Rise in Internet-Connected Devices Fueling Smart Furniture Industry Growth, says Market.us
Smart Furniture is referred to any furniture solution that makes use of the surrounding environment to offer seamless function and comfort for the users. It is a collection of objects that facilitates different human activities, including seating in a dining room, sleeping, eating, and many more.
Smart furniture generally features the characteristics of design and could be modern, traditional, or extravagant. It is built in the pursuit of reducing space. With multiple functions, smart furniture is constructed with an emphasis on design and appearance. It can also be incorporated with modern IT technology that allows the user the capability of connecting the smart furniture to their smartphone devices.
According to research by Market.us, “The Global Smart Furniture Market was valued at USD 0.18 billion in 2022. It is expected to grow at a 12.4% CAGR and reach USD 0.58 billion between 2023 and 2032.”
Anurag Sharma, a senior research analyst at Market.us, said, “The increasing adoption of internet-connected devices, the growing demand for home automation, and the desire for energy efficiency drive the market. Additionally, the rise of the sharing economy and the trend towards smaller living spaces are also contributing to the growth of the smart furniture market.”
Smart furniture can also be used in commercial spaces such as offices, hotels, and the healthcare industry. The key players are focused on the development of innovative and advanced products to cater to the increasing demand for smart furniture.
Some of the major factors driving this growth include the increasing use of technologically-savvy workspaces across corporate offices that cater to research, IT, labs, and the need for well-designed and practical work furniture for those who work from home.
The way of life of the consumer, particularly in urban regions, is drastically changing because of the increase in disposable income. Luxury and technologically integrated products are now an integral element of their lives, which is helping ease the work-related lives of professionals as well as workers.
This could drive this industry over the next years. Additionally, the increasing disposable incomes of people have led to an increased awareness of the social standing of people, which drives an increase in the amount of money spent on items like furniture.
The restraining factors of the smart furniture market include high costs associated with the development and manufacturing of smart furniture, lack of standardization and interoperability among different smart furniture systems, and the potential for privacy and security concerns.
Additionally, some consumers may be hesitant to adopt smart furniture due to concerns about the reliability and durability of the technology, as well as concerns about the potential for hacking and data breaches. Another factor is a lack of awareness among consumers about smart furniture technology, which could limit its adoption.
Numerous players, including Steelcase Inc., SobroAB, and many other companies are shifting their focus to the creation of smart furniture. selling their furniture via online retailers is among the recent trends that have been observed in the market for smart furniture in the present.
North America is accounted for the highest share of revenue in the global market for smart furniture in the coming years due to the growing home automation industry as well as people who are willing to invest much in home automation systems in these countries.
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