Dublin, June 24, 2020 (GLOBE NEWSWIRE) -- The "Interior Design Software Market - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global interior design software market was valued at USD 3,829 million in 2019, and it is expected to reach a value of USD 6,433.9 million by 2025, registering a CAGR of 9.07% over the forecast period 2020-2025.
Key Highlights
- The number of interior design firms is increasing significantly across the globe, and with it, the revenues generated by the firms is increasing as well. According to Sandow's Interior Design resource, in 2019, the global value of interior design fees stood at around USD 5 billion and observed a growth of nearly USD 600 million compared to the previous year.
- 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 to 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, furniture, etc.
- Virtual walkthroughs are increasingly becoming common amongst architecture firms as it helps convert the businesses and gain a correct point of view of the clients; for instance, WHA Architecture in the US is using Autodesk CAD, Sketchup, Lumion, and Vray solutions and enables its clients to virtually visualize the project via a 360-degree rendering.
- With the advent of 5G and the growing power of computational devices, VR application in the interior design solutions is expected to grow significantly over the forecasted period; this allows graphics to become more realistic and render fast.
- With the recent outbreak of Covid-19, home buying decisions are expected to be postponed by a majority of buyers till the mid of 2021. Various business enterprises are also expected to either halt or postpone their commercial office expansion plans for the same period; such developments are expected to negatively impact the demand for interior design softwares. Commercial building sector is expected to be the worst hit due to slumping revenues and closure of their businesses during the lockdown period.
Market Trends
Residential Sector to Witness the Highest Growth
- Owing to the growing population and rising demand for a pleasant and comfortable living space, the residential sector is expected to have the highest growth rate over the forecast period.
- 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 the remodeling of 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 who can understand their vision and curate cost-effective designs for kitchens, living rooms, wardrobes, etc.
- Capturing this demand, the interior designing companies are using augmented and virtual reality, cloud computing, and 3D technology to offer customers with seamless home interiors and renovation experience. 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.
Asia-Pacific to Register the Highest Growth
- Asia-Pacific segment is expected to have the highest growth rate over 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 has led to an augmented increase of residential apartments. For instance, according to the World Bank, the urbanization rate in China increased to 60.60% in 2019 from 57.90% in 2017.
- 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 platform. 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.
Competitive Landscape
The Interior Design Software market is moderately competitive. The regional vendors are focusing on providing cost-effective solutions with limited operational capabilities and at comparatively lower prices than the international players. Major players in the market include Autodesk Inc., Dassault Systemes SE, Trimble Inc., among others.
- April 2020 - Autodesk released 3Ds Max 2021 version. The latest version from the company focuses on rendering and textures by leveraging the improvements in performance. The version also added support for python 3, scriptable baking, and more focus on CAD-related workflows and interoperability with Autodesk's CAD tools, such as AutoCAD and Revit.
- March 2020 - Trimble Inc. announced that its subsidiary Sketchup's app called SketchUp Viewer for VR now added support to all the major VR headsets including the latest editions of Oculus Quest and SteamVR. All the users need is a cable to setup leveraging which users would be to view of their SketchUp models in VR.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Market Drivers
4.3.1 Want for better interior design and decoration
4.3.2 Rise in Government Initiatives for Promoting Construction and Real-estate Worldwide
4.4 Market Challenges
4.4.1 Interoperability Issues with Interior Design Software
4.5 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 End-user
5.1.1 Residential Sector
5.1.2 Non-residential Sector
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Autodesk Inc.
6.1.2 Dassault Systemes SE
6.1.3 Trimble Inc.
6.1.4 SmartDraw LLC
6.1.5 Foyr LLC
6.1.6 Roomtodo OU
6.1.7 ECDESIGN Sweden AB
6.1.8 RoomSketcher AS
6.1.9 Space Designer 3D
6.1.10 BeLight Software Ltd.
6.1.11 Chief Architect Inc.
6.1.12 Infurnia Technologies Pvt. Ltd.
6.1.13 EasternGraphics GmbH
6.1.14 InnoPlanner Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/q93dhh
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.