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The Interior Design market research is offered along with information related to key drivers, restraints, and opportunities.
The global interior design market size was valued at $134.2 billion in 2023, and is projected to reach $216.1 billion by 2034, growing at a CAGR of 4.6% from 2024 to 2034.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, January 10, 2025 /EINPresswire / -- Allied Market Research published a report, titled, "Interior Design Market by Type (Newly Decorated and Repeated Decorated), Price (Economy and Luxury), and End User (Commercial and Residential): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the interior design market was valued at $134.2 billion in 2023, and is estimated to reach $216.1 billion by 2034, growing at a CAGR of 4.6% from 2024 to 2034.
Prime determinants of growth
Urbanization and infrastructure development significantly drive the growth of the interior design market, particularly in rapidly growing cities across Asia-Pacific and North America. As more people migrate to urban areas, there is a strong demand for residential and commercial spaces that reflect modern lifestyles. The rise of the remote work culture further boosts demand for home office designs and multifunctional spaces. In addition, the integration of advanced technologies such as smart home systems and 3D visualization tools has shaped the interior design market, offering more personalized and innovative solutions. Surge in focus on sustainability along with consumers preferring eco-friendly materials and energy-efficient designs boosts the interior design market expansion. Furthermore, the luxury segment continues to grow, driven by high-net-worth individuals seeking unique, high-end interior designs. These evolving trends and changing consumer preferences are major contributors to the dynamic growth of the interior design market.
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The newly decorated segment held the highest market share in 2023
Based on type, the newly decorated segment held the highest market share in 2023 owing to rapid urbanization and ongoing construction projects. As residential and commercial buildings are continuously being developed, there is a growing demand for interior design services to transform these new spaces. Homeowners and businesses prioritize functional, personalized designs for newly built properties. The need for modern, tailored interiors in new structures further boosts demand for professional interior design. As urban areas continue to expand and new construction projects increase, the newly decorated segment remains the dominant category in the interior design market.
The economy segment held the highest market share in 2023
Based on price, the economy segment held the highest market share in 2023 owing to its broad accessibility and demand among consumers. This segment caters to a wide range of consumers, particularly in emerging markets where cost-effective solutions are essential for both residential and commercial spaces. The rise of affordable, modular furniture and innovative design solutions has made quality interior design more accessible to a larger demographic. In addition, the economic segment is driven by the growing need for functional and aesthetically pleasing designs at lower price points, especially in urban areas with expanding populations. As a result, the economy segment continues to dominate the market share, meeting the needs of cost-conscious consumers seeking practical and stylish interiors.
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The commercial segment held the highest market share in 2023
Based on the end-user, the commercial segment held the highest market share in 2023. Increase in corporate office developments, retail spaces, and the hospitality industry has led to the interior design market growth in commercial setups. Businesses are focusing on creating functional and visually appealing environments to improve employee productivity, improve customer experience, and strengthen brand identity. The shift toward flexible workspaces and the demand for unique, experience-driven retail designs are further fueling growth of the commercial segment. In addition, the hospitality industry continues to invest in innovative interior designs to stay competitive and attract customers. Large-scale infrastructure projects in emerging markets further contribute to the growing demand for commercial interior design services, strengthening the dominance of commercial segment in the interior design market.
North America led the market share in 2023
Based on region, North America held the highest market share in terms of revenue in 2023. Increase in urbanization, high disposable incomes, and a strong focus on customized, high-quality interiors drive the high demand for interior design in North America. The growth in preference for smart home integration, including IoT-enabled lighting and climate control, has further fueled the need for professional interior design services. In addition, major established brands such as Gensler, Perkins and Will, Inc., and HOK Group, Inc. continue to lead the region, driving market growth. Some of the key trends in North America include wellness-oriented designs, biophilic elements, and the rise of multifunctional, space-saving interiors. These factors, along with continuous real estate development and home renovations, keep the demand for interior design market high in the region.
Players: -
Gensler
Perkins and Will, Inc.
HOK Group, Inc.
AECOM Technology Corporation
Shawmut Design and Construction, Inc.
Hirsch Bedner Associates, LLC
Foster and Partners LLP
IA Interior Architects, Inc.
Wilson Associates, Inc.
Rockwell Group, LLC
The report provides a detailed analysis of these key players in the global interior design market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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Recent Industry Dev
In May 2022, Havenly expanded its digital services by launching in-person interior design visits for designers to take measurements and create virtual designs for clients.
In March 2022, Modsy introduced a virtual remodeling service using 3D technology, allowing customers to visualize and explore redesigns virtually.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.