Key Market Dynamics:
- Market Driver
- Market Challenges
The increasing adoption of smart products is driving the growth of the smart furniture market. The popularity of smart furniture is growing across the world. Organizations want to offer their employees enhanced workplace comfort, as they face problems due to lack of physical activities and busy work schedules. They are investing heavily to ensure maximum productivity of their employees during their work hours. Smart furniture products have multiple sensors embedded in them, which analyze the activity log of employees. Thus, the captured data helps employers in evaluating the active and inactive working hours of the employees.
The lack of demand in developing countries will challenge the smart furniture market during the forecast period. The awareness about the benefits of smart furniture and furniture systems is low in underdeveloped economies and rural areas. Most of the consumers in these areas prefer traditional furniture. However, these areas have minimal demand for smart furniture and furniture systems due to low product consciousness and lack of exposure to technological advances. Thus, the sales of smart furniture in APAC and MEA are lower than those of developed economies of Europe and North America. Consumers in underdeveloped economies and rural areas are unaware of the benefits and novel technological advances of smart furniture and furniture systems due to lack of technological exposure.
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By distribution channel, the smart furniture market report is segmented into offline and online segments. The offline segment will have significant market share growth during the forecast period. The smart furniture market is expected to witness the establishment of numerous physical retail stores during the forecast period. This is because smart furniture vendors are inclined toward expanding their business globally.
By geography, the market has been segmented into APAC, Europe, MEA, North America, and South America. North America will be the leading region with 34% of the market's growth during the forecast period. The US is the key country for the smart furniture market in North America.
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Some Companies Mentioned
- CARLO RATTI ASSOCIATI Srl
- Desktronic LLC
- Fonesalesman Ltd.
- Herman Miller Inc.
- Inter IKEA Systems BV
- Milano Smart Living
- Modoola Ltd.
- Ori Inc.
- Steelcase Inc.
- StoreBound LLC
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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Smart Furniture Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Decelerate at a CAGR of 5% |
Market growth 2020-2024 |
USD 244.21 million |
Market structure |
Concentrated |
YoY growth (%) |
7.04 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
North America at 34% |
Key consumer countries |
the US |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
CARLO RATTI ASSOCIATI Srl, Desktronic LLC, Fonesalesman Ltd., Herman Miller Inc., Inter IKEA Systems BV, Milano Smart Living, Modoola Ltd., Ori Inc., Steelcase Inc., and StoreBound LLC |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Customer landscape
Drivers, Challenges, and Trends
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- CARLO RATTI ASSOCIATI Srl
- Desktronic LLC
- Fonesalesman Ltd.
- Herman Miller Inc.
- Inter IKEA Systems BV
- Milano Smart Living
- Modoola Ltd.
- Ori Inc.
- Steelcase Inc.
- StoreBound LLC
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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SOURCE Technavio
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