LONDON--(BUSINESS WIRE)--The smart office furniture market is expected to grow by USD 266.6 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Advancements in technology have enabled vendors operating in the market to introduce the latest connectivity technologies in furniture products such as smart desks, smart tables, and smart chairs. For instance, in September 2019, Wi-Fi Alliance launched Wi-Fi CERTIFIED 6 certification programs to bring capacity, performance, and latency improvements to the entire Wi-Fi ecosystem, including office furniture such as office desks. Similarly, Steelcase, a leading market vendor, is partnering with Sprint and Ericsson to discover how 5G services will impact its Atlanta Worklife Center. Such developments are accelerating the integration of the latest technologies in smart office furniture, which will drive the growth of the global smart office furniture market.
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As per Technavio, the functional benefits of smart office furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Office Furniture Market: Functional Benefits of Smart Office Furniture
Smart furniture is usually equipped with additional features such as heightened chair backs and widened seat pans and bases. Certain smart tables and chairs are equipped with sensors that record the number of calories burnt while sitting at workstations and alert users if they sit for prolonged hours without any physical activity. This also helps employers in evaluating active and inactive working hours of employees. Many such functional benefits are increasing the adoption of smart office furniture across the world. In addition, many organizations are significantly investing in improving the workspace environment to mitigate the effects caused by hectic work schedules and lack of physical activities. These factors are expected to boost the growth of the global smart office furniture market during the forecast period.
“Increasing number of product launches and the growing popularity of smart multipurpose office furniture will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Smart Office Furniture Market: Segmentation Analysis
This market research report segments the smart office furniture market by product (smart tables, desks, and storages; and smart seatings, benches, and stools) distribution channel (offline and online), and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the smart office furniture market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the highly developed retail sector and the extensive presence of e-commerce platforms in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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