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Global Office Furniture Market Current Trends, Segmentation, Key Players, and Analysis

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The global office furniture market is expected to reach USD 87.6 Billion by the end of 2024, expanding at a CAGR of 6.7% over the forecast period i.e. 2017-2024.

The global office furniture market is segmented into product type such as seating, overhead bins, storage units and files, tables, accessories and workstations. Among these segments, office seating segment is expected to occupy the top position in office furniture market. The demand for seating office furniture is increasing due to the rising number of office spaces and employees across the globe. Further, the development and enhancement such as increased comfort has influenced the market growth of office furniture. Moreover, modular and modern furniture’s are gaining popularity all over the world. This factor is driving the growth of the office seating furniture market.

Global office furniture market is expected to flourish at a significant CAGR of 5.2% over the forecast period. Factors such as increasing number of commercial spaces and growth in the number of employees are supplementing the growth of the global office furniture market. Moreover, the global office furniture market is expected to garner noteworthy revenue by the end of 2021.

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North America is slated to account for a leading share in overall office furniture market during the forecast period. The growth in the region is anticipated to be fostered by the increasing number of commercial properties. Besides, increasing number of employees in the region is also expected to impel the growth of office furniture market in the North America. U.S. is the prominent market in the region. Asia-Pacific is expected to showcase lucrative growth over the forecast period. Growth in the economy and improving work conditions are the major factor which is fuelling the demand for office furniture in the Asia Pacific region. Moreover, expansion of corporate offices in the region is expected to positively impact the growth of office furniture market in the Europe region.

Increasing Number of Commercial Spaces in the World

In recent times, IT, ITeS and retail sectors have registered high demand for commercial offices spaces. Moreover, expansion of business by multinational companies in growing economies is anticipated to propel the demand for global office furniture market during the forecast period.

Launch of Innovative Design in Furniture Products

Recent innovations in design concepts and development of efficient and cost effective office furniture are likely to drive the growth of the market during the forecast period. Apart from this, rising trend of utilization of minimalistic office furniture is envisioned to bolster the growth of the global office furniture market.

Although, high cost associated with the raw material of office furniture and stringent environmental regulations are some of the factors which are likely to dampen the growth of the global office furniture market.

The report titled “Global Office Furniture Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global office furniture market in terms of market segmentation by product type, by price range, by end user, by distribution channel, by material and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global office furniture market which includes company profiling of Herman Miller Inc., HNI Corporation, Kokuyo, Okamura, Steelcase, Knoll, Ashley Furniture Industries, Inter IKEA Group, Kimball International and Burotime Office Furniture Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global office furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Office Furniture Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects of Office Furniture Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Office Furniture Market, underlining the growth rate and opportunities offered in the business.

How does the report examine the growth drivers and restraints of the Office Furniture Market ?

  • The factors resulting in the expansion of the Office Furniture Market are elaborated in the report after thorough primary and secondary research.
  • Analytical strategies focused on gain indicators affecting the growth of the Office Furniture Market are presented in graphical formats.
  • The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Office Furniture Market growth.

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Contact for more Info:

AJ Daniel

Email: info@researchnester.com

U.S. Phone: +1 646 586 9123

U.K. Phone: +44 203 608 5919

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10 Inside sales skills you need to master to be a top-performing rep

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“She is a born salesperson.”

This is an expression that defines a person with desirable sales skills. Sales skills are not genetic but some people have a natural capability to fit in the sales role. 

Just like any other skills in the market, sales skills can also be learned and mastered.

Mastering the sales skills is essential to succeed in your role as an inside sales rep and will help you perform optimally. 

In this article, we have enlisted some skills required to excel in your performance in a sales role.

What is an Inside sales representative?

An Inside sales representative is a salesperson who is responsible for helping customers in finding what they are looking for. 

Inside sales representatives spend most of their time communicating with leads, prospects, and customers via phone calls or e-mails. Their duty is not only restricted to assist customers but also develop good sales strategies and close deals.

10 Inside sales skills you need to master to be a top-performing rep:

  1. Product Knowledge

Successful sales representatives should have proper knowledge about the product or service their organization stands for. An inside sales rep should know how the product works, what business value it offers, and why is it appealing to the target customers. This kind of extensive knowledge comes from hardcore studying of the product via collaterals of product marketing, training courses, and most importantly attending demos of the product.

