Technology has definitely changed over the past 20 years through wireless innovations and artificial intelligence. These days we are looking for quick solutions to solve our problems and ways to simplify our lives. It is amazing to see how emerging technology is shaping the furniture industry. Most furniture companies are using smart tech to improve their products to make them consumer-centric. Brands are making furniture products more attractive and comfortable. Smart furniture is designed to meet the needs of our modern-day lifestyles.
Modern-day furniture is far more advanced and is capable of doing a lot of things. Customers think that it is worth investing in them in the long run. With household items becoming “smart”, furniture is following the same suit. Manufacturers are doing more to integrate the latest smart technology in furniture, from desks that can wireless charge your phone to coffee tables that play your favorite music.
The furniture industry is definitely headed towards smart furniture. So far, according to a 2020 report, the smart furniture market was estimated to be worth $247.45 million. That means smart furniture is changing the way we perceive the world around us and how we live. According to a forecast, the smart furniture market growth will increase by $244.21 million during the period 2019-2024.
The key factors for this rise in market growth are, its use in detecting an increase in online retailing and the well-being of employees by various brands. Smart furniture brands also focus more on grabbing business opportunities from the offline segment as it accounts for a large portion of the market share. The increasing adoption of smart products is a key market driver as well.
Furniture brands are looking to reap the long-term benefits of selling smart furniture. According to an analysis, brands like CARLO RATTI ASSOCIATI Srl, Desktronic LLC, Fonesalesman Ltd., Herman Miller Inc., Inter IKEA Systems BV, Milano Smart Living, Modoola Ltd., Ori Inc., Steelcase Inc., StoreBound LLC are few key vendors who are already excelling in the smart furniture market. These brands also focus more on grabbing business opportunities from the offline segment as it accounts for a large portion of the market share.
Lamps and light bulbs are already being used, which gives customers the ability to choose the brightness and colors for illuminating each room. Brands are now looking to incorporate touchscreen control panels and monitor on every surface. Even speakers are being concealed into furniture to play music wherever the customer is at home.
Customers will be looking forward to buying smart appliances because they are sustainable, multi-functional, and efficient. Customers will be able to interact with every aspect of their home, both in design and function. As of a 2020 report, IKEA was the fourth most valuable retailer in the world, making it the most valuable smart appliance retail brand, valued at almost 48.1 billion U.S. dollars.
This clearly shows that customers are already looking to buy smart furniture products. New innovations in haptic feedback, will always keep the customer interested, improving the sense of touch via interfaces. Brands are already exploring these areas, paving the way for future developments.
Usually, brands advertise and sell their products in-store or on their websites online. But with the advent of AR and VR technology, brands are now able to help customers visualize their furniture needs digitally. According to a report, the global visualization and 3D rendering software market is growing at a CAGR of 21.7% from 2017 to 2023. Using Visualizers and 3D models, brands are able to help the customer view various smart furniture products before they purchase them. This allows customers to get a feel of the product, by looking at various views of 3D models in a virtual environment.
Customers will surely prefer having smart appliances in their homes just because of how convenient they are. The best example is removing the need for wired chargers as we increase the number of tech essentials that the average customer owns. Although smart products are expensive because of all the technology it contains, their long-term durability and the convenience it gives to the customer outweigh everything else.
Another key aspect is the mass customization factor, that smart furniture brings to the customer. Thanks to new technology and the improvement of production methods like 3D printing, brands are able to create very personalized products. This lets the customer design and customize furniture to suit their specific needs and space, instead of a brand doing the same. Why would you not want a sofa designed by yourself?
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