The global market for home office spending solutions is growing along with rapid shift of businesses towards working from home (WFH) and increasing reliance on remote working services amid the COVID-19.
The trend is unlikely to slow down as several finance leaders are planning to move conventionally on-site workforce to permanently remote positions after COVID-19 chapter.
A recent global business survey by Xerox has revealed that enterprises are investing in new resources to promote hybrid workforce, with 56% scaling up technology budgets and 34% planning to accelerate their shift towards digital ecosystem in 2020.
FMI’s home office spending market report estimates worldwide revenue to surpass US$ 80 Bn over forecast period, 2020-2030.
Remotely Managed IT Services – Safe and Cost-effective Approach
With remote working becoming necessity for several companies amid stay-at-home measures, they are putting greater emphasis on remote access to enterprise networks, and various services offered by cloud computing.
While hardware issues can be overlooked until easing off of lockdown restrictions, there are still several software services that can be managed remotely. Managed IT services leverage user-centric solutions to scale up productivity of employees.
Remote working setups elevate possible entry points for cybercriminals. Remotely managed IT services mitigate security risk on all fronts. Service providers develop, establish, and maintain customized risk mitigation strategy to stave off risks and ensure compliance.
Further, as economic structure of various countries is taking a hard hit, remotely managed IT services decrease software and hardware costs, curbs maintenance expenses, and avoids oversight on technology decisions.
Cloud-based Models are here to Stay
Despite easing of lockdown restrictions across continents, several businesses have stuck with WFH or remote working to contain the risk of spreading the virus. Cloud-based home office spending solutions are a great fit for organizations looking for sustainable shift to working from home.
Cloud-based models are emerging as highly fertile platform for WFH plans, be it data, applications, or processes. Multi-cloud solutions, in particular, will remain preferable IT foundation for several organizations as they strive to become more robust to keep pace with digital disruption.
Recent studies have found that a large number of companies in Asia Pacific excluding Japan (APEJ) will resort to multiple cloud-based platforms and services by 2021.
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North America Home Office Spending Market
As per a recent survey by MIT researchers, about 34% of workers in the US had shifted from commuting to working at home due to COVID-19 pandemic as of April 2020. Add this to the 14.6% of working professionals who were reported to already working from home before the pandemic, totals to nearly 49% of workforce working from home.
While companies in North America have embraced remote working strategies, they are still allowing certain employees to work from office. As such, they are incorporating hybrid workforce comprising of both employees coming to workplaces as well as those (permanent or temporary) working remotely.
These factors are broadly shaping growth curve of home office spending market in North America. By 2020, the regional market will surpass US$ 6 Bn revenue. While the US majorly represents the regional market, Canada will offer potential growth avenues in coming years.
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Europe Home Office Spending Market
A recent research by security company Zscaler revealed that nearly half (48%) of respondents across Europe anticipate remote worker count to rise by at least a quarter and up to 50% in coming 12 months.
The research also revealed that several businesses in the UK are feeling the imperative to upgrade their security barriers to enable efficient remote working. This transformational shift will require innovative ways of working, with businesses of all sizes needing to embrace remote working trend.
Zscalar further underlined that about a third (34%) of businesses in the UK are analyzing new security solutions as per increasing remote workforce needs. Such trends are driving the home office spending market in Europe, which will outpace North America’s market toward the end of forecast period.
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East Asia Home Office Spending Market
Driven by COVID-19 shockwaves, myriads of companies in East Asia have implemented remote working arrangements. While WFH or remote working arrangements may not suit all job roles, companies are striving hard to adapt and innovate novel solutions rapidly.
Increasing number of companies are moving to WFH program and deploying cloud-based collaboration and communication tools to ensure seamless and secured remote working.
While China currently leads the home office spending market, Japan will surpass the country in coming years. FMI’s home office market report further reveals that East Asia’s market will exceed markets in both North America and Europe by 2030.
FMI’s report has analyzed AI-enabled maintenance and testing tools in telecom market in 20+ countries across North America, Europe, South Asia and Pacific, Latin America, East Asia, and Middle East & Africa. Request a regional/country-wise sample.
Services Gaining Traction
In a changing landscape that accents for flexibility and employee autonomy, workplaces of future can be confined to homes. Thanks to technology advances, WFH is gaining huge traction, with COVID-19 pandemic providing further impetus to the trend.
This has further highlighted the need to step up WFH game with various collaboration tools that come with umpteen benefits - document collaboration, video conferencing and VoIP calling, and integrations with other enterprise software as required on the basis of company type.
On the other hand, rising influx of employees signing in remotely to business networks is opening doors to cyber threats and security risks. As such, customers are increasingly turning to security services to avoid unauthorized access to confidential data.
