Students And Workers Non-residential Accommodation Global Market Report 2024

The students and workers non-residential accommodation market size has grown rapidly in recent years. It will grow from $17.18 billion in 2023 to $18.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth observed during the historical period can be attributed to factors such as increased educational enrollment, prevailing economic conditions, urbanization, government policies, and shifts in demographics.

The students and workers non-residential accommodation market size is expected to see rapid growth in the next few years. It will grow to $29.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. Anticipated growth in the forecast period can be attributed to factors such as the widespread adoption of online and hybrid education methods, the continued prevalence of remote work trends, increased international mobility, a growing focus on sustainability and environmental, social, and governance (ESG) practices, and the implementation of health and safety regulations. Major trends expected in the forecast period include the development of flexible accommodation models, greater integration of technology, a stronger emphasis on sustainability practices, a focus on wellness and comfort in accommodations, and an increased emphasis on customization and personalization to meet diverse preferences and needs.

Globalization is anticipated to facilitate more joint ventures, foreign investments, global expansion, and the establishment of multinational companies in high-growth regions. This, in turn, enables restaurant operators to offer their culinary delights to customers worldwide. Globalization also simplifies the sourcing of exotic ingredients, allowing restaurants to provide a more diverse and sophisticated range of dishes, enhancing their ability to compete on a global scale. Moreover, globalization expands the pool of potential vendors for restaurants, reducing the bargaining power of suppliers and benefiting the restaurants' profitability. For instance, McDonald's operates in numerous countries and boasts franchises worldwide. The company invests in and supports initiatives to adapt its products and services to local tastes, ensuring its global brand presence. This surge in globalization is expected to drive investments and stimulate market growth.

The primary categories within the student and workers non-residential accommodations sector include dormitories, off-campus establishments, and migrant workers' camps. Dormitories are non-residential buildings that provide sleeping and living spaces for a significant number of people, commonly catering to boarding school, high school, and college students. These buildings are often large, housing numerous rooms where students share accommodations with roommates. Accommodations in this category are available at different price points, including economy, mid-range, and luxury options. They can be booked through various channels, including direct sales, distributors via online bookings, direct bookings, and other modes of booking.

The students and workers non-residential accommodation market research report is one of a series of new reports that provides students and workers non-residential accommodation market statistics, including students and workers non-residential accommodation industry global market size, regional shares, competitors with a students and workers non-residential accommodation market share, detailed students and workers non-residential accommodation market segments, market trends and opportunities, and any further data you may need to thrive in the students and workers non-residential accommodation industry. This students and workers non-residential accommodation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing number of international students and workers in developed countries is set to drive the expansion of the non-residential accommodation market tailored for students and workers. International students and workers refer to individuals from foreign countries who come to study or work in another nation. Non-residential accommodations play a pivotal role in supporting international students and workers by offering affordable, convenient, and flexible lodging options near educational institutions and workplaces. For instance, in 2022, data from the U.S. Immigration and Customs Enforcement reveals there were 1,362,157 active international students in the United States, marking a 10% increase from 2021. Additionally, Asia hosted the largest number of active international student records, accounting for 70.4% of the international student population. Furthermore, in January 2023, the Bureau of Labor Statistics reported that foreign-born workers constituted 18.1% of the U.S. civilian labor force, up from 17.4% in 2021. Therefore, the growing population of international students and workers in developed countries is propelling the growth of the non-residential accommodation market tailored for students and workers.

The COVID-19 outbreak had a significant restraining effect on the non-residential accommodation market for students and workers in 2020, as governments worldwide imposed travel restrictions, curtailing the need for the services offered by these establishments. COVID-19 is an infectious disease characterized by flu-like symptoms such as fever, cough, and respiratory distress. It was first identified in 2019 in Wuhan, China, and spread globally, impacting regions including Western Europe, North America, and Asia. Measures taken by governments to contain the virus's spread resulted in economic activity decline, leading to lockdowns. The pandemic had adverse repercussions on businesses throughout 2020 and the following year. However, it is expected that the market for non-residential accommodation for students and workers will recover from this disruption over the forecast period, as it is considered a 'black swan' event unrelated to ongoing market weaknesses or global economic fundamentals.

Restaurants are adopting menu engineering and data-driven strategies to enhance customer experiences and boost profitability. Diverse menus, featuring appetizers, entrées, desserts, and beverages, provide additional opportunities for servers to suggest complementary items. Additionally, restaurants are using data-driven approaches to gain insights into customer preferences, enabling them to offer relevant choices at each stage of the dining experience.

Leading companies in the non-residential accommodation market for students and workers are increasingly focusing on providing high-quality living experiences to optimize their market performance. High-quality living experiences encompass various aspects, including comfortable and well-maintained accommodations, access to essential services, safety, a sense of community, and amenities that enhance residents' daily lives. For instance, in January 2023, Abrdn PLC, an American investment firm, introduced MYS Student Living, a purpose-built student accommodation platform (PBSA). This platform aims to address the shortage of student housing in the UK and Europe, catering to the growing student population. MYS Student Living intends to develop and operate PBSA assets that offer students a high-quality living experience, meeting universities' needs. The company's PBSA assets will prioritize sustainability and well-being, featuring energy-efficient technologies, green spaces, and amenities that support students' academic and social well-being.

Major companies operating in the students and workers non-residential accommodation market include American Campus Communities, Unite Group PLC, Campus Apartments Inc., Asset Plus Companies, Centurion Corporation, The Preiss Company, Buckingham Companies, Education Realty Trust Inc., Greystar Real Estate Partners, GSA Group, Campus Living Villages, Scape Student Living, Campus Advantage, Campus Crest Communities, Campus Suites, CampusWorks Development, Capstone On-Campus Management, Colliers International, Corvias Group LLC, Harrison Street Real Estate Capital, Inland American Communities Group, Landmark Properties, Lincoln Property Company, Peak Campus, Pierce Education Properties, Servitas LLC, The Scion Group, Trinitas Ventures, University Student Living.

Western Europe was the largest region in the students and workers non-residential accommodation market in 2023. North America was the second largest region in the global students and workers non-residential accommodation market. The regions covered in the students and workers non-residential accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the students and workers non-residential accommodation market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The student and workers non-residential accommodation market includes revenues earned by entities by operating rooming and boarding houses and similar facilities, such as off campus dormitories, residential clubs, and workers' camps. These establishments provide temporary or longer-term accommodation, which, for the period of occupancy, may serve as a principal residence. These establishments also may provide complementary services, such as housekeeping, meals, and laundry services. This market includes revenues from sales by restaurants to a delivery service but not the revenues of the delivery service itself. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.