Global Home Office Market: Introduction
Home office is a space designated in a person's residence for official business purposes. A home office broadly includes all the services which are used in an office premises, such as internet, communication devices, and work related software. According to Global Workforce Analytics, a person working from home full time can save more than US$ 4,000 annually in travel-related and other expenses
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Global Home Office Market – Dynamics
Shift Toward Remote Working Driving the Growth of the Home Office Market
Adoption of home offices has increased exponentially with the shift toward working from home or remote working. The major growth has been recognized in the information communication technology industry. As per Global Workforce Analytics, home office adoption in the United States has increased at a rate of about 173% in the last decade. That means roughly 5 million people worked from home at least half the time in 2018.
Lack of Communication Infrastructure Hampering the Growth of the Home Office Market
It has been observed that lack of proper communication infrastructure in regions such as Asia Pacific and South America has hampered the adoption of home offices. Incompatible network infrastructure impacts the demand for home offices as it requires robust communication services. The poor network infrastructure hampers the adoption of home offices as well as impacts the work efficiency of employees or the individual who is opting for home offices. However, the adoption of home offices is expected to be positive during the long term period, with the improvement in communication services within these regions.
North America to Dominate the Global Home Office Market
In terms of region, the global home office market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the home office market during the forecast period due to strong adoption of remote working policies among SMEs as well as large enterprises.
COVID-19 Impact on the Global Home Office Market
The COVID-19 pandemic is expected to positively impact the global home office market. COVID-19 has exponentially driven the work from home policy or remote working policy. Adoption of home offices has increased extensively and this has also reduced the overall expenditure of companies. It is expected that until the COVID-19 vaccine is available, remote working from home will be the most adopted way of working across the globe.
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Global Home Office Market – Competition Landscape
- In November 2020, Huddl.ai and Tech Mahindra signed a collaboration for a remote working solution development which will leverage artificial intelligence (AI) and machine learning (ML). The solution will enable meetings with video conferencing, aided by automatic speech recognition, and real-time collaborative notes.
Global Home Office Market: Segmentation
The global home office market can be segmented based on:
- Enterprise Size
Global Home Office Market, by Enterprise Size
Based on enterprise size, the global home office market can be divided into:
- Small & Medium Enterprise
- Large Enterprise
Global Home Office Market, by Industry
In terms of industry, the global home office market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food and Beverage
- Others (Hospitality, Government, and Public Sector, etc.)
Regional analysis of the global home office market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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- Remote Office
- Work Management
- Organization Communication
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.