             Extensive knowledge of the product enables inside sales representatives to develop effective sales pitches that highlight the important features of the product. This kind of knowledge and expertise distinguishes the top 1% of reps from the rest.

  1. Problem Solving

One of the most vital skills you will need to expertise in is – Problem-solving. It does not matter that how strong your other skills are, problems, challenges, and obstacles are inescapable throughout your sales journey. That’s why you need to adapt to various situations and problems as they arise and not let them degrade the quality of your work.

  1. Communication Skills

Sales is a role that involves constant communication between you and your prospects and customers. From e-mails to phone calls or video chats, communication is the most needed and in-demand skills in any department, but especially in sales.

Effective communication is a dynamic art used in sales to establish relationships with customers and communicate value. Otherwise, what is the point of being a master in a product or service if you cannot convey its value to prospects or customers?

Strategies to communicate effectively are:

  1. Keeping the customer engaged
  2. Being respectful and mindful about the customer’s time
  3. Being precise while delivering the sales pitch
  1. Time-Management

Time is the most valuable resource for all business owners, developing this sales skill of time management is not only beneficial for you but for your prospect’s as well.

A great salesperson should know how to make most of the buyer’s time and their own.

To be specific, the sales rep should have clarity of the particular steps required to close each deal and how much time each step particularly takes. And as priorities change, they should know how to stumble between their day-to-day tasks accordingly.

  1. Strategic Prospecting Skills

Sales Reps might know the product in and out but without prospects to sell to, the knowledge is of little or no use.

To be efficient, salespeople need to design a strategic approach for prospecting and work on it regularly to identify new business opportunities better.

In simpler words, having the research ability for potential buyers, conducting cold calls, and creating new opportunities.

  1. Storytelling Ability

Storytelling not only brings real-life instances that help leads or prospects join the dots to how your product or service can impact their situation.

Stories also serve to build stronger relationships that often help in sales conversion.

Why do stories prove to be an effective way of selling? Because humans remember them and connect with them.

When you tell the facts, features and data in the form of a compelling story, you are more likely to have your prospect’s attention and guide them through the sales process. That is why every salesperson should be well-versed at wrapping their pitch around a compelling story. A story works wonders and becomes the reason for the prospect to buy.

  1. Lead Qualification

One of the most under-rated sales skills which is worth more credit is being capable of quickly qualifying or disqualifying the leads. 

The ability of a salesperson to form speedy and reliable decisions about how likely a prospect will convert into a customer based on the key features about the customer’s business and insights taken from the conversations and how they fit as a decision-maker in their organization- will help you dictate your closing rate.

Qualifying leads is all about asking the right set of questions. There are four main areas you would want to focus on while asking the questions:

  1. Profile of the customer
  2. Internal needs of the customer
  3. Decision making process
  4. The competitors
  1. Master of follow-ups

The earlier you learn the art of following up, the better.

Life happens, people get busy at work or in personal life and their evaluation of your product gets on hold for a while. It is your duty to assure that evaluation is never on hold and you get a clear answer from them- Yes or no. 

If it’s a no then try to get as much as context possible around why it was a no.

Following up is an art, the more your practice, the more you master at it.

  1. Objection Handling

Objections are like facts of life for salespeople. 

An objection if handled in a right way can provide seller with an opportunity to ask more questions.

An objection handled poorly can mess up an otherwise good conversation.

The key is to ensure your sales team, at least, understand the major sales objections such as:

  1. Skepticism
  2. Indifference
  1. Closing Skills

Closing a deal- Everything in a sales process leads to this endpoint.  The moment when your customer finally makes a purchase.

Becoming an expert in closing techniques that get your customer to commit to buying is one of the most essential skills in sales. In HubSpot’s State of Inbound Report, 75% of companies said closing more deals is their top priority.

Conclusion

Sales is a rewarding career path.

While these aren’t the only sales skills you’ll need to master throughout your career, developing a command of these as quickly as possible will set you well along your way path to becoming a top-performing sales representative in your organization. We hope these sales skills will prove beneficial in helping you understand something new about being a great sales manager! And lastly, equipped with the right sales skills and using a Sales CRM like Kylas to manage and track your sales process, you can deliver the best performance possible and have a thriving sales career.

