Smart Furniture Market Size, Share, Growth, and Industry Analysis, By Type (Smart Tables, Smart Desks, Smart Stools & Benches, Smart Sofas, Smart Chairs, Others), By Application (Offices, Commercial, Home Use), Regional Insights, and Forecast From 2024 To 2031

Updated On: 29 April 2024

Smart Furniture Market Report Overview

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The global smart furniture market size was 183.5 million in 2022 and is expected to reach USD 777.5 million by 2031, exhibiting a CAGR of 17.4% during the forecast period. 

Furniture that includes technology including USB connections, touchscreens, speakers, and motion-activated features is sometimes referred to as smart furniture. Others confuse intelligent furniture with furniture that is connected to a network or other device. Through the smart home hub, computer, or phone, users may communicate with intelligent furniture. It might have sensors that enable features or change the object in accordance with the preferences. Manufacturers are experimenting and testing new ideas to determine what consumers could value and want in terms of smart furniture developments. In this market sector, considerable growth is to be anticipated.

Smart furniture and furnishings that includes technology are two definitions of smart furniture, and both provide buyers convenience and control in both homes and offices. Smart home renovations that can help anyone sell the asset include high-tech furniture that is integrated and the integration of smart furniture with home automation networks. Moreover, the growing application of furniture in offices, commercials, and house will uplift the smart furniture market growth during the anticipated period.

COVID-19 Impact: Wood Industry to Deplete Market Growth

The COVID-19 pandemic has been unprecedented and staggering, smart furniture experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

One of the major industries affected by the COVID-19 pandemic is the wood industry, which demands an effective algorithm of rules of conduct, craftsmanship, devotion, patience, and discipline. Despite the market for many businesses continually rising, the lockdown has hampered operations. Owing to the supply chain barriers the market growth was severely impacted as the demand from several industries for the furniture depleted drastically. However, after the COVID-19 pandemic various furniture manufacturing companies are implementing smart technologies and indulging themselves in research and developmental activities. It is anticipated that the smart furniture market growth will advance due to the day-today advancements.

LATEST TRENDS

"Growth in the Acceptance of Tech-Savvy Workspace to Stimulate Market Development"

One of the key forces driving progress, in addition to the rise in the acceptance of tech-savvy workspace throughout corporate offices providing IT, research, and laboratories, is the need for ergonomic and practical office furniture among employees who work from home.

Consumer lives are changing significantly as a result of increased disposable income, particularly in urban areas. The emergence of high-end, technologically advanced items is simplifying the lives of professionals and workaholics. This would support the sector's growth in the ensuing years. In addition, as people's disposable income has grown, they have started to think about their social position, which has led to more spending on items including furnishings.

Smart Furniture Market Segmentation

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• By Type

Based on type; the market is divided into smart tables, smart desks, smart stools & benches, smart sofas, smart chairs, others

Smart tables is the leading part of the type segment.

• By Application

Based on the application; the market is divided into offices, commercial, home use

Offices is the leading part of the application segment.

DRIVING FACTORS

"Commercial Sector to Aid Market Expansion "

The market for furniture is dominated by the commercial sector. For new workstations in office and commercial building construction, furnishings will be necessary. Gains will also be aided by an anticipated rise in office improvement work as companies upgrade offices to include modern design aspects including spacious layouts and collaborative workspaces. However, buyers seeking office space on a budget will continue to be tempted to the used furniture market.

The residential category is anticipated to grow during the projection year due to an increasing need for furnishings for living rooms and bedrooms as well as an increase in government-sponsored real estate construction projects, particularly in urban regions.

"Smart Workstations to Foster Industry Progress"

In 2021, the industry for smart workstations led the smart furniture market share. As businesses set up new offices, demand is anticipated to rise due to the anticipated rapid growth of business and office construction and remodeling activity. Replacement activity has typically played a minor role in supplying demand due to product durability and a lack of innovation. However, there will be increased replacement activity as a result of tendencies toward open, collaborative workspace designs.

In metropolitan areas, consumers' lives are changing as a result of increasing discretionary spending. Since luxuries are starting to become necessities in their lives, they are prepared to pay more.

RESTRAINING FACTORS

"Higher Cost of the Furniture to Hinder Market Advancement"

The fact that technology can be diverting and reduce the effectiveness of the work is one of its main drawbacks. Furthermore, this furniture may be prohibitively costly, and keeping up with the most recent developments can be challenging. Hence, the above-mentioned can prove to a restraint in the smart furniture market expansion.

Smart Furniture Market Regional Insights

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"Rise in the Percentage of Employed Professionals in North America to Support Market Advancement  "

With a 32.8% revenue share in 2020, North America topped the market for innovative furniture. Due to a rise in the percentage of employed professionals and the rapid use of technology, the market is progressively expanding and is anticipated to have its highest rate of revenue growth over the projected period. There was no major shift for demand over the ten-year period from 2006 to 2016, however, as a severe decline in demand that coincided with the US recession from 2007 to 2009 was countered by significant rises in other years. Office furniture demand is very cyclical, changing in accordance with macroeconomic factors including the construction of new office buildings, expenditures on capital, and employment levels.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Ikea Group (Netherlands)
• Modoola Ltd. (U.K.)
• Fonesalesman (U.K.)
• Carlo Ratti (Italy)
• Herman Miller, Inc. (U.S.)
• Tabula Sense (U.K.)
• Milano Smart Living (U.S.)
• Seebo Interactive Ltd (Israel)
• Kamarq Holdings (U.K.)
• Ori Systems (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.