Industry Background:
Growing expenditure over home automation solutions and changing lifestyle will help to boost global smart furniture market in the forecasted period. Smart furniture syndicates smart home technology along with network-connected household including chairs, dressing tables, shelves, and cabinet doors. Additionally, it refers to the furniture combined with the technology consisting of network capability to permit the consumers to encompass their furniture beyond its original analog function. Frequent technological advancements have resulted in the incorporation of many features such as induction beverage warmer, wireless smartphone charging and Bluetooth speakers among others into an item of single furniture, an aspect further anticipated to strengthen the smart furniture market growth.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Milano Smart Living (New York), Modoola Ltd. (England), Fonesalesman (United Kingdom), Carlo Ratti (United States), Herman Miller, Inc. (United States), Tabula Sense (Russia), Ikea Systems B.V. (Netherlands), Seebo Interactive Ltd. (Israel) and Kamarq Holdings (Singapore) |
CAGR | 21.8% |
According to AMA, the market for Smart Furniture is expected to register a CAGR of 21.8% during the forecast period to 2027. This growth is primarily driven by High Growth Due To Its Application in the Workplace to Improve the Well-Being of the Employees and The Increased Availability of the Software to Create Smart Furniture Is Easily Available.
Globally, a noticeable market trend is evident Growing Adoption Due To Use of Networking Capability Such As Sensors
. The Consumer Goods sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Milano Smart Living (New York), Modoola Ltd. (England), Fonesalesman (United Kingdom), Carlo Ratti (United States), Herman Miller, Inc. (United States), Tabula Sense (Russia), Ikea Systems B.V. (Netherlands), Seebo Interactive Ltd. (Israel) and Kamarq Holdings (Singapore) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 7th June 2018, Herman Miller, Inc. the global designer and furniture manufacturer has acquired a 33 percent equity interest in Nine United Denmark A/S (HAY). The deal was established for 66 million dollars. Herman Miller also acquired the rights to the HAY brand in North America for approximately 5 million dollars.
Market Drivers
- High Growth Due To Its Application in the Workplace to Improve the Well-Being of the Employees
- The Increased Availability of the Software to Create Smart Furniture Is Easily Available
Market Trend
- Growing Adoption Due To Use of Networking Capability Such As Sensors
- Rising Inclination towards Charging Tables
Restraints
- People’s Reluctance towards Adopting New Technology
Opportunities
Technological Advancement Associated With Smart Furniture and Fueling Demand in Developing Countries
Challenges
High Cost of Smart Furniture
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Smart Furniture Study Sheds Light on
The Smart Furniture Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Smart Furniture industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Smart Furniture industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.