Cloud-based Solutions on the Rise
Adoption of cloud-based solutions continue to grow in home office spending market through 2030. FMI’s home office market report estimate the size of cloud-based models around US$ 12 Bn by 2020. Compared to on-premise models, cloud-based solutions offer greater resilience and scalability, and are cost-effective.
However, cloud-based models lag behind their on-premise counterparts when it comes to security and customization. In addition, rising number of individuals working from home is indicating risks of possible data breaches. As such, various companies are sticking to conventional on-premise home office spending solutions.
While cloud-based models procure greater revenue share in home office spending market, on-premise models will see accelerated adoption in near future.
Enterprise Communication – Emerging Application Area
Among various applications, adoption of home office spending technologies will remain prominent in business productivity. As per a survey done by Airtasker, telecommuters worked about 1.4 more days a month – about 16.8 more days a year – versus individuals working in offices.
Deployment of house office spending solutions in business productivity will value around US$ 31.3 Bn by 2030. However, FMI’s home office spending report finds that enterprise communication is also emerging as significant application area for home office spending solutions.
The new normal for work will be more remote amid the COVID-19 pandemic, paving way for home office innovation. Players in home office spending market are increasingly tapping into this trend that is showing no signs of slowing down. In addition, they are highly inclined towards cloud-based models to reach larger customer base.
Cisco Corporation provides its proprietary remote workforce network solutions that extend business network connectivity to remote workforces at home as well as at micro-offices at scale. Moving beyond conventional virtual private network (VPN) connectivity, the solutions extend security and corporate policies to home offices for sleek office experience to IT administrations and remote employees.
Avaya Inc. offers enterprise collaboration - Avaya Collaboration Unit – that is developed for cloud, and leverages distinct Avaya next-gen technology to offer all that cloud-based models offer to corporate space. It is a stand-alone solution that allows individual workgroups or small to mid-size enterprises, as well as can be used as integrated video endpoint to broaden existing collaboration infrastructure.
Oracle Corporation has developed Oracle Onboarding that ensures that employees who are joining back workplace are re-onboarded efficiently, abided by compliance, and set up for productivity.
In addition to these, some other key players in home office spending market include
- Microsoft Corporation
- Panasonic Corporation
- Plantronics Inc.
- Google Inc.
- Amazon Web Services Inc.
The list is only indicative – full list of home office spending market key players is available upon request.
Home Office Spending Market Report: Scope
Historical Data Available for
USD Million for value
Key Regions Covered
North America, Latin America, Europe. South Asia and Pacific, East Asia, and Middle East & Africa (MEA)
Key Countries Covered
US, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, BENELUX, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, Israel, South Africa
Key Segments Covered
Solution, Technology, Application, and Region
Key Companies Profiled
Microsoft Corporation, Oracle Corporation, Panasonic Corporation, Plantronics Inc., Google Inc., Avaya Inc., Amazon Web Services Inc., and Cisco Systems Inc. (only indicative list)
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Key Questions Answered by the Report
- What is the home office spending market size?
The global home office spending market size will reach about US$ 22.6 Bn in 2020. The growth rate for home office spending market will be 15.3% CAGR during 2020-2030.
- Which is the largest market for home office spending solutions?
North America represents the largest market for home office spending, globally, followed by Europe, owing to well-established technology space and strong presence of technology pioneers.
- Which are the top companies in global home office spending market?
Microsoft Corporation, Oracle Corporation, Panasonic Corporation, Plantronics Inc., and Google Inc. are among the leading players in home office spending market.
- In which solution is home office spending solutions available?
Companies usually offer home office spending in two solutions – tools and services. While demand for tools is currently high, services will gain greater traction in coming years.
- What is the outlook of East Asia home office spending market?
Home office spending solutions in East Asia are tremendous demand, owing to rapid adoption as well as rising investments in tech-enabled infrastructure.
- In which deployment models are home office spending solutions available?
Market players are providing home office spending solutions in two deployment models – cloud and on-site. While cloud-based solutions currently capture greater demand, on-site solutions will see rapid traction in near future.
- What are the uses of home office spending solutions?
Home office spending solutions help remote working professionals keep collaborations and services afloat with tech-enabled solutions.
Enquiry before Buying
- Is this research conducted by Future Market Insights?
Yes, the home office spending market research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Home Office Spending Market Segmentation
- Collaborations Tools
- Conferencing Software
- VPN Tool
- Cloud Backup/Drive
- Remote Desktop Software
- Security services
- Network services
- Remotely Managed IT services
- Support services
- Business Productivity
- Information Security
- Enterprise Communication
- North America (US, Canada)
- Latin America (Brazil, Mexico)
- Europe (Germany, UK, Russia, France, Italy)
- South Asia & Pacific (India, ASEAN, and Oceania)
- East Asia (China, Japan, and South Korea)
- Middle East & Africa (MEA) (Turkey, GCC Countries, and South Africa)