Digital Signage: Co-Working Spaces
Flexible workspace or co-working space, with its rapid rise, has now become an integral space option for businesses. To provide a more modern, dynamic workplace, co-working spaces are often integrated with digital signage.
How Co-working Spaces Are Using Digital Signage
- In the most basic sense, digital signage is used for meeting rooms signs, office greeting screens, and messaging. With the ability to render calendar and interface user inputs, digital signage can provide booking functionality to manage availability in shared areas. Digital signage can display company logos, slogans, videos, web pages, and images, too.
- In a deeper sense, digital signage can be used to build a community among tenants. It provides an efficient way for internal communications and can be used to inspire employees. Some offices display artwork to improve productivity, efficiency, and creativity while some offices show motivational graphics that can be customized to suit the mood or boost morale of the team.
- As more people get involved in social media, digital signage can be connected to social apps to engage members and generate impressions. With social media connectivity, digital signage can connect like-minded coworkers, share the latest industry news, and be used to empower events.
- Digital signage provides a way to deliver information messages to employees, and is sometimes used in education and training as well.
- By displaying information such as KPIs, quotas, and metrics, digital signage can work as trackers, too.
- In a Colliers International 2019 research report, WeWork and Regus were identified as two key players in the co-working space industry.
- Regus has approximately 3,000 spaces and is the largest shared-space provider globally.
- In 2013, Regus partnered up with RMG Networks, a digital signage company, to launch Office Media Network, which was to be installed in around 650 Regus business centers.
- WeWork has shared spaces in 341 locations in 65 cities around the world.
- In 2018, WeWork acquired Teem, a meeting room signs provider.
- Around 850 TV displays WeWork spaces in 110 locations across 32 cities are using Enplug's software to manage and tailor content.
- In the design signage industry, there are several multi-national companies considered as key players and are categorized by type of products such as hardware, software, and services. To name a few, market players are Samsung Electronics Co., Ltd., LG Display Co., Ltd., Sharp Corporation, Panasonic Corporation, Sony Corporation, etc.
- Enplug, a rising start-up company, has provided design signage software to co-working space companies like WeWork and Perfect Office Solutions. Perfect Office Solutions uses the software at its largest location with 44 private offices with 44 different business owners.
- While only 1.6% of all office spaces surveyed by Colliers in core sub-markets of 19 major U.S. markets are co-working spaces, growth continues to be strong. The number of co-working spaces rose 16% in the U.S. and 36% outside the U.S. in 2018, and is forecast to be at 6% in the U.S. and 13% elsewhere between 2018 and 2022.
- Based on these figures, WeWork, which doubled its members between 2016-2017 and commands a 12% market share in 2018, is expected to generate revenues of more than $4 billion in 2022.
- On the other hand, Regus which has registered a growth of around 7% in its membership between 2016-2017, extrapolated its 2021 cash flow using a 2% growth rate which management believes is a reasonable long-term growth rate for any of the markets in which the relevant countries operate.
- The digital signage market, however, is forecast to grow from USD 20.74 billion in 2017 to USD 31.62 billion by 2023, at an estimated CAGR of 7.28%.
- Digital signage has a 47.7% effectiveness for brand awareness, and provides improved internal communication, which drives 25% higher employee productivity. More than half of internal communication teams consider increasing the use of digital signage within their organization.
- It is recommended to adopt a comprehensive endpoint strategy that includes new types of endpoint, such as digital signage to enhance employee communication and experience.