According to a new market research report published by Credence Research “Smart Furniture Market (Product Type – Smart Tables, Smart Desks, Smart Stools & Benches, Smart Sofas and Smart Chairs; Application – Corporate Offices and Residential) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global smart furniture market is estimated to grow at a CAGR of 21.8% during the forecast period to reach US$ 794.8 Mn by 2026.
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The smart furniture market is set to show high growth over the forecast period due to significantly growing spending on home automation solutions. Smart furniture, often referred to as the future of furniture, is seen as a key aspect of home automation, creating numerous opportunities for market growth. Since its infancy, the sector has shown signs of wide-scale growth in the years to come. Smart furniture offers a variety of advantages, such as allowing wireless charging for smart devices, listening to radio, checking news or recipes, internet browsing and calling, among others. It makes smart furniture much superior to traditional furniture.
Changing lifestyles is one of the most important factors affecting the growth of the smart furniture industry. As a result of increased discretionary income, people are now more likely to invest in home automation solutions such as smart furniture. Subsequently, the residential segment would continue to dominate the market during the forecast period. However, organizations around the world are gradually embracing smart furniture for their workers in an effort to improve their well-being and increase productivity.
Smart furniture allows tracking of tasks such as sitting or standing time and calories burned by an employee. As a result, these advantages are expected to drive the market for smart furniture in corporate offices in the years to come. As a result, the division of corporate offices would have increased market growth in the years to come. Continuous technological advances have resulted in the introduction of various features such as wireless mobile charging, integration of hot drinks and Bluetooth speakers, among others, into single furniture, which is expected to further boost the growth of the smart furniture industry.
Nevertheless, people’s reluctance to adopt new technologies tends to impede the growth of the smart furniture industry. Since the idea of smart furniture is still relatively new, the effective introduction of smart furniture may be subject to significant delays. In addition, the complex design of smart furniture makes its price comparatively higher than conventional furniture, further slowing down the growth of the industry.
Some of the major players operating in the market include Milano Smart Living, Modoola Ltd., Fonesalesman, Carlo Ratti, Herman Miller, Inc., Tabula Sense, Ikea Systems B.V., Seebo Interactive Ltd., Kamarq Holdings and Ori Systems among others. One of the most popular strategies adopted by these players is emphasis on product development, in order to offer enhanced comfort and usability to the consumers. For instance, in April 2016, Carlo Ratti Associati launched an innovative sofa based on the concept of IoT. The new sofa is developed in association with Swiss furniture brand Vitra and is designed to adjust into different configuration using hand gestures or mobile app.