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Interior Design Software Market 2024 - Size, Share, Trends, Technology, Challenges And Forecast By 2033
Interior Design Software Market
According to The Business Research Company's, The interior design software market size has grown rapidly in recent years. It will grow from $5.24 billion in 2023 to $5.90 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to the widespread adoption of computer-aided design (CAD), the growing trend of home renovations, increased globalization, evolving consumer preferences, and growing awareness of sustainability.
The interior design software market size is expected to see rapid growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to the increasing integration of artificial intelligence (AI) technologies, rising usage of mobile devices, enhanced cross-platform compatibility, growth of virtual design communities, and integration of regulatory compliance features. Major trends in the forecast period include AI-powered design assistance, increasing adoption of VR and AR technologies, growing popularity of cloud-based interior design software, development of mobile-friendly interior design apps, and integration with smart home devices.
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Market Drivers and Trends:
The growth in the residential sector is expected to propel the growth of the interior design software market going forward. The residential sector refers to a specific geographic region where permits are granted to construct residential buildings or structures according to building and zoning regulations. The growth in the residential sector is due to the increasing population, advances in construction technology, growing awareness of sustainability, and evolving lifestyle preferences. Interior design software streamlines the creation and visualization of residential spaces, offering tools for floor planning, furniture arrangement, material selection, and 3D rendering. For instance, in April 2024, according to the National Association of REALTORS, a US-based trade association, it is projected that existing home sales will increase by 9% in 2024 to reach 4.46 million, up from 4.09 million in 2023. Therefore, the growth in the residential sector is driving the growth of the interior design software market.
Major companies operating in the interior design software market are focusing on developing advanced solutions, such as AI-based interior design platforms, to gain a competitive edge in the market. An AI-based interior design platform is software that utilizes artificial intelligence (AI) algorithms and technologies to assist users in designing interior spaces. For instance, in March 2024, V Starr Interiors LLC, a US-based firm offering interior design services, launched Palazzo, an AI-powered platform. The platform incorporates features enabling users to edit specific elements within images, such as adjusting the color of a couch. It also includes a personalized style quiz designed to enhance Vinci's understanding of users' preferences. Additionally, users can access content and receive real-time feedback from other platform users.
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Major Key Players of the Market:
Dassault Systemes SE, Autodesk Inc., Trimble Inc., Houzz Inc., Homestyler, Foyr LLC, Chief Architect Inc., SmartDraw LLC, EasternGraphics GmbH, Sweet Home 3D, AutoCAD, Infurnia Technologies Pvt. Ltd, Cedreo ltd., Roomstyler Ltd., 3Ds Max, ECDESIGN Sweden AB, Decolabs, Mydoma Inc., Design Manager, DesignSpec Ltd., Adobe Substance 3D, TurboCAD Ltd., BeLight Software Ltd, RoomSketcher AS, Asynth.
Interior Design Software Market 2024 Key Insights:
• The interior design software market size is expected to see rapid growth in the next few years. It will grow to $9.64 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Residential Sector Expansion Fuels Growth In The Interior Design Software Market
• Recent Developments In AI-Powered Interior Design Software
• North America was the largest region in the interior design software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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