Increasing Number of Freelance Professionals linked to Global Home Office Furniture Market Growth

Inkwood Research estimates that the Global Home Office Furniture Market is evaluated to grow with a CAGR of 6.80% in terms of revenue during the forecasting years, 2022-2030.
"Browse 49 Market Data Tables and 44 Figures spread over 185 Pages, along with an in-depth TOC on the Global Home Office Furniture Market Forecast 2022-2030."

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The global home office furniture market growth is primarily attributed to the transition to work-from-home. Accordingly, the new working lifestyle has resulted in prominent companies entering the market with innovative and sustainable product developments.

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Rising Number of Freelance Professionals drive Market Growth
In the last decade, there has been an increase in the number of people pursuing and offering freelancing and consulting services. Also, there is a growing preference for freelancers among corporates, given the benefit of access to a large & deep pool of highly motivated, talented, and experienced individuals without incurring huge expenses as that with a full-time staff.
In addition, start-ups favor freelancers to find efficient services, boost flexibility, and minimize costs. Furthermore, as per Payoneer research, countries like India, the second-fastest expanding market for freelancers after the Philippines, witnessed a considerable 45% increase in new freelancers in 2020. Such developments raise the demand for home office furniture.

Specialty Stores are the Largest Revenue-Generating Distribution Channel
A specialty store encompasses a large range of styles, models, or brands within a constrained area of products. Accordingly, specialist furniture shops offer furniture for different categories, commercial, home office, office, and home. Such stores enable consumers to compare different brands before making a choice. In addition, they are a one-stop shop for all furniture needs, allowing buyers to see, feel, and touch the products before buying.
Furthermore, specialty stores account for a considerable share of physical retailing in the market. This is attributed to the preference to physically inspect things before purchases, particularly with regard to luxury home office furniture products. Besides, same-day or flash delivery of the products, free home delivery, after-sale services, and occasional discounts are the key variables enabling specialty stores to record more business transactions.

Asia-Pacific: Fastest-Growing Region
The increasing working population and the thriving work-from-home model offer growth opportunities for the home office furniture market in Asia-Pacific. Also, the growing focus on the construction of office building and real estate contribute to market growth. In addition, the improving economic conditions and the expansion of corporate offices positively impact market growth.
The market rivalry is intensified by strategic initiatives like mergers and acquisitions by global and local players. Some of the leading players in the market include Knoll Inc, Herman Miller Inc, Flexsteel, IKEA, etc.

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