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Orthopedic Digit Implants Market Dynamics and Competitive Scenario

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The COVID-19 pandemic is expected to have a slightly negative impact on the market. As per The Commonwealth Fund, it was estimated that there was a nearly 60% initial decrease in overall outpatient visits by the month of May 2020 due to COVID-19. This was expected to have negatively affected demand for orthopedic sessions as they are usually conducted in out-patient departments. The outbreak of COVID-19 showed an impact on the market because hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the globe.

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Moreover, the COVID-19 pandemic not only affected the global economy but also showed a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. As many hospitals and clinics remain closed due to lockdowns, the demand for orthopedic digit implants is expected to be subdued in the short term. According to a study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide will be canceled or postponed in 2020. More than 580,000 planned surgeries in India might be canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020.

With the postponement of these non emergent services the demand for the same has fallen down which includes orthopedic implants too. However, post Covid the piled-up services would be addressed, increasing the demand for these digit implants.

The increase in global geriatric population and the growing prevalence of orthopedic diseases are amongst the primary driving factors for orthopedic digit implants market. Furthermore, rising awareness about minimally invasive technologies and the advent of 3D printing technologies has changed the way orthopedic implant technologies are used. This is projected to positively impact market growth over the forecast period. According to the World Health Organization (WHO), by 2050, people suffering from osteoarthritis is projected to increase to 130 million across the globe. The growing prevalence of arthritis and the growing burden of orthopaedic conditions expected to boost market growth.

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Fungal Keratitis Treatment Market Sector Analysis Report, Regional Outlook

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The Fungal Keratitis Treatment market was valued at approximately USD 702.31 million in 2020 and is expected to witness a revenue of USD 962.94 million in 2026, with a CAGR of 5.79% over the forecast period.

The COVID-19 pandemic is anticipated to impact the growth of the Fungal Keratitis Treatment market significantly. The outbreak of pandemic has led most of the major players involved in research and development activities to halt the clinical trials related to drug development. Additionally, in March 2020, the Centers for Disease Control and Prevention and the American Academy of Ophthalmology recommended that physicians, including ophthalmologists, should limit in-person care to urgent and emergent patients while assuming the use of appropriate personal protective equipment. Also, it is estimated that there was a nearly 80% initial decrease in ophthalmology visits and that as of mid-June there was still a cumulative decrease in ophthalmology visits of 40% in the United States. This is likely to have a negative impact on the market studied.

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The growing burden of fungal keratitis and product development is expected to fuel the fungal keratitis treatment market growth. According to the article “Global Epidemiology of Fungal Keratitis and Its Outcomes” published in January 2021, researchers estimated that the annual global incidence of fungal keratitis to be approximately 1 million cases, with 8% to 11% of patients losing an eye. The risk factors associated with fungal keratitis are trauma, contact lens use, topical corticosteroid use, Diabetes mellitus, and low socioeconomic status. Incidental ocular trauma is undoubtedly the most common risk factor for fungal keratitis. Additionally, several efforts are being made to develop and find new therapeutics for fungal keratitis. For instance, in September 2018, L.V. Prasad Eye Institute, India completed the Phase 2/Phase 3 study on Combination Treatment of 5% Natamycin and 1% Voriconazole in Fungal Keratitis with the randomized double-masked clinical trial. The research institute is likely to initiate the Phase IV trials in 2021. Thus, the positive outcomes of such trials may result in a new treatment that is likely to boost the market growth in the upcoming period.

Also, as of 2021, Aravind Eye Care System, India is investigating a randomized control trial with topical anti-fungal therapy to assess the visual and clinical outcomes of collagen cross-linking in fungal keratitis. The study is aimed at finding the role of corneal cross-linking in non-resolving fungal keratitis in the prevention of perforation and enhancement of the healing process Thus, owing to the aforementioned factors, the studied market is expected to contribute to the market growth, however, loss of patents of product and side effects of the fungal keratitis treatment is likely to hinder the growth of the market over upcoming years.

