The global home office spending market is expected to advance at a robust CAGR of 17% during the forecast period. In 2023, the market valuation is anticipated to be at USD 29,388.12 million. By 2033, the valuation is projected to surge beyond USD 141,263.65 million.
The COVID-19 pandemic has increased the adoption of the work-from-home model by a lot of companies. Apart from assisting in cost-cutting, working from home has also been instrumental in boosting employee productivity. This is expected to surge the demand for home office spending solutions.
The application of home office spending equipment implies incremental usage of cloud-based models. The companies are willing to invest millions of dollars in cloud-based models as it is crucial for storing massive amounts of data, which can be accessed from anywhere. This is further supported by the increasing penetration of the internet and rapid urbanization.
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The manufacturers are of the view that these assist the Information Technology firms in particular from cyberattacks. Owing to this, the Information Technology market in particular is betting on home office spending equipment.
Thus, the market researchers in FMI are of the view that ‘increasing adoption of the work from home model by the companies, rising usage of cloud-based models, higher application by the Information Technology market, and lots of other factors are expected to surge the home office spending market growth during the forecast period.’
Key Takeaways:
- In 2023, the market size is expected to be at USD 29,388.12 million.
- By 2033, the valuation is expected to reach USD 141,263.65 million.
- The CAGR during the forecast period is anticipated to be at 17%.
- On the basis of regional analysis, North America is expected to hold the dominant market share.
- The United States market is expected to record a CAGR of 11.9%.
- German market is anticipated to post a CAGR of 13.35%.
- China market is projected to register a CAGR of 16.38%.
- Japanese market is expected to advance at a CAGR of 19.59%.
- South Korean market is projected to record a CAGR of 22.77%.
- On the basis of deployment, the cloud segment is expected to hold the dominant market share and is anticipated to record a CAGR of 14%.
- On the basis of application, the business productivity segment is projected to hold the dominant position, and is expected to post a CAGR of 15.1%.
Competitive Landscape:
The key players in the home office spending market are putting huge amounts of money on mergers and acquisitions. The key idea is to increase the market share. The manufacturers are also bringing on board executives who have been a part of the sector for decades, and have helped the previous companies deliver higher numbers.
With sectors taking proactive measures to reduce carbon footprints, the key players are also implementing measures to ensure that emission remains minimal. The strategic partnership is also a part of the long-term plan as it may enable the manufacturers in knowledge and technology sharing.
Significant developments in the home office spending market:
- In December 2022, Amazon Web Services and American Family Insurance teamed up to drive innovation in the insurance industry.
- In January 2023, Avaya was named the leader position in the inaugural report from Aragon Research for Conversational AI (CAI) in the Intelligent Contact Center.
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Dominant players in the market:
- Avaya
- Amazon Web Services
- Cisco Systems Inc.
Home Office Spending Market Segmentation:
By Solution:
- Home Office Tools
- Home Office Services
By Deployment:
- Cloud
- On-Premise
By Application:
- Business Productivity
- Information Security
- Enterprise Communication
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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