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Interior Design Services Market by End-user and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 131
  • SKU: IRTNTR70472
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The interior design services market share is expected to increase by USD 24.13 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4%.

This interior design services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers interior design services market segmentation by end-user (commercial and residential) and geography (APAC, North America, Europe, South America, and MEA). The interior design services market report also offers information on several market vendors, including AECOM, Aedas Ltd, DP Architects Pte Ltd, Foster Partners Group Ltd., Gensler. M. Arthur Gensler Jr. and Associates Inc., HDR Inc., Jacobs Engineering Group Inc., NIKKEN SEKKEI Ltd, Perkins Will International Group of Companies, and Stantec Inc. among others.

What will the Interior Design Services Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Interior Design Services Market Size for the Forecast Period and Other Important Statistics

 

Interior Design Services Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth in demand from the commercial infrastructure sector is notably driving the interior design services market growth, although factors such as the presence of unorganized players and intense competition among existing players may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the interior design services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Interior Design Services Market Driver

The growth in demand from the commercial infrastructure sector is one of the key drivers supporting the interior design services market growth. Construction activities are increasing across the residential, commercial, government, corporate, and public sectors. Meanwhile, several national governments in emerging economies are increasingly undertaking initiatives to develop customized infrastructure, which is expected to drive the construction sector to improve the economic conditions in these nations. Moreover, increasing investment by the public sector in construction projects also plays a key role in driving the global interior design services market. Thus, many governments across the world are investing a significant amount of capital in the construction of cities, airports, and other commercial buildings, which will drive the demand for interior design services during the forecast period.

Key Interior Design Services Market Trend

Research and development investments and technological advancements in digital designing is one of the key interior design services market trends that is contributing to the market growth. Innovative technological platforms are elevating the execution of interior designing, such as machine learning, VR, and AI. Vendors are increasing investments in research and development and launching digital design labs to remain competitive in the market and render interior designing productive, boost safety, and identify and address concerns. For instance, AECOM is developing an AI-powered web-and-mobile platform, Capture, which will help designers bring accuracy to conventionally cumbersome, time-consuming, and subjective project management processes. Moreover, collecting and analyzing data using machine learning provides more accurate design data and saves time. Such accuracy will drive market growth during the forecast period.

Key Interior Design Services Market Challenge

The presence of unorganized players and intense competition among existing players are some of the factors hindering the interior design services market growth. The competition is intense between established vendors based on various parameters, such as differentiation, product portfolio, premiumization, and pricing. The competitors in the market vary by the type of service that they provide across different regions and compete based on design, the experience of the designer, brand experience, and service. In developing regions, smaller players offer services at lower prices. Technology innovation by big vendors offers high competition to smaller players. For instance, Gensler invested in virtual reality (VR) technology, and AECOM has invested in artificial intelligence (AI). Thus, the entry of new startups offering lower prices, consumer convenience, and online logistics will further intensify competition. Such challenges are hindering the market growth.

This interior design services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global interior design services market as a part of the global specialized consumer services market.  Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the interior design services market during the forecast period.

Who are the Major Interior Design Services Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AECOM
  • Aedas Ltd
  • DP Architects Pte Ltd
  • Foster Partners Group Ltd.
  • Gensler. M. Arthur Gensler Jr. and Associates Inc.
  • HDR Inc.
  • Jacobs Engineering Group Inc.
  • NIKKEN SEKKEI Ltd
  • Perkins Will International Group of Companies
  • Stantec Inc.

 

This statistical study of the interior design services market encompasses successful business strategies deployed by the key vendors. The interior design services market is fragmented and the vendors are deploying growth strategies such as developing new and innovative interior designs to compete in the market.

Product Insights and News

  • AECOM - Under the unified segment, the company offers design solutions that are tailored to the needs of cities and communities. 

  • AECOM - The company offers interior design services for offices, labs, houses, and many more.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The interior design services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Interior Design Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the interior design services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Interior Design Services Market?

