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
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.
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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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