LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the specialized design services market, the market is segmented by type into interior design services, graphic design services, industrial design services, and fashion and other design services. The interior design services market was the largest segment of the specialized design services market segmented by type, accounting for 29.8% of the total in 2020. Going forward, the interior design services market is expected to be the fastest growing segment in the specialized design services market segmented by type, at a CAGR of 9.2% during 2020-2025.
The global specialized design services market is expected to grow from $119.05 billion in 2020 to $127.11 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $174.21 billion in 2025 at a CAGR of 8%.
The Business Research Company’s report titled Specialized Design Services Global Market Report 2023 – By Type (Interior Design Services, Graphic Design Services, Industrial Design Services, Fashion And Other Design Services), By Mode (Online, Offline), COVID-19 Impact And Recovery covers major specialized design services companies, specialized design services market share by company, specialized design services manufacturers, specialized design services market size, and specialized design services market forecasts. The report also covers the global specialized design services market and its segments.
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The interior design services landscape is changing rapidly as companies are offering their design services and themes online. Online crowd sourcing enables customers to submit photos of a space online and interior design service providers send design ideas and style boards relevant for the space to customers directly. Once the customer selects a design, they receive a personalized floor plan and shopping list along with instructions. For instance, Laurel and Wolf in the US offers interior design and decorating services to customers online through its crowd sourcing platform.
Companies in the interior design services market are focusing on the new trend of e-design and virtual design to provide customized services to customers. E-design is an interior design service offered completely online, it is a simple, affordable alternative to traditional interior design because the service is performed virtually, cutting out the need for in-person meetings and travel. Companies are focusing on investing in e-design and virtual design and are simultaneously opting for mergers and acquisitions to bring more advancements in e-design technologies. Foyr Neo is one such interior design software that allows you to plan, create and render 2D and 3D spaces. It not only allows people to customize the perfect design of their liking but also saves them a lot of money.
North America was the largest region in the specialized design services market, accounting for 34.8% of the total in 2020. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the specialized design services market will be South America and Eastern Europe where growth will be at CAGRs of 13.9% and 12.7% respectively. These will be followed by Middle East and Africa, where the markets are expected to grow at CAGRs of 12.0% and 11.6% respectively.
The top opportunities in the specialized design services market segmented by type will arise in the interior design services segment, which will gain $20.0 billion of global annual sales by 2025. The top opportunities in segment by mode will arise in the offline segment, which will gain $35.2 billion of global annual sales by 2025. The specialized design services market size will gain the most in the USA at $13.4 billion.
Specialized Design Services Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide specialized design services market overviews, specialized design services market analyze and forecast market size and growth for the whole market, specialized design services market segments and geographies, specialized design services market trends, specialized design services market drivers, specialized design services market restraints, specialized design services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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