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Hydroxyl Terminated Polybutadiene Market: key Vendors, Trends, Analysis

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The market for hydroxyl terminated polybutadiene is expected to grow at a CAGR of 3% globally during the forecast period. Growing demand from the construction industry along with increasing demand from the aerospace & defense industry are driving the market growth. On the flip side, higher production costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

– The hydroxyl terminated polybutadiene market is expected to grow during the forecast period owing to the growing demand from the construction industry.
– Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as India and China.

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Key Market Trends

Growing Demand from the Construction Industry

– Hydroxyl-terminated polybutadiene is used in the formulation of adhesives and sealants which are used in the insulated glass sealants, waterproofing, and other sealing applications. It is used in the formulation of polyurethane foam, which is used for efficient insulation by sealing gaps and air leaks, thereby maintaining the interior temperature and reducing energy consumption.
– Moreover, the construction industry in the United States continued to expand in the future, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.

– The growing urbanization and construction activities are expected to drive the market for hydroxyl-terminated polybutadiene during the forecast period.

Asia-Pacific Region to Dominate the Market

– Asia-Pacific region is expected to dominate the market for hydroxyl-terminated polybutadiene during the forecast period due to the increasing demand from countries like India and China.
– Hydroxyl-terminated polybutadiene is used as in the encapsulants or potting compounds in the electrical and electronics industry. Apart from electronics, hydroxyl-terminated polybutadiene, based sealants are used in the automobile industry for sealing headlamps, speakers, bumper, and damping material. With China and India being a leading manufacturer in the automotive industry with a total production of about 30.2 million vehicles for the year 2019, with a decrease of 7.5% and 12% in production, respectively. However, the growing green initiatives combined with the success of electrical and hybrid vehicles are expected to drive the market.
– Hydroxyl-terminated polybutadiene is used in the formulation of solid rocket propellants for binding fuel and oxidizing agent. The growing space explorations from countries like China and India are expected to drive the market during the forecast period.

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Sri Lanka Lubricants Market – Profiling Global Players Industry Developments, Outlook

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The market for Sri Lanka Lubricants is expected to grow at a CAGR of more than 2% during the forecast period. Increasing usage of lubricants in automobiles and other reasons are driving the market growth.
Decreasing mining and construction activities and the Impact of COVID-19 which in turn is expected to hinder the market growth.

Key Market Trends

Growing Demand for Heavy Equipment from Agriculture Segment

– Sri Lanka, though a small nation, is reasonably endowed with industrial minerals but not with metallic and energy minerals. Sri Lanka’s mining industry majorly focuses on ceramic raw materials, construction materials, fertilizer materials, graphite, and other materials.

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– Tractor, Cultivator, Plows, Harrows, Seed Drills, Transplanter, and others are the common farming equipment that are being used for agriculture purposes. These types of heavy machinery need lubricants for continuous smooth functioning and efficient farming activities.
– The Sri Lankan government introduced Three year National Food Production Programme in 2016 that mainly focuses on increased production of crops locally, minimum food imports, and others. These factors have resulted in the growth of the agriculture segment in the country.

– Overall, LKR. 1.7 billion has been allocated in 2019 for agriculture sector modernization programs that enhance technologies and agricultural infrastructure.
– According to the Department of Census & Statistics Sri Lanka, agriculture production has witnessed highs and lows in recent years. The impact of COVID-19 on this region is one the main reasons in declining the usage of farming technologies and production of various agriculture machineries in recent times.

Expansions in Lubricant Production and other Manufacturing Activities

– During the year 2018, a total of 4,442.3 Kilo Liters of Lubricants were exported to regional markets around Sri Lanka. Chevron Ceylon Limited, Indian Oil Corporation Limited, Shell Markets (Middle East) Limited, and ExxonMobil Asia Pacific Pte. Limited are the major exporters to other regions.
– Leading companies such as Chevron Ceylon Limited, IOC, and Laugfs Holdings Limited have blending plants in Sri Lanka that offer products for both the automobile, industrial sectors, with export capabilities to other regions.
– Recently, another world-leading lubricant company Hyrax Oil Sdn opened a lubricant plant in Sri Lanka in 2019 in collaboration with the Ceylon Petroleum Corp. which can increase the supply of lubricants.

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