Within a ubiquitous environment, home and office furniture can be maximally utilized to provide ease, especially if the items are designed based on smart technology. For this reason, the acceptance of smart furniture has soared over the years. Given the vast influence of the Internet of Things (IoT) and Industry 4.0 on technological advancement in furniture design, it is imperative to examine information and communication technology (ICT) solutions for the elderly in the context of smart furniture design and implementation. This article presents a review of the state-of-the-art literature in smart solutions for the elderly based on publications under ICT smart solutions for these elderly, along with smart furniture options and manufacturer activities in terms of fixing market prices for these furniture materials. Furthermore, patenting rights on some existing smart furniture designs for the elderly, given the current trends in worldwide acceptance, are examined. Moreover, this article also highlights opportunities introduced by IoT-based solutions for the elderly as current trends in research and their effects on human life. Some smart product examples from different enterprises are also presented. New, innovative and active designs must be developed, focusing upon human healthcare, and in turn providing greater comfort and convenience for elderly people. To fulfil these requirements, the also selected technical aspects of new Smart Furniture solutions in connection to the cost of these solutions are discussed. Simultaneously, Smart Furniture solutions need to be flexible, low-cost, easy to buy and install without expert knowledge, and widely available on the market.