Market Size of Smart Bed Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Bed Market Analysis
The Global Smart Bed Market Market is expected to register at a CAGR greater than 7% during the forecast period.
Smart beds allow users to modify the mattress's firmness and cool or heat the bed. These beds are connected with smartphones to access their various features. The size of the sleep economy globally is observing continuous growth, existing at USD 518 billion last year, and is encouraging businesses to make innovations in the bedding segments to reap the existing benefits of the growing market.
With the advent of COVID-19, the demand for smart beds from the hotel segment observed a decline as there was a significant decline in hotel occupancy. In line with this, critical care bed occupancy observed an increase in smart bed sales to the hospital industry. Since COVID-19, total consumer spending has continuously grown, creating opportunities for intelligent bed players to expand their businesses.
United States are among the country observing a significant rise in market share of Information and Communication Technology (ICT), which is making intelligent bed manufacturing in the United States equipped with more advanced features and raising their product demand globally. Wise mattress revenue size in North America was existing at USD 1,028 Billion last, making it a global leader in the segment.
Smart Bed Industry Segmentation
A smart bed is a bed that uses sensors and other technologies for gathering data about the sleep. It uses this information to self-adjust and improve the sleep of the user. The smart bed industry is still in its infancy, with continuous development and innovation of features in the product.
Global Smart Bed Market is segmented by product type (manual, semi-automatic, fully automatic), by application (residential, healthcare, hospitality, transportation, and other), by distribution channel (online, offline), and by geography (North America, Europe, Asia-Pacific, Middle East & Africa, South America). The report offers market size and values in (USD) for the above segments during the forecast period.
Smart Bed Market Size Summary
The global smart bed market is poised for significant growth, driven by advancements in technology and increasing consumer interest in enhanced sleep experiences. Smart beds, which allow users to adjust mattress firmness and temperature through smartphone connectivity, are becoming increasingly popular as part of the expanding sleep economy. This market growth is further fueled by the rising demand for luxury and leisure products, as well as the integration of smart technology in various sectors such as healthcare and hospitality. The COVID-19 pandemic initially impacted the hotel segment, but it also led to increased sales in the healthcare sector, where smart beds are being adopted to improve patient comfort and care. The United States, with its robust Information and Communication Technology sector, is leading in the development of advanced smart bed features, contributing to the global demand.
The market landscape is characterized by a fragmented structure with numerous players introducing innovative products. Companies like Stryker Corporation, Invacare Corporation, and Hill Rom Holdings Inc. are prominent in the industry, while new entrants continue to emerge with cutting-edge technology. The demand for smart beds is also rising in luxury hotels, which are increasingly seeking to enhance guest experiences with high-tech bedding solutions. As consumer spending on technology continues to rise, the bedding industry is encouraged to invest in digital innovations. The ongoing increase in hospital numbers globally further propels the demand for smart beds, as healthcare facilities strive to offer superior comfort and facilities. This dynamic market environment presents ample opportunities for manufacturers to capitalize on the growing interest in smart bedding solutions.
Smart Bed Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Expanding Hotel and Hotel Industry creating demand for smart bed
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1.2.2 Rising demand for Tech enabled products
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1.3 Market Restraints
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1.3.1 Lack of Fully developed market structure and sales channel
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1.3.2 Fluctuation in raw material cost of electronics products
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1.4 Market Opportunities
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1.4.1 Prioriting of sleeping behaviour resulting in an increase of consumer spending for smart bed.
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1.4.2 Rise in sleep economy globally creating a positive signal for smart bed manufacturer
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Suppliers
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1.5.2 Bargaining Power of Buyers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights into Latest Technological Innovations and Recent Trends in the Industry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Manual
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2.1.2 Semi-Manual
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2.1.3 Fully Automatic
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2.2 By Application
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2.2.1 Residential
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2.2.2 Healthcare
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2.2.3 Hospitality
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2.2.4 Transportation
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2.2.5 Others
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2.3 By Distribution Channel
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2.3.1 Online
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2.3.2 Offline
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2.4 By Geography
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2.4.1 North-America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.5 South America
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Smart Bed Market Size FAQs
What is the current Smart Bed Market size?
The Smart Bed Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Smart Bed Market?
Hi-Interiors Srl, Hill-Rom Holding, Johnson & Johnson, Paramount Bed Holding and Invacare Corporation are the major companies operating in the Smart Bed Market.
