Interior Design Services Market 2023-2027: A Descriptive Analysis of Parent Market, Five Forces Model, Market Dynamics, & Segmentation

NEW YORK, Nov. 28, 2022 /PRNewswire/ — According to Technavio, the global interior design services market size is projected to grow by USD 34029.03 million from 2022 to 2027. The market is estimated to grow at a CAGR of 5.16% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 34%.

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Global Interior Design Services Market – Parent Market Analysis

Technavio categorizes the global interior design services market as a part of the specialized consumer services market, which covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation, and interior design services, consumer auction services, wedding services, and funeral services. Technavio calculates the global specialized consumer services market size based on revenue generated by various specialized consumer service providers such as residential service, home security service, legal service, personal service, renovation and interior design service, consumer auction service, wedding service, and funeral service providers.

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Global Interior design services Market – Five Forces

The global interior design services market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• Threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter five model helps to strategize the business, for entire details – buy report!

Global Interior design services Market – Customer Landscape

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

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Global Interior Design Services Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on end-user, application, and region.

• The commercial segment will grow at the highest rate during the forecast period. The segment is primarily driven by the increasing number of commercial construction projects. Commercial buildings witness a higher frequency of renovation than residential buildings, which is further driving the segment’s growth. Moreover, the expansion of business operations by global vendors and the rise in tourism will foster the growth of the commercial segment during the forecast period.

Geography Overview

By geography, the global interior design services market is segmented into APAC, North America, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global interior design services market.

• APAC held a 34% share of the global interior design services market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The increase in the demand for construction services from developing countries such as China, Japan, and India has been crucial in driving the growth of the regional market. In addition, factors such as rapid urbanization, increasing working women population, and expanding urban population are contributing to the growth of the interior design services market in APAC.

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Global Interior Design Services Market – Market Dynamics

Key factors driving market growth

• The increase in global construction activities is one of the key factors driving the growth of the market. Governments worldwide, especially in developing countries, are undertaking various initiatives to develop infrastructure.

• Increasing investment by the public sector in construction projects plays a key role in driving the global interior design services market. The construction of cities, airports, and other commercial infrastructure is increasing the demand for interior design services.

• The global construction market is expected to grow at a CAGR of 5% during the forecast period, mostly led by economic growth and an increase in construction activities in different regions. As a result of these factors, the interior design services market size will increase during the forecast period.

Recent trends influencing the market

• Increased R&D investments and technological advancements in digital design is the major trend in the market. Vendors are leveraging technologies such as machine learning, VR, and AI to elevate the execution of interior design.

• Vendors are also investing in R&D and launching digital design labs to remain competitive in the market and render interior designing productive, boost safety, and identify and address concerns.

• Some vendors are adopting VR technologies to overcome the challenges of a verbal explanation of designs and 2D drawings faced by designers. This allows customers to visit different iterations of rooms virtually.

• Such technological advancements will have a positive impact on the growth of the market during the forecast period.

Major challenges hindering the market growth

• The presence of unorganized players and intense competition among existing players will challenge the growth of the market.

• The market is fragmented and has a large number of unorganized interior design service providers. They are competing with established vendors on various parameters such as differentiation, product portfolio, premiumization, and pricing.

• The market is also witnessing the entry of new players that offer lower prices, customer convenience, and online logistics. All these factors are reducing the growth potential of organized vendors operating in the market.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a free sample report!

What are the key data covered in this interior design services market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the interior design services market between 2023 and 2027

• Precise estimation of the size of the interior design services market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the interior design services market industry across APAC, North America, Europe, Middle East and Africa, and South America

• Thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of interior design services market vendors

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by End-user

6 Market Segmentation by Application

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

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SOURCE Technavio