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35% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for interior design services in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increase in the demand for construction services from developing countries, such as China, Japan, and India will facilitate the interior design services market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

.In 2020, the outbreak of COVID-19, followed by the imposition of lockdowns by several countries, severely impacted logistics and supply chain operations in the region. However, the initiation of vaccination drives led to the lifting of lockdown restrictions in the second half of 2020. This has resulted in the resumption of construction activities in the region. Such factors are expected to drive the growth of the regional interior design services market during the forecast period.

What are the Revenue-generating End-user Segments in the Interior Design Services Market?

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The interior design services market share growth by the commercial segment will be significant during the forecast period. The commercial segment is expected to grow during the forecast period due to an increase in the number of commercial construction projects. Commercial interior design is important for the success of the business. Their designers conceptualize spaces for businesses to increase functionality and elevate style for financial gain. Moreover, commercial buildings witness a higher frequency of renovation than residential buildings. This will further influence the growth of this segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the interior design services market size and actionable market insights on post COVID-19 impact on each segment.

 

Interior Design Services Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2021-2025

$ 24.13 billion

Market structure

Fragmented

YoY growth (%)

3.30

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 35%

Key consumer countries

US, China, Japan, Germany, India, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AECOM, Aedas Ltd, DP Architects Pte Ltd, Foster Partners Group Ltd., Gensler. M. Arthur Gensler Jr. and Associates Inc., HDR Inc., Jacobs Engineering Group Inc., NIKKEN SEKKEI Ltd, Perkins Will International Group of Companies, and Stantec Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Interior Design Services Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive interior design services market growth during the next five years
  • Precise estimation of the interior design services market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the interior design services industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of interior design services market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Commercial - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Commercial - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 29: Data Table on Commercial - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 30: Chart on Commercial - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Commercial - Year-over-year growth 2021-2026 (%)
    • 5.4 Residential - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Residential - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 33: Data Table on Residential - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 34: Chart on Residential - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Residential - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 36: Market opportunity by End-user ($ billion)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 75: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 76: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 AECOM
              • Exhibit 89: AECOM - Overview
              • Exhibit 90: AECOM - Business segments
              • Exhibit 91: AECOM - Key offerings
              • Exhibit 92: AECOM - Segment focus
            • 10.4 Aedas Ltd.
              • Exhibit 93: Aedas Ltd. - Overview
              • Exhibit 94: Aedas Ltd. - Product / Service
              • Exhibit 95: Aedas Ltd. - Key news
              • Exhibit 96: Aedas Ltd. - Key offerings
            • 10.5 DP Architects Pte Ltd.
              • Exhibit 97: DP Architects Pte Ltd. - Overview
              • Exhibit 98: DP Architects Pte Ltd. - Product / Service
              • Exhibit 99: DP Architects Pte Ltd. - Key offerings
            • 10.6 Foster and Partners Group Ltd.
              • Exhibit 100: Foster and Partners Group Ltd. - Overview
              • Exhibit 101: Foster and Partners Group Ltd. - Product / Service
              • Exhibit 102: Foster and Partners Group Ltd. - Key offerings
            • 10.7 Gensler. M. Arthur Gensler Jr. and Associates Inc.
              • Exhibit 103: Gensler. M. Arthur Gensler Jr. and Associates Inc. - Overview
              • Exhibit 104: Gensler. M. Arthur Gensler Jr. and Associates Inc. - Product / Service
              • Exhibit 105: Gensler. M. Arthur Gensler Jr. and Associates Inc. - Key offerings
            • 10.8 HDR Inc.
              • Exhibit 106: HDR Inc. - Overview
              • Exhibit 107: HDR Inc. - Product / Service
              • Exhibit 108: HDR Inc. - Key offerings
            • 10.9 Jacobs Engineering Group Inc.
              • Exhibit 109: Jacobs Engineering Group Inc. - Overview
              • Exhibit 110: Jacobs Engineering Group Inc. - Business segments
              • Exhibit 111: Jacobs Engineering Group Inc. - Key offerings
              • Exhibit 112: Jacobs Engineering Group Inc. - Segment focus
            • 10.10 NIKKEN SEKKEI Ltd.
              • Exhibit 113: NIKKEN SEKKEI Ltd. - Overview
              • Exhibit 114: NIKKEN SEKKEI Ltd. - Product / Service
              • Exhibit 115: NIKKEN SEKKEI Ltd. - Key offerings
            • 10.11 Perkins and Will International Group of Companies
              • Exhibit 116: Perkins and Will International Group of Companies - Overview
              • Exhibit 117: Perkins and Will International Group of Companies - Product / Service
              • Exhibit 118: Perkins and Will International Group of Companies - Key news
              • Exhibit 119: Perkins and Will International Group of Companies - Key offerings
            • 10.12 Stantec Inc.
              • Exhibit 120: Stantec Inc. - Overview
              • Exhibit 121: Stantec Inc. - Business segments
              • Exhibit 122: Stantec Inc. - Key offerings
              • Exhibit 123: Stantec Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 124: Inclusions checklist
                • Exhibit 125: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 126: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 127: Research methodology
                • Exhibit 128: Validation techniques employed for market sizing
                • Exhibit 129: Information sources
              • 11.5 List of abbreviations
                • Exhibit 130: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The interior design services market growth will increase by $28.34 billion during 2022-2026.
              The interior design services market is expected to grow at a CAGR of 4.53% during 2022-2026.
              Technavio has segmented the interior design services market by end-user (Commercial and Residential) and geographic (APAC, North America, Europe, South America, and Middle East and Africa).
              AECOM, Aedas Ltd., Arcadis NV, CannonDesign, DP Architects Pte Ltd., Foster and Partners Group Ltd., Gensler. M. Arthur Gensler Jr. and Associates Inc., HBA International, HDR Inc., IBI Group Inc., Interior Architects Inc., Jacobs Engineering Group Inc., Nelson and Associates Interior Design and Space Planning Inc., NIKKEN SEKKEI Ltd., Perkins and Will International Group of Companies, Samoo Architects and Engineers, Stantec Inc., Suzhou Gold Mantis Construction Decoration Co. Ltd., HOK Group Inc., Areen Design Ltd. are a few of the key vendors in the interior design services market.
              APAC will register the highest growth rate of 34.83% among the other regions. Therefore, the interior design services market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the interior design services market growth are:
              • Increase in worldwide construction activities

