The Global Students and Workers Non-Residential Accommodation Market was worth US$ 16.50 billion in 2022 and is anticipated to reach a valuation of US$ 24.91 billion by 2028 and is predicted to register a CAGR of 8.00% during 2023-2028.
The Students and Workers' Non-Residential Accommodation market includes boarding and lodging; it may include other related services like complementary services (housekeeping, meals, and laundry) provided by related entities (organizations, sole traders, and partnerships). These establishments may be short or long-term for occupancy sold through direct sales or meditators through online booking, direct booking, and others.
With the increased demand for traveling, rising employment, and educational opportunities worldwide, the student's and workers' Non-Residential Accommodation Market is expected to increase its market potential. In addition, the increase in internet and mass media access is perking the market growth positively.
Market Drivers:
The increase in international students’ mobility is surging the demand for the market
Students’ mobility toward other countries for education or occupation positively impacts the growth rate of the Students and Workers Non-Residential Accommodation market.
By 2024, one in every three outbound higher education students across global will be from India and China. It is expected to reach 3.85 million outbound mobile higher education students globally, up from 3.04 million in 2011, as per news dated in Times of India. The increase in students' interest in education abroad drives the market potential and scope. China is the biggest source market for international mobile higher education students, with around 6.5 lakh students studying abroad, which grew by 89% between 2007 and 2011. In addition, Canada introduced the ‘Student Partners Program,” a direct visa scheme in 2011 to increase its share of overseas students.
Globalization is driving the market to expand to a new segment
A new way is expected to be flagstone by globalization in terms of more joint ventures, global expansion in setting up facilities in high-growth regions and allowing restaurant operators to offer their cuisine to customers worldwide. This would change the market trend in a new way in terms of offering customized service to Students and workers staying in Non-Residential accommodations.
Market Restraints:
Several potential restraints could impact the market of Students' and workers' Non-Residential Accommodation.
The economic conditions of students/workers greatly impact the market as it can lead to a reduction in the number looking for non-residential accommodation. An increase in competition among service providers due to the large scope of the market is leading to pricing pressure and reduced profit margin for the service providers that hamper market share.
Government regulations and maintenance costs of accommodation in different locations impact the expansion of the market globally. Technology advancement can impact by providing various flexible options like work from home and online education that leads to reducing the need for non-residential accommodation, directly hindering the growth rate of the Students and Workers Non-residential Accommodation market.
Unforeseen conditions like the COVID-19 pandemic or the Russia-Ukraine war show a negative impact by affecting markets across the globe.
Market Opportunities:
Developers and designers are beginning to concentrate on the creation of innovative housing options. Micro-housing unit is one such innovation that provides housing options near the university at an affordable cost. The feature of Micro housing is a miniature space built for sleeping, studying, and preparing meals. It helps in meeting the needs of the students and workers to access housing at reasonable pricing. Such innovations and developments in accommodation and services offered would help in increasing the market share of the Students and Workers Non-Residential Accommodation Market globally.
According to a report published by Kepios Pte. Ltd., a Singapore-based online reference-based library, in 2021, social media users increased by 227 million, reaching 4.70 billion by July 2022. Every day world spends more than 10 billion hours on social media platforms; such an increase in the use of social media and access to the internet is acting as an exponential factor for the growth of tourism and Non-Residential Accommodation. This could provide an opportunity for Students and Workers Non-Residential Markets to focus on strengthening the mode of booking segment so that noticeable growth in the market can be observed.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
8.00% |
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Segments Covered |
By Type, Price Point, Channel, Mode of Booking, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Centurion Corporation, American Campus Communities, Education Realty Trust Inc, Unite Group Inc, Campus Crest Communities Inc., Marriott International, MGM Resorts International, Hilton Worldwide Holdings, Accor Hotels, TUI Group, and Others. |
Market Segmentation:
The dormitories segment is expected to have a high market share in this segment. Dormitories provide accommodation at a lower cost as finance is the major influencing factor for the students and workers mobilized to different places for work or education in choosing the type of non-residential accommodation.
The economy segment is ruling the Student's and Worker's Non-residential Accommodation market. Economy pricing meets most of the student's and workers financial capabilities.
Direct sales drive the Student's and Workers Non-Residential Accommodation market growth as students and workers get direct contact with owners, and the possibility of getting misled is less in this segment.
Usage of the internet has reached Luke and the corner of the world, which led to access to various online services. COVID-19 has made people choose non-contact and fast service providers, which led to an exponential increase in the online booking segment in the Students and Workers Non-Residential Accommodation Market.
The COVID-19 pandemic has had a significant impact on the non-residential accommodation market for students and workers. Travel restrictions and increased concern towards health and safety measures due to COVID-19 had shown an impact by decreasing demand for non-residential accommodation, where the shift to remote working and learning increased. The economic impact of COVID-19 has led to financial challenges for some accommodation providers, particularly smaller businesses that may not have the financial resources to weather a prolonged downturn. These significant challenges consequently restrained the growth of the Students and Workers Non-residential Accommodation Market.
Market Regional Analysis:
The Global Students and Workers Non-Residential Accommodation Market Report includes the segmentation of regions:
Europe region has the largest market for Students and Workers Non-residential accommodation service market in 2020, followed by North America. The educational and work migrations are most observed in these regions due to the availability of diversified opportunities.
The Middle East and African region have less market share because of the economic and political conditions prevailing in these areas.
Market Key Players:
Frequently Asked Questions
The Students and Workers Non-Residential Accommodation Market is expected to reach US$ 24.91 billion by 2028.
Europe has the largest share of the market
Centurion Corporation, American Campus Communities, Education Realty Trust Inc, Unite Group Inc, Campus Crest Communities Inc, and Marriott International are the top key players in the market.
The market is expected to register a CAGR of 8.00% during the forecast period 2023-2028.
Innovation in housing options is a major opportunity for the market.
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