DUBLIN–(BUSINESS WIRE)–The report “Interior Design Software Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” has been added to from ResearchAndMarkets.com offer.
The interior design software market is expected to grow at a CAGR of 9.07% over the forecast period from 2021 to 2026.
Dassault Systemes SE
Roomtodo organizational unit
ECDESIGN Sweden AB
Asynthe (Space Designer 3D)
BeLight Software Ltd.
Chief Architect Inc.
Infurnia Technologies Pvt. ltd
Eastern Graphics GmbH
Topping Homestyler (Shanghai) Technology Co.Ltd.
Main market trends
The residential sector will experience the strongest growth
The residential sector is expected to witness the highest growth rate over the forecast period owing to the growing population and increasing demand for a pleasant and comfortable living space. Residential design involves designing the interiors of private residences. The interior designer may work on a project from the initial planning stage or may work on remodeling an existing structure.
With increasing technological innovations, installing a home is no longer a family affair. In the current scenario, many millennials who lead unconventional lifestyles view their home decor as a reflection of their personality. Most homeowners prefer design companies that can understand their vision and arrange cost-effective designs for kitchens, living rooms, cabinets, etc.
Additionally, interior design companies are using augmented and virtual reality, cloud computing, and 3D technology to meet the growing demand to provide customers with seamless home interiors and renovation experiences. Also, following the trend, startups like Livspace, HomeLane, Bonito Designs, Infurnia, and Spacejoy are eyeing significant growth in the segment by leveraging funds to increase their user base.
Moreover, with the upcoming smart city and smart home projects in Asia-Pacific and Latin America regions, the residential segment market is expected to grow over the forecast period.
Asia-Pacific will register the strongest growth
The Asia-Pacific segment is expected to witness the highest growth rate during the forecast period. Infrastructure construction plans in countries such as China and India are expected to contribute significantly to the growth of the Asia-Pacific segment. According to the market study, India is expected to rank third in terms of construction volumes by 2030 with a target of 11 million buildings to be constructed, thus highlighting bright prospects for the studied market.
Increasing urbanization and population growth in major cities in Asia-Pacific, such as Beijing, China, Tokyo, Japan, and Mumbai, India, has led to an increased increase in residential apartments. For example, according to a draft framework of the 14th five-year plan for national economic and social growth and long-term goals to 2035, China plans to increase its urbanization rate to 65 percent between 2021 and 2025.
Start-ups are disrupting the interior design ecosystem in the region. For example, Livspace has become one of India’s largest interior design and home improvement platforms. The company has designed over 5,000 homes, 2 million square feet, and works with over 2,000 design partners. The company partnered with Brand Capital, the strategic investment arm of The Times Group, and was able to create a strong brand presence.
Southeast Asia in particular is expected to have potential for market expansion owing to its booming population, growing urbanization, and economic growth in countries such as Thailand, Indonesia, Vietnam, the Philippines and Malaysia. For example, according to Statistics Indonesia (Badan Pusat Statistik), the construction sector is expected to resume in 2021, with growth of 7.1%, allowing operations in Indonesia to return to normal levels.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Desire for better interior design and decoration
5.1.2 Increase in government initiatives to promote construction and real estate globally
5.2 Market challenges
5.2.1 Interoperability issues with interior design software
6 ASSESSMENT OF THE IMPACT OF COVID-19 ON THE MARKET
7 MARKET SEGMENTATION
7.1 By the end user
7.1.1 Residential sector
7.1.2 Non-residential sector
7.2 By geography
7.2.1 North America
7.2.4 Latin America
7.2.5 Middle East and Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/1oc5kp