Smart Office Furniture Market by Distribution Channel, Product, and Geography - Forecast and Analysis 2023-2027

Smart Office Furniture Market Analysis Report 2023-2027:

The smart office furniture market size is estimated to grow at a CAGR of 9.07% between 2022 and 2027. The market size is forecast to increase by USD 95.69 million. The growth of the market depends on several factors, including developments in connectivity technologies, functional benefits of smart office furniture, and the increasing number of product launches.

This smart office furniture market report extensively covers market segmentation by distribution channel (offline and online), product (smart tables, desks, storage, smart seating benches, and stools), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Smart Office Furniture Market During the Forecast Period?

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Smart Office Furniture Market: Key Drivers, Trends, Challenges, and Customer Landscape

Developments in connectivity technologies are notably driving the market growth, although factors such as the long product replacement cycle may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Smart Office Furniture Market Driver

Developments in connectivity technologies are notably driving the market growth. Bluetooth, Wi-Fi, and IoT are essential connectivity technologies for smart office furniture. These technological developments are driving the launch of various smart office furniture products such as smart desks, smart tables, and smart chairs. In addition, some of the major vendors operating in the global smart office furniture market are offering smart furniture products with advanced connectivity technologies.

For example, Steelcase, a leading manufacturer of office furniture, is collaborating with Sprint and Ericsson to discover how 5G will impact offices by deploying Sprint`s 5G service in its Atlanta WorkLife Center. Advancements in connectivity technologies that accelerate the integration of these technologies into smart office furniture are expected to have a positive impact on the market during the forecast period. 

Significant Smart Office Furniture Market Trends

Increasing online retailing is the key trend influencing market growth. Online retail includes various retail models such as business-to-business (B2B), business-to-business (B2C), and consumer-to-consumer (C2C) sales of goods and services remotely via smartphones, tablets, and laptops. Shopping from the ground becomes possible. The high adoption of smartphones and other technologically advanced devices is one of the main factors driving the sales of smart office furniture products. Online retail eliminates the need for physical stores, large inventories, labor costs, and other costs. In addition, retail visibility will increase as there are no geographic restrictions on product and service offerings. Online commerce allows retailers to tap into untapped markets around the world by leveraging the broad visibility that the Internet provides. 

Most smart office furniture manufacturers, retailers, and exclusive distributors are now promoting and selling their products online to increase product awareness and online presence. Nearly all smart furniture brands, including Steelcase and Stirworks, actively sell their products online through their own website and popular retail sites such as Amazon.com Inc. (Amazon) and eBay. Due to growing awareness of the convenience of online shopping and other related benefits, there are numerous online retailers offering a wide variety of products in the global smart office furniture market. 

Major Smart Office Furniture Market Challenge

Long product replacement cycles may impede market growth. Most furniture solutions, especially those for official purposes, are designed for long-term use and, in most cases, do not require frequent modernization or replacement. In addition, most intelligent office furniture products require a large investment, which is considered a one-time expense. Most smart office furniture brands are high quality and durable. Smart office furniture requires inexpensive yet timely maintenance. High-quality smart office furniture has a longer product replacement cycle, which reduces frequent purchases of smart office furniture.

High acquisition costs and long replacement cycles hamper the annual growth of the market. Most smart office furniture manufacturers offer product warranties that further extend product life and discourage repeat furniture purchases. Thus, the long replacement cycle of smart furniture products limits sales and hinders the growth of the global smart office furniture market during the forecast period.

Key Smart Office Furniture Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Smart Office Furniture Market Customer Landscape

Who are the Major Smart Office Furniture Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Avnet Inc.: The company offers Smart Office solution that makes it simple, fast, and convenient to find and book a meeting room by simply entering the room with a smartphone.

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• Berco Designs
• DEKOM AG
• Featherlite Pvt Ltd
• GoBright B V
• Haworth Inc.
• Humanscale International Holdings Ltd.
• Interogo Foundation
• Kimball International Inc.
• Kinnarps AB
• KOKUYO Co. Ltd.
• Konig Neurath AG
• Mikomax Sp z o o
• MillerKnoll Inc.
• Nilkamal Ltd.
• Schiavello International
• Smart Furniture LLC
• Steelcase Inc.
• Tabula Sense
• ZHEJIANG SUNON FURNITURE MANUFACTURE CO. LTD

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Smart Office Furniture Market?

