The global home office spending market size is set to reach US$ 25.71 Bn in 2022, and is further predicted to expand at a remarkable CAGR of 15.7% to close in on a valuation of US$ 82.42 Bn by the end of 2030.
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Home Office Spending Market Size Study
- 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.
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.
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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.