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.
Global Home Office Market – Competition Landscape
- In November 2024, 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
- Industry
- Region
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)
- Manufacturing
- Construction
- Wholesale Distribution
- Non-profit Organizations
- Chemicals
- Food and Beverage
- Retail
- Others (Hospitality, Government, and Public Sector, etc.)
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