Government efforts associated with prevention of COVID-19 contagion imply that home office has stepped up from simply a benefit to a necessity for maintaining entire operation of businesses and work-related activities.
As telecommuting has become mainstream, and subsequently work-from-home (WFH) culture is expected to continue after workplaces resume on large scale, Future Market Insights (FMI), in its recent study, has brought key trends shaping home office spending market to the fore.
Soaring trend of remote working has influenced FMI to estimate that the global home office spending market will grow at 15.3% CAGR over forecast period, 2020-2030.
While remote work software such as virtual reality (VR) conferencing, and mobile work tools will become preferable form of communication – even face-to-face meetings – artificial intelligence (AI) will also play significant role in managing remote staff.
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Home Office Spending Market Size Study
- Adoption of home office spending solutions will rise at 15.3% CAGR during 2020-2030
- Home office spending tools currently hold leading revenue share
- Cloud deployment models to capture greater value share in home office spending market, tentative to 60%
- Business productivity will remain key application area of home spending solutions
- Players to eye investment opportunities in North America and Europe, as both regions are test beds for technology innovations
Free Wi-Fi and buzzy vibe of local coffee shops have been de facto home offices for hosts of laptop-toting knowledge workers before onset of COVID-19 pandemic. That said, pandemic-led lockdowns and subsequent consequences have compelled workers to take their jobs home, making home office a much-coveted feature of modern lifestyle,” says analyst at FMI.
COVID-19 Impact on Home Office Spending Market
With the COVID-19 pandemic showing no signs of subsiding, it has become palpable that work from home (WFH) – or remote working – could be a long-term reality. In order to help customers transform better and embrace WFH lifestyle sleekly, many several companies have granted home office allowance, or relevant facilities such as computers and furniture.
Recent estimates suggest that almost 55% of enterprises worldwide provide certain capacity for remote working, and about 18% of workforce telecommute on regular basis.
Moving ahead, isolation of home offices has created fertile breeding ground for companies to engage telecommuters with online platforms and communities. There is plethora of opportunities to establish connections with the work-from-home community.
Such trends translate into increased demand for home office spending tools and services including, collaboration tools, conferencing software, and security services.
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Home Office Spending Market – Competitive Intelligence
The global home office spending market is characterized by presence of various leading players such as Oracle Corporation, Microsoft Corporation, and Google Inc. As organizations and working professionals are being exposed to COVID-19-induced challenges, these players are stepping up their efforts to provide secured enterprise network solutions. For instance,
- Microsoft has rolled out new updates for its subscription services – Office 365 – which include 1 TB of OneDrive cloud storage per individual, advanced security features to keep phishing attacks and malware at bay, and 60-min Skype calling on mobile phones and landlines.
- Oracle has announced free access to its Workforce Health & Safety solution that allows HR executives to trace and record health-related issues among their colleagues (such as confirmed COVID-19 cases), reduce exposure to larger workforce, and take necessary actions quickly.
Want To Know More About Home Office Spending Market?
A new market research report published by Future Market Insights (FMI) on the global home office spending market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the home office spending market through four different segments – solution, deployment, application, and region. The home office spending market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the development of home office spending solutions and product adoption across several end-use industries.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.