Interior Design Software Market Booming at a CAGR of 9.8% to Estimated $6,872.11Mn Growth by 2028
The interior design software market is projected to reach US$ 6,872.11 million by 2028 from US$ 3,580.69mn in 2021; at a CAGR of 9.8%; The Insight Partners
NEW YORK, UNITED STATES, January 17, 2023 /EINPresswire.com/ — According to The Insight Partners latest market study on “Interior Design Software Market Size, Share, Growth, Industry Trends and Forecast to 2028–COVID-19 Impact and Global Analysis – by Application and End User,” the market is projected to reach US$ 6,872.11 million by 2028 from US$ 3,580.69 million in 2021; it is expected to grow at a CAGR of 9.8% from 2021 to 2028. The report basic offers a basic understanding of the global Interior Design Software industry competitors, the sales channel, growth potential, potentially disruptive trends, industry product innovations, and the value/volume of size, market segments, and market share of the best actors/products. Analysis of important industry trends, market size, market share estimates is mentioned in the report. The fundamental objective of this report is to help readers to get market definition, potential, dynamics, and segmentation assessment. The report covers market trends, and industry growth analysis.
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Interior enterprise work to create aesthetically pleasing spaces for their clients. They need to be on the field when required. This has created the demand for flexible and easy-to-use on-field solutions that allow the enterprise to access information remotely from any place at any time. The increased adoption of smartphones and tablets led to the development of cloud-based software, which can be accessed from any place, any time, and all the information can be stored in one place. The market players are focusing on developing cloud-based software and applications for tablets and smartphones. For instance, Trimble has launched the SketchUp for iPad, a new product that enables interior enterprise, architects, engineers, and construction professionals to create, edit, and collaborate on SketchUp models from anywhere, any time. Such developments in the market and increased adoption of smartphones and tablets are leading to the increasing demand for cloud-based software for interior designing, which is further expected to create opportunities for the interior design software market growth over the forecast period.
Autodesk Inc.; SmartDraw, LLC; Trimble Inc.; Dassault Systemes SE; and Foyr LLC are among the key players operating in the global interior design software market. Chief Architect, Inc.; ECDESIGN Sweden AB; RoomSketcher AS; Roomtodo OU; Asynth; and Planner 5D are a few other notable players that are profiled in this market study. In addition, multiple other leading global, regional, and local market players; emerging companies; market disruptors; and niche market players were studied and analyzed during the course of this study to gather a holistic view of the interior design software market.
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Global Interior Design Software Market competitive landscape provides details by competitor. Details included are organization overview, company financials, revenue generated, Industry potential, investment in research and development, new Interior Design Software Market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to Interior Design Software Market.
Furthermore, there has been significant demand for interior designers in developing economies. The increasing awareness about interior designing and availability of ample opportunities in the field of interior designing led to the increase in freelancers and contractors on a large scale. Further, the idea of a dream home or dream space has created the demand for new aesthetics and designs. The easy user integration of software allows the designer to share designs before finalization. Also, automation reduces paperwork. These factors are increasing the working efficiency of the designer. Thus, rising career opportunities in interior designing and surging demand for interior designing and decorations are expected to drive the interior design software market growth in the coming years.
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Based on end user, the interior design software market is segmented into individual and enterprise. In 2021, the enterprise segment led the interior design software market and accounted for a larger market share. Based on application, the market is bifurcated into residential sector and non-residential sector. In 2020, the non-residential sector segment led the interior design software market. Geographically, the interior design software market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2020, North America led the interior design software market.
Impact of COVID-19 Pandemic on Interior Design Software Market
According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, the UK, France, Italy, Germany, Argentina, and South Africa are a few of the worst-affected countries due to the COVID-19 pandemic. The pandemic has adversely affected industries and the global economy. The factory shutdowns, travel restrictions, trade bans, and border lockdowns have adversely affected the interior design software industry. The interior design software market had a severe impact initially; however, the market is reviving and expected to grow post-pandemic. Moreover, the commercial building sector is the worst-hit sector as the COVID-19 pandemic has forced many business firms to delay office reopening and further expansions. People are now renovating their houses by hiring interior enterprise and architects to design interiors of their choice.
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Although the global Interior Design Software market size plummeted initially in 2020 due to the adverse impact of the COVID-19 pandemic and related regulations, it achieved a strong recovery from the pandemic and is expected to grow in the coming years. The COVID-19 outbreak accelerated the growth rate of the Interior Design Software market and had driven many companies to use advanced security solutions. Though the adoption of cloud solutions and services was reduced in the early stage of the pandemic, in the later stage, companies turned to analytics, collaboration applications, security solutions, and AI to sustain their business operations. The manufacturing industry gained pace from mid-2021, which propelled the adoption of Interior Design Software, as it deals with sensitive and highly confidential data such as warranty information, quality data, engineering specifications, and device history records for a product.
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