                The increase in construction activities across the globe is driving the global interior design services market. Construction activities are increasing across the residential, commercial, government, corporate, and public sectors. Several national governments in emerging economies are increasingly undertaking initiatives to develop customized infrastructure, which is expected to drive the construction sector to improve the economic conditions in these nations. According to the US Census Bureau, in January 2022, the total monthly residential and non-residential construction was valued at $1,677.2 billion, and the monthly residential and non-residential construction sectors were valued at $829.4 billion and $497.2 billion, respectively. Increasing investment by the public sector in construction projects also plays a key role in driving the global interior design services market. Many governments across the world are investing a significant amount of capital in the construction of cities, airports, and other commercial buildings, which will drive the demand for interior design services during the forecast period. The increasing construction activities in developed countries, such as the US, are further propelling the demand for interior design services. The housing market in the US has been witnessing significant growth over the last three years. New residential constructions and purchases are growing in the US, even though the momentum is still slow. Currently, interior design services are popular among almost all newly built residential establishments. The growth of the construction market will also drive 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 states.

                 

              • Research and development investments and technological advancements in digital designing

                Technological innovation in digital designing, planning, and execution is the current trend in the global interior design services market. Innovative technological platforms are elevating the execution of interior designing, such as machine learning, VR, and AI. Vendors are increasing investments in research and development and launching digital design labs to remain competitive in the market and render interior designing productive, boost safety, and identify and address concerns. In 2018, Gensler launched Design Labs for developing technologies such as VR and augmented reality. AECOM is also developing an AI-powered web-and-mobile platform, Capture, which will help designers bring accuracy to conventionally cumbersome, time-consuming, and subjective project management processes. VR technology can overcome the challenges of a verbal explanation of designs and 2D drawings faced by designers. VR devices enable customers to visit different iterations of rooms virtually. Moreover, collecting and analyzing data using machine learning provides more accurate design data and saves time.

                 

              The interior design services market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
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