines based flexible office space online marketplace Fly Space acquired Quickspace, for an undisclosed amount. Quickspace is a Hong Kong based serviced office provider. The acquisition will help Fly Space to expand the operation and accelerate Fly Space growth in Hong Kong. The major players covered in the global serviced office market are WeWork Companies, Servcorp, Regus, IWG Plc., Bizspace Ltd, Alley, Croissant, Davinci Virtual, Greendesk, Hubble, Instant, JustCo, LiquidSpace, Office Freedom, Serendipity Labs, ShareDesk, TechSpace, The Office Group, Breather Inc, Knotel. This is a fragmented market with many local players in each city and country which contributes much of the market share. The countries covered in the global serviced office market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global serviced office market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global serviced office market is segmented - 1) By Offering: Private Offices, Virtual Offices, Others 2) By Vertical: IT and Telcommunications, Media and Entertainment, Retail and Consumer Goods 3) By Space Provider: Big Brands, Independent