The Dormitories by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Dormitories, The dormitories market size has grown rapidly in recent years. It will grow from $16.83 billion in 2023 to $18.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to educational enrollment trends, urbanization and campus development, international student mobility, affordability and student housing demand, government and institutional investments..
The dormitories market size is expected to see rapid growth in the next few years. It will grow to $28.54 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to changing education delivery models, sustainability and green campus initiatives, student wellbeing and amenities, public-private partnerships, global educational hub development.. Major trends in the forecast period include inclusive housing, flexible dining options, safety and security measures, space efficiency, remote learning support..
The increasing student population is expected to propel the growth of the dormitories market going forward. Dormitories are commonly used by students as a convenient and cost-effective lodging option. Furthermore, dormitories provide students with the opportunity to live in a social and diverse environment, allowing them to form relationships with students from various backgrounds. Moreover, dormitories are an attractive option for students due to their affordability and proximity to campus. For instance, in January 2022, according to the Higher Education Statistics Agency (HESA), a UK-based official agency that collects and publishes data about higher education of the country, 2,751,865 students were enrolled in higher education overall in 2020–21, an increase of 9% from 2019–20. While the number of first-year degree applicants increased by 8%, the number of first-year postgraduate students increased by 16%. First-year enrolment increased by 4% for non-UK students and by 13% for students from the UK. First-year enrolment from India increased by 27%. Therefore, an increasing student population is driving the growth of the dormitories market.
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The dormitories market covered in this report is segmented –
1) By Type: Rooming And Boarding Houses, College Housing
2) By Service Type: PBSA, Private Rented Sector, University Accommodation, Other Services
3) By Application: Freshman, Sophomore, Junior, Senior, 5Th Year Or Later, Graduate Student
Product innovations are a key trend gaining popularity in the dormitories market. Companies operating in the dormitories market are integrating new innovations to develop innovative student housing solutions and sustain their position in the market. For instance, in June 2023, Rently Inc. a US-based company that provides self-touring and smart home technology solutions launched a secure, multifunctional property technology platform. Smart thermostats and locks are only two examples of the smart home technologies available on the platform that benefit both student housing providers and students. It maximizes security of apartments and common areas, expedites unit turnovers, and meets resident expectations for comfort and convenience. The platform facilitates more effective resident unit turnover management by operators. With the touch of a button, mobile app-based software can activate or cancel building and unit access, and smart locks remove the trouble and expense of rekeying. Operators can set up durational entrance codes for deliveries and maintenance visits, manage access rights, check access records, and tailor property access schedules from Rently’s Smart Home dashboard.
The dormitories market report table of contents includes:
1. Executive Summary
2. Dormitories Market Characteristics
3. Dormitories Market Trends And Strategies
4. Dormitories Market – Macro Economic Scenario
5. Global Dormitories Market Size and Growth
…
31. Global Dormitories Market Competitive Benchmarking
32. Global Dormitories Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Dormitories Market
34. Dormitories Market Future Outlook and Potential Analysis
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