Smart Desk Market Size (2023 – 2030)

In 2022, the Global Smart Desk Market was valued at $53 Million, and is projected to reach a market size of $134.06 Million by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 12.3%.

Industry Overview:

SmartDesk revolutionizes the workplace and increases productivity, in contrast to conventional settings. The SmartDesk comprises necessary technological elements like displays, and there are still other possibilities for personalizing the workplace to increase efficiency. Smart furniture includes technology such as sensors and intelligent systems to offer improved functionality, such as wireless charging on coffee tables. The lifestyle of consumers, especially in metropolitan areas, is changing substantially due to rising disposable income. The emergence of high-end and cutting-edge items has simplified the lives of professionals and workaholics. A significant rise in commercial and office building development and remodeling activities is projected to enhance demand as corporations outfit new office spaces. The adoption of a more technologically advanced workspace across corporate offices serving IT, research, and laboratories, combined with the desire for efficient and practical office furniture among professionals who work from home, are significant elements that encourage progress. Increasing usage of smart furniture across the workplace (corporate offices) is another major element boosting the market expansion. The length of time a worker stands, sits, or is gone from their workplace is monitored by smart office furniture Additionally, it calculates how many calories an employee consumes while sitting at a desk. To raise awareness of an ergonomic lifestyle, it also sends an alarm when an employee has been sitting for a considerable amount of time. The smart desk market is anticipated to increase significantly throughout the forecast period as corporate organizations place more emphasis on adopting ergonomic furniture. The continually changing designs of smart furniture are a significant factor supporting industry expansion. Companies making smart furniture are creating tables with mirrors that show the time, date, and news as well as wireless charging ports for iPhones.

COVID-19 pandemic impact on Smart Desk Market

The furniture business has been significantly impacted by the sudden COVID-19 epidemic, which hit the world in the first half of 2020. The market's expansion throughout the pandemic period has been hampered by fluctuations in furniture demand, import and export restrictions, and supply chain interruptions brought on by the COVID-19 outbreak. The supply chain disruptions and the temporary suspension of international trade have also had a severe impact on nations that depend significantly on imports for their furnishings. On the other hand, the market is anticipated to profit from the expanding trend of smart city efforts and the increased launch of innovative smart furniture items by industry participants.

MARKET DRIVERS:

The market is growing as a result of rising disposable income, rising home automation system investments, and changing consumer preferences for connected devices

The global market for smart desks is anticipated to grow as disposable income increases and lifestyles change. Additionally, the industry would benefit from increasing investment in home automation systems together with a change in customer preference for connected devices. Due to a greater willingness to live a sophisticated lifestyle, people are willing to spend more on home automation systems. Increased use of smart furniture in numerous sectors is another one of the market's key trends. Due to the growing consumer demand for smart home-controlled devices, the market for smart furniture is expanding globally. Users of smart furniture can also access a wide range of comfort apps.

Manufacturers plan to invest heavily in R&D in the smart furniture sector in the upcoming years which is likely to boost the market

The availability of various smart furniture designs and the significant influence of social media are fuelling the smart desk market. Manufacturers of smart furniture are continuously creating cutting-edge products that support a variety of technologies, including wireless smartphone charging, mirror displays of the time, date, and the news, and sensors built into furniture that tracks the health of the user. To track employee habits including how long they sit, stand, or leave their desk, as well as the number of calories they burn, firms are increasingly implementing smart office furniture. Additionally, because smart furniture has a variety of transformation capabilities, many end users are drawn toward it.

MARKET RESTRAINTS:
The high price of smart furniture and compatibility difficulties may limit market expansion
Wi-Fi, sensors, and other contemporary characteristics are being incorporated by businesses into smart furniture, which can considerably improve the lives of consumers. However, the high expense of incorporating these capabilities deters many businesses and homeowners from adopting smart furniture. In addition, many businesses encounter financial difficulties while attempting to install smart furniture in their facilities. In addition, a lot of businesses still use old furniture and are unwilling to switch to contemporary pieces anytime soon. Smart furniture includes built-in technologies, and if a component stops functioning effectively, a replacement will be expensive.

SMART DESK MARKET REPORT COVERAGE:

Smart Desk Market – By Distribution Channel

• Home Centers

• Specialty Stores

• Online

• Others

Based on Distribution Channel, the Smart Desk Market is bifurcated into Home Centers, Online Stores, Specialty Stores, and Others. In metropolitan areas, consumers' lives are changing as a result of increasing discretionary spending. Since luxuries are starting to become necessities in their lives, they are prepared to pay more. Strong expansion in the development and remodeling of commercial and office buildings is predicted to boost demand as businesses outfit new office spaces.

Smart Desk Market – By Application

• Residential

• Commercial

Based on Applications, the Smart Desk Market is bifurcated into Residential and Commercial. The market for smart desks is dominated by the commercial sector as a result of the increasing need for new workstations in office and commercial building construction. Gains will be further bolstered by an anticipated rise in office improvement activity as companies revamp workspaces to incorporate modern design aspects like open floor plans and collaborative work areas. As businesses set up new offices, demand is anticipated to rise due to the anticipated rapid expansion of commercial and office building development and remodeling activity. However, buyers seeking office space on a budget will continue to be tempted by the used furniture market. The residential category is anticipated to grow during the projection year due to rising demand for furniture for living rooms and bedrooms as well as a surge in government-sponsored real estate development initiatives, especially in urban areas.

Smart Desk Market - By Region:

• North America

• Europe

• Asia-Pacific

• Rest of the World

North America dominated the market for smart desks with a 32.8% revenue share in 2021.  Due to a rise in the number of working professionals and the rapid use of technology, the market is progressively expanding and is anticipated to have its highest rate of sales growth over the projected period. The rise of home automation and increased disposable income favorably affect the demand for smart furniture. Office furniture demand is very cyclical, changing in response to macroeconomic factors including the construction of new office buildings, capital investment, and employment levels. Due to the rapid growth of the residential real estate business in Asian nations like China and India, the market for smart furniture in the Asia Pacific is anticipated to experience a profitable CAGR of 15.2% from 2023 - 2030.

Major Key Players in the Market

1. Inter Ikea Systems B.V

2. Sleep Number Corporation

3. Sobro

4. Hi-Interiors srl

5. Modoola Limited Fonesalesman

6. Nitz Engineering GmbH

7. Eight Sleep

8. LLC Desktronik 

Notable happenings in the Smart Desk Market in the recent past:

• Acquisition- In May 2022, Steelcase Inc. and HALCON, a Minnesota-based designer and producer of precisely customized wood office furniture reached a definitive deal. With the addition of this purchase to Steelcase's current line of wood products, A+D specialists and clients will have access to products with unmatched design and skillful craftsmanship.

• Acquisition- In July 2021, Herman Miller announced the acquisition of Knoll, Inc., elevating the business to the position of a leading innovator in contemporary design. The combined company has 64 showrooms worldwide, over 50 physical retail locations, 19 major brands, a global dealer network, and global multi-channel e-commerce capabilities. The signing of this agreement is the first step in realizing the many advantages of this merger, enabling them to start taking advantage of the merged company's capabilities right once.

• Acquisition- In April 2020, Ikea acquired Geomagical Labs, a firm in artificial intelligence (AI) imaging. Ikea would contribute to improving Geomagical Labs' virtual home visualization technologies with this acquisition. Additionally, consumers can scan their rooms using their smartphone camera and then remove all the furniture and goods in a digital 3D representation owing to the company's flagship technology.