The global smart furniture market size was valued at USD 143.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.4% from 2021 to 2028. Major factors favoring the progress include the rise in adoption of tech-savvy workspace across the corporate offices catering to IT, research, laboratories, clubbed with the demand for optimized and functional work furniture among the work-from-home professionals.
The smart desks segment dominated the market for smart furniture and accounted for the largest revenue share of 34.8% in 2020. Vigorous growth in commercial and office building construction and remodeling activity is anticipated to buoy demand as companies furnish new office spaces. While replacement activity historically played a minor role in supporting demand – largely the result of product durability and lack of innovation – trends towards more open, collaboration-oriented workspace design will drive an increase in replacements.
Key Player Mentioned:
- Inter Ikea Systems B.V.
- Sobro
- Sleep Number Corporation
- Hi-Interiors srl
- Modoola Limited
- Fonesalesman, LLC
- Desktronik
- Nitz Engineering GmbH
- Rest Lunar a Retro Sys, Inc., company
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Product Segment Analysis:
- Smart Desks
- Smart Tables
- Smart Chairs
- Others
Application Segment Analysis:
- Residential
- Commercial
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The residential segment is anticipated to proliferate over the forecast period owing to the growing demand for furniture in living rooms and bedrooms coupled with a rise in real estate construction projects initiated by governments especially in urban areas.
The commercial segment dominated the market for smart furniture and accounted for the largest revenue share of 50.9% in 2020. In commercial building and office construction, the furniture will be needed to outfit these new workspaces. A forecast increase in office improvement activity will further support gains as companies remodel work areas to include modern design features, such as open floor plans and collaborative work areas. However, the market for used furniture will continue to appeal to budget-conscious office purchasers.
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