Emerging Technology

Furniture Industry Trend Forecast

Emerging technologies are the driver behind the fourth industrial revolution (Schwab, 2016). They are defined as ‘new technologies that are currently developing […] and which will substantially alter the business and social environment’ (WebFinance Inc., 2019). There are many technologies counting into this category ranging from artificial intelligence (AI), the internet of things (IoT), automation, immersive technologies like augmented reality (AR) and virtual reality (VR) to voice assistants and wireless power (Moffitt, 2019). As these technologies are developing in great speed, 64% of CEOs participating in a PwC survey expect a disruption by them in the next five years. Therefore, companies in all industries should consider the potential of emerging technologies for their individual strategy (PwC, 2014). In order to apply technology in a meaningful way, first of all trends that can be satisfied with their application have to be identified.

The adaption of technology goes hand in hand with the growing importance of millennials in the workforce as well as following generations that are tech-savvy and value progressive approaches. Besides enhancing potential for the products or services offered by companies, applying cutting-edge technologies has even become a major factor for attracting talent (West, 2018).

The furniture industry is already and will be affected by technological changes as well in various aspects (Bossard, 2019). From the overview of a selection of trends noticed in the furniture branch applying emerging technology the following two will be in focus:

• AI for design process optimisation

• AR for furniture preview