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.
Smart furniture market is set to demonstrate high growth over the forecast period due to substantially growing expenditure over home automation solutions. Smart furniture often referred to as the future of furniture is considered as a prominent aspect for home automation, thereby creating numerous market growth opportunities. Despite being in its nascent stage, the market has shown signs of wide scale adoption in the years to come. Smart furniture offers various benefits such as enabling wireless charging for smart devices, listening to radio, news or recipe searching, internet browsing and calling among others. This makes smart furniture far more superior as compared to conventional furniture.
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Changing lifestyle is one of the most prominent factors influencing the smart furniture market growth. As a result of increasing discretionary income, people are now more likely to invest in home automation solutions such as smart furniture. Subsequently, residential segment would continue dominating the market during the forecast period. Further, organizations across the world are now increasingly adopting smart furniture for their employees in a zeal to improve their well-being and increase productivity. Smart furniture enables monitoring of activities such as sitting or standing time and calories burnt of an employee. Thus, these advantages are expected to drive the demand for smart furniture in corporate offices in the following years. Thus, corporate offices segment would register higher growth in the market in following years. Continual technological advancements have resulted in incorporation of various features such as wireless smartphone charging, induction beverage warmer and Bluetooth speakers among others into a single furniture, a factor further expected to strengthen the smart furniture market growth.
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However, people’s reluctance towards adopting new technology remains a hindering factor for the smart furniture market growth. As the concept of smart furniture is still relatively new, effective adoption of smart furniture may experience significant delay. In addition, complex design of smart furniture makes its price relatively higher as compared to traditional furniture, further slowing the market growth.
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.