LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global interior design services market predicts the market to witness a CAGR of more than 4% during the forecast period. This research report segments the market by end-user (commercial, and residential), and geography (Europe, North America, APAC, MEA, and South America).
Increase in demand for personalized and customized kitchen and living rooms
The interior design services market is witnessing the growing trend of personalization and customization, which is one of the major factors aiding residential consumer purchase decisions. As a result, vendors have been introducing personalized kitchens, such as the modular kitchen, Pullman kitchen, and L-shape or peninsula kitchen designs, bathrooms, and living rooms. Moreover, interior designers are maximizing space and ensuring near-zero wastage through innovative designs. Therefore, the growing demand for personalized kitchen and living rooms will drive the global interior design services market growth during the forecast period.
Commercial end-user segment will garner the highest share
Commercial end-users such as government institutions, corporate players, office centers, and private players such as hospitality, retailers, and restaurants extensively use interior design services to increase functionality and elevate style for financial gain. The commercial segment is expected to grow rapidly during the forecast period owing to an increase in the number of commercial construction projects.
“The growing retail industry is providing immense opportunities for the growth of the commercial segment. Many global brands are expanding their presence in developing countries. Moreover, the number of government initiatives for the development of smart cities is also increasing, which will increase commercial construction projects during the forecast period. Therefore, the commercial end-user segment will provide significant opportunities for vendors in the interior design services market during the forecast period,” says a senior research analyst at Technavio.
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Interior design services to witness fastest adoption in APAC
A significant increase in construction activities in developing countries such as India and China will lead the interior design services market to witness the fastest growth in APAC during the forecast period. The market is witnessing the expansion of interior design enterprises in these countries, offering a combination of online and offline services and promotions. Such factors are expected to boost the growth of the interior design services market in APAC during the forecast period.
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Some of the key topics covered in the global interior design services market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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