Earlier this month, Transparency Market Research released a report on the status of the Workspace as a Service (WaaS) global market. TMR forecasts that the global WaaS market, valued at $7.470 billion in 2014, will reach $18.276 billion by 2022. What does this mean for the serviced office center industry? The answer to this question starts with a clear definition of both industries and the services they provide.
The WaaS Industry combines desktop as a service (DaaS), application service providers (ASP), system integration services, managed services, and consulting services. In short, the WaaS industry is defined by technology that influences workspace mobility and facilitates work place flexibility.
The serviced office center (SOC) industry has a myriad of components as well. The industry I’m referring to here shifts in its terminology for itself from time to time. Popular terms for it include “virtual office industry,” “executive suite industry,” and “office business center industry” with “service office center industry” being the latest. Simply stated, the SOC industry is the umbrella term for services such as virtual offices, remote receptionist services, on-demand office and meeting space, and service-rich executive office suites.
The innovations that come out of the WaaS industry both grow the need for SOC industry services and improve SOC industry efficiency. Daas, AaaS, cloud computing, and bring your own device (BYOD) policies all promote flexibility when it comes to how and where professionals get work done. The WaaS industry also allows start-ups and entrepreneurs, specifically those classified as small to medium sized businesses (SMBs), to operate as leanly as possible when it comes to their tech. For SMBs who’ve adopted WaaS tech, traditional business housing (commercial real estate, long-term office leases, and full-time facilities) is added fat. They seek out SOC services to reduce operational costs so they can be as lean as possible by reducing operational cost. SOC services have become more efficient over time because of the WaaS industry growth and development. VoIP mobile applications, cloud-based storage, and remote receptionist services are just a few of WaaS technologies that have help the SOC industry provide a more complete set of services.
Workspace Strategies is a leader in SOC industry technology research and development. WS works with WaaS engineers to ensure that the products the industry produces work to keep the the SOC industry the leanest option for the SMBs it houses. Because of the symbiotic relationship between these two industries, we expect for the growth in the WaaS industry forecasted by the TMR report to fuel further growth in the SOC industry.
