Global Interior Design Market, By Type (Residential, Corporate, Others), By Application (Newly Decorated, Repeated Decorated), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

Published:
June 2021
Report Code:
BWC1995
Available Format:
PDF PDF Icon
Pages:
120

global interior design market 1995

Global Interior Design Market- Industry Trends & Forecast Report 2027

The global interior design market was worth USD 145.3 billion in 2020 and is further projected to reach USD 210.0 billion by the year 2027, growing at the CAGR of 5.5% during the forecast period (2020-2027). The growth of the global economy, changes in the social environment, and improvements in the standard of life among millennials are important factors that are projected to drive the growth of the global interior design market in the coming years. The lifestyle and work choices of Millennials differ from those of earlier generations, and this is projected to have an impact on the global interior design market in the coming years.

Source: BlueWeave Consulting

Global Interior Design Market- Overview

Interior designers create functional, comfortable, and beautiful interior spaces by analyzing space requirements and selecting decorative things such as color schemes, lighting, and materials. The external areas of the place may also be included in the design. Interior design is a broad field that includes tasks, such as abstract development, space planning, site verification, programming, research, construction administration, and design execution. Furthermore, environmental protection in design is influenced by both governmental legislation and design businesses' corporate responsibility policies, to protect the public's health, safety, and welfare.

Global Interior Design Market Forecast and Trends

Growth Drivers

Increasing Construction and Real Estate Work

With the rising construction work due to government and private investments, the demand for interior design is going to escalate in the forecast period. The number of residential and commercial sites is estimated to rise significantly in the upcoming years due to urbanization which is estimated to fuel the market demand. The construction of commercial buildings like shopping complexes, co-working spaces, set-up of conglomerate’s business stores and spaces like restaurants, etc. is expected to pull significant demand for interior designing in the forecast period.

Rising Demand for Improved Interior Designing

With the rising exposure to various cultures and global trends, people are opening up to new designs and decorations in their home appearances. They are willing to spend more on improving their residential spaces and hire interior designing services to receive custom designing specifically for their home, which will make their look stand out from the crowd. The demand for interior designing is also estimated to surge in the commercial segment too as businesses learned to need a beautiful environment for improving the efficiency of their employees. This is expected to contribute to the market growth in the forecast period.

Global Interior Design Market Restraints

High Cost of Interior Designing Services

Interior design is still restricted to the wealthy or upper-middle classes which is a major impediment to market expansion. Even though an increasing number of people are seeking interior design services to decorate and refurbish their houses, the process is still delayed due to the high cost involved. Furthermore, the lack of sufficient and well-structured interior designing services in most parts of developing countries like India is acting as a major setback for the market.

Impact of Covid-19 on Global Interior Design Market

For most businesses, including the interior design market, COVID-19's outbreak has been a game-changer. The global interior design market was crippled by the Covid-19 pandemic. All interior design work, including new contracts and continuing work, has been postponed as a result of the nationwide lockdown enforced by several governments. The demand for interior design also subsequently declined as the purchasing power of the people reduced to a great extent. Populations around the world were more focused on fulfilling their essential needs. Furthermore, the complete lockdown prevented all imports, exports, and manufacturing, obstructing the smooth flow of raw materials and severely affecting the market. The market also faced numerous hurdles as a result of the labor shortage. While the outbreak of COVID-19 was a challenge for the business, it also provided the market with an opportunity to grow. During this time, the widespread usage of technologies such as 3D render techniques and virtual designing aided the industry's recovery to a large extent.

Global Interior Design Market - By Type

Based on product type, the global interior design market is segmented into residential, commercial, and others. The residential segment dominates the global interior design market owing to the growth in the income and purchasing power of the consumers and home-ownership rates. Moreover, the influence and exposure of different cultures and lifestyles will boost the market in the upcoming period. The corporate business is the fastest-growing sector due to increased concerns about workspaces, which focus more on creating physical environments and cultures that attract employees.

Global Interior Design Market - By Application

Based on application, the global interior design market has been segmented into newly decorated and repeated decorated. Estimates say that the newly decorated segment will lead the market during the forecast period due to an increment in urbanization and changes in standard of living among consumers. Corporate offices, health facilities, and educational institutions will influence the growth of the repeating decorated segment, which is predicted to grow at a fast rate throughout the forecast period. The repeated decorated market will be boosted by urbanization in developing countries and staff movement from one country to another.

Regional Insights

Geographically, the global interior design market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa. North America dominates the interior design market owing to demographic shifts, cultural amalgamation, as well as emerging technologies in interior design in the region. However, due to improving standards of living and changes in lifestyle, changing tastes in home decor increased disposable income, and population growth, the Asia-Pacific region is expected to be the fastest-growing market throughout the projection period.


Competitive Landscape

The leading market players of the global interior design market are Gensler, Gold Mantis, HOK, HBA, Perkins+Will, Jacobs, Stantec, IA Interior Architects, Callison, Nelson, Leo A Daly, SOM, HKS, DB&B, Cannon Design, RoomSketcher AS, SmartDraw LLC, Chief Architect Inc., Roomtodo OU, and other prominent players. The market is highly competitive due to the presence of global and regional industry players. Local players are gaining an advantage over the competition by providing a wide range of interior design services at low pricing as compared to internal interior design companies

Recent Developments

l  In January 2021, IKEA, the leading furniture retail conglomerate based in Sweden, launched an interior design and renovation studio in Singapore. It is said to be their first-of-its-kind planning studio which will offer personalized home interior design services.

l  In January 2021, Flipspaces, a global interior design firm launched its virtual store called ‘VIZSTORE’, which will allow furnishing product sellers to display their products using virtual reality, which is going to enhance the selection experience for the customers.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Type, By Application, By Region

Key Players

Gensler, Gold Mantis, HOK, HBA, Perkins+Will, Jacobs, Stantec, IA Interior Architects, Callison, Nelson, Leo A Daly, SOM, HKS, DB&B, Cannon Design, RoomSketcher AS, SmartDraw LLC, Chief Architect Inc., Roomtodo OU, and other prominent players.

By Type

Ø  Residential

Ø  Corporate

Ø  Others

By Application

Ø  Newly Decorated

Ø  Repeated Decorated

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global interior design market?

Answer: The global interior design market reached USD 145.3 billion in 2020.

2. What are the major factors driving the growth of the global interior design market?

Answer: The major factors driving the growth of the global interior design market are increasing construction and real estate work and rising demand for improved interior designing.

3. Who are the key players in the global interior design market?

Answer: The key players in the global interior design market are: Gensler, Gold Mantis, HOK, HBA, Perkins+Will, Jacobs, Stantec, IA Interior Architects, Callison, Nelson, Leo A Daly, SOM, HKS, DB&B, Cannon Design, RoomSketcher AS, SmartDraw LLC, Chief Architect Inc., Roomtodo OU, and other prominent players.

4. Which application segment accounted for the largest share in the global interior design market?

Answer: The newly-decorated segment accounted for the largest share in the global interior design market.

5. Which region is at the highest growth rate in the global interior design market?

Answer: North America has the largest share in the global interior design market.

 


COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

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