Interior Design Market Size to Grow USD 317870 Million by 2030 at a CAGR of 8.3% | Valuates Reports
BANGALORE, India, March 6, 2024 /PRNewswire/ -- Interior Design Market is Segmented by Type (Newly decorated, Repeated decorated), by Application (Residential, Commercial)
The global market for Interior Design was estimated to be worth USD 180730 Million in 2023 and is forecast to a readjusted size of USD 317870 Million by 2030 with a CAGR of 8.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Interior Design Market
Rapid urbanization, changing consumer preferences, technological advancements enabling design innovation, and a growing focus on sustainability are some of the factors driving the interior design market's growth. These factors also contribute to the increased demand for well-designed residential, commercial, and public spaces that are tailored to individual needs, which in turn fuels the need for qualified interior designers and the industry's expansion.
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TRENDS INFLUENCING THE GROWTH OF THE INTERIOR DESIGN MARKET
Due to the building of public, commercial, and residential spaces, interior design services are in greater demand due to the world's rising urbanization. The requirement for well-designed interiors that maximize space utilization, improve functioning, and create aesthetically pleasing surroundings grows along with the expansion of cities and people. The interior design industry is growing as a result of real estate developers seeing the benefits of hiring interior designers to enhance their homes, draw in purchasers and renters, and demand greater prices or rents.
Consumers are spending more money on interior design to enhance their living environments as disposable incomes grow globally. Gaining more wealth makes it possible for people and companies to invest in improving their interiors, whether it be through furniture purchases, remodeling projects, or employing interior designers.
Interest in biophilic design—which aims to improve inhabitants' health and well-being by incorporating aspects of nature into interior spaces—has increased as wellness and sustainability have become more important topics. Natural light, indoor plants, and organic materials are examples of biophilic design concepts that are thought to lower stress, enhance air quality, and encourage a sense of connection to the outside world. The market is expanding as a result of the growing need for interior designers who are adept at incorporating biophilic design ideas into projects for homes, businesses, and hospitality establishments.
Social media and design trends have a big impact on customer tastes and the need for interior design services. Users may get inspiration from websites such as Instagram, Pinterest, and Houzz, which provide up-to-date global trends, styles, and design concepts. By staying up to date with the latest trends and showcasing their work on social media, designers may draw in clients looking for contemporary, fashionable interiors, which boosts industry exposure and market growth. There is a greater emphasis on designing practical and ergonomic workspaces that promote productivity and well-being as more people choose to work from home. This industry is growing because of the critical role interior designers play in choosing ergonomic furniture, integrating technology effectively, and optimizing home office layouts.
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INTERIOR DESIGN MARKET SHARE ANALYSIS
Key participants in the field of interior design worldwide include Perkins+Will, Gold Mantis, HOK, HBA, and Gensler.
With a market share of over 50%, Asia-Pacific is the largest, followed by North America and Europe, each with a share of over 35%.
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Key Companies:
- Gensler
- Gold Mantis
- HOK
- HBA
- Perkins+Will
- Jacobs
- Stantec
- IA Interior Architects
- Callison
- Nelson
- Leo A Daly
- SOM
- HKS
- DB & B
- Cannon Design
- NBBJ
- Perkins Eastman
- CCD
- AECOM Technology
- Wilson Associates
- M Moser Associates
- SmithGroupJJR
- Areen Design Services
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