The Interior Design Software Market is expected to witness a CAGR of 9. 07% over the forecast period from 2021 to 2026. The development of infrastructure worldwide increased the need for better interior design and decoration.
New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interior Design Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06179109/?utm_source=GNW
The increase in usage of cloud-based software and rising demand for better interior design and decoration are expected to drive the growth of the market.
- With interior design software, architects can take preventive measures, thus reducing the need for remodeling and rebuilding. The number of interior design firms is increasing significantly across the world, and with it, the revenues generated by the firms are increasing as well.
- One of the major drivers behind the demand for interior design software is the improved productivity gained by reducing dependency on paperwork and documentation. This also helps the organizations reduce their overall cost related to interior design by offering enhanced budgeting tools. Moreover, the software enables architects to prepare a detailed layout of the floor, including accurate measurements, flooring, windows, walls, doors, lighting, cabinets, and furniture.
- Virtual walkthroughs are increasingly becoming common among architecture firms, as it helps convert the businesses and gain a correct point of view of the clients. For instance, WHA Architecture in the United States uses Autodesk CAD, Sketchup, Lumion, and Vray solutions and enables its clients to visualize the project via a 360-degree rendering virtually.
- With the advent of 5G and the increasing power of computational devices, VR application in interior design solutions is expected to grow significantly during the forecast period, and this allows graphics to become more realistic and render fast.
- While the COVID-19 pandemic forced the closure of many small and large enterprises, many others reacted by switching to virtual mode. Interior design is one such field that has managed to avoid a complete shutdown by adjusting to the current climate’s demands. Interior designers have started taking virtual tours of the spaces for which their clients are looking for a design. Zoom calls are used for consultations and discussions, and transactions are made. The commercial building sector is expected to be the worst hit due to slumping revenues and closure of their businesses during the lockdown period.
Key Market Trends
Residential Sector to Witness the Highest Growth
- The residential sector is expected to have the highest growth rate over the forecast period, owing to the growing population and rising demand for a pleasant and comfortable living space. Residential design involves the design of the interior of private residences. The interior designer might work on a project from the initial planning stage or may work on remodeling an existing structure.?
- With the increasing technological innovations, setting up a home is no longer a household affair. In the current scenario, many millennials who have unconventional living patterns consider their home decor as a reflection of their personality. Most homeowners prefer designing firms that can understand their vision and curate cost-effective designs for kitchens, living rooms, wardrobes, etc.
- Furthermore, interior designing companies are using augmented and virtual reality, cloud computing, and 3D technology to capture the growing demand to offer customers seamless home interiors and renovation experiences. Also, catching on the trend, startups like Livspace, HomeLane, Bonito Designs, Infurnia, and Spacejoy are eyeing significant growth in the segment by leveraging the funds to increase their user base.
- Moreover, with the upcoming smart cities and smart homes projects in the Asia-Pacific and Latin American regions, the residential segment’s market is all set to grow over the forecast period.?
Asia Pacific to Register the Highest Growth
- The Asia Pacific segment is expected to have the highest growth rate during the forecast period. Building infrastructure plans in the countries such as China and India are anticipated to be a significant contributor to the growth of the Asia-Pacific segment. According to the market study, India is expected to rank third in terms of volumes of constructions by 2030 with a target of 11 million buildings to be constructed, therefore highlighting bright prospects for the market studied.
- Growing urbanization and population growth in major cities in the Asia-Pacific, such as Beijing, China, Tokyo, Japan, and Mumbai, India, led to an augmented increase of residential apartments. For instance, according to a draught framework of the 14th Five-Year Plan for national economic and social growth and long-range targets until the year 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 instance, Livspace has grown to become one of India’s largest home interiors and renovation platforms. The company has designed over 5,000 homes, a whopping 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 is particularly expected to have the potential for market expansion due to its burgeoning population, increasing urbanization, and economic growth in countries such as Thailand, Indonesia, Vietnam, the Philippines, and Malaysia. For instance, according to Statistics Indonesia (Badan Pusat Statistik), the construction sector is predicted to revive in 2021, with a growth of 7.1 percent, providing operations in Indonesia to return to normal levels.
The interior design software market is moderately competitive. The regional vendors focus on providing cost-effective solutions with limited operational capabilities and comparatively lower prices than the international players. Major players in the market are Autodesk Inc., Dassault Systemes SE, Trimble Inc., among others.
- October 2021 - SmartDraw updated its interior design software to include Google Sheets connectivity, which allows users to create charts or enrich shapes with data. It allows users to build data-driven diagrams and link data to specific shapes for further information.
- September 2021 - Trimble Inc. released a beta version of SketchUp for iPad that enables interior designers, engineers, architects, and construction professionals to build, modify, and collaborate on SketchUp models at any time from anywhere.
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