The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel segment of the global smart office furniture market consists of four categories namely direct sales, dealers, distributors, and retailers. Offline sales channels bring many benefits to end users. Potential buyers can contact suppliers of smart furniture products. Additionally, the offline sales channel offers a large number of stock units (SKUs), giving end users a wide range of choices to choose from. Offline sales channels also have a wide variety of brands available at retail outlets and multi-branch outlets.

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The offline segment was valued at USD 103.40 million in 2017 and continued to grow until 2021. Offline sales channels mainly include the sale of smart office furniture products through catalogs including digital and physical catalogs. In this category, the products are mostly offered at discounted or factory prices, presumably because they have optimized the supply chain with the least number of stakeholders in the entire supply chain. The availability of an online catalog increased the popularity of the direct sales format. Customers can directly adapt products to their needs and business strategies, which is a great advantage of offline sales channels. This results in stronger customer relationships and control of the provider's operating costs, which in turn lowers product prices. The benefits associated with this retail format are improved customer relationships, controlled operating costs, and lower product prices. Due to these advantages, this segment is expected to grow during the forecast period.

Which are the Key Regions for the Smart Office Furniture Market?

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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The USD, Canada, and Mexico are some of the key countries contributing to the growth of the smart office furniture market in North America. High income and a high rate of urbanization in developed countries are among the major factors driving the growth of the smart office furniture market in North America. Due to high disposable income in major countries such as United States and Canada, the demand for luxury and premium office furniture in corporate offices is expected to increase during the forecast period.

Efficient use of office space is highly valued in the region, and many employers are installing smart furniture for employee health. As awareness of the numerous functional benefits of intelligent office furniture grows, acceptance of these products increases. Smart furniture products such as smart chairs and smart desks alert employees to sedentary situations and track productive working hours. Smart office furniture helps commercial businesses reduce power waste. Smart office furniture can be turned off remotely using an internet-enabled smartphone. Commercial organizations, especially offices, are therefore expected to increase their adoption of smart furniture products to address growing concerns about energy waste.

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the smart office furniture market in North America slowed down due to the outbreak of COVID-19. The outbreak prompted governments in the region to impose lockdowns and trade restrictions in the second quarter of 2020, leading to temporary closures of various suppliers and end-use industries. This reduced the production and demand for smart office furniture. The market rebounded since 2021 as providers and corporate sectors resumed normal operations due to increased vaccination campaigns. Additionally, the market is expected to increase sales of smart office furniture through e-commerce channels. Such factors are expected to contribute to the high growth of the smart office furniture market in North America during the forecast period.

Segment Overview

The smart office furniture market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Distribution Channel Outlook (USD Million, 2017 - 2027)
  • Offline
  • Online

• Product Outlook (USD Million, 2017 - 2027)
  • Smart tables desks
  • Storage
  • Smart seating benches
  • stools

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

Parent Market Analysis

Technavio categorizes global smart office furniture as a part of the global home furnishings market within the global household durables industry. The parent global home furnishings market covers products and companies engaged in the manufacturing/marketing of furniture, home furnishings, floor coverings, and decorative products. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.

 

Smart Office Furniture Market Scope
Report Coverage	Details
Page number	158
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 9.07%
Market growth 2023-2027	USD 95.69 million
Market structure	Fragmented
YoY growth 2022-2023(%)	8.49
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 47%
Key countries	US, Canada, China, Germany, and France
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Avnet Inc., Berco Designs, DEKOM AG, Featherlite Pvt Ltd, GoBright B V, Haworth Inc., Humanscale International Holdings Ltd., Interogo Foundation, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Mikomax Sp z o o, MillerKnoll Inc., Nilkamal Ltd., Schiavello International, Smart Furniture LLC, Steelcase Inc., Tabula Sense, and ZHEJIANG SUNON FURNITURE MANUFACTURE CO. LTD
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the 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.

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What are the Key Data Covered in this Smart Office Furniture Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of market vendors

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