Architecture and Interior Design Market is Expected to Grow at a Lucrative Growth of 8.2% From 2021 to 2028
The Global Architecture and Interior Design Market was valued at USD 1023 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.2% between 2021 to 2028. Architecture and interior design are the processes wherein the design, structure, development, and decoration, along with the aesthetics of buildings and infrastructure, commercial as well as residential, are drawn up and implemented. The process involves overseeing and reviewing the construction of the structure, followed by the accessorizing, and furnishing stages.
Rising significance of aesthetics, increasing renovation activities, enhanced growth of the construction industry and rapid modernization are some of the key factors that are augmenting the growth of the architecture and interior design market, worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns. This caused a steep decline in the construction, building, maintenance, and renovation industries. This, in turn, hampered the growth of the architecture and interior design market.
Although, the pandemic also provided people the time to work on their living spaces as they spent their time indoors, which provides an enthralling opportunity for the growth of architecture and interior design market, in the coming years.
Globally, North America is dominating the architecture and interior design market and this dominance can be attributed to surging technological advancements, rising building and construction industry and enhanced expenditure power in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to rising disposable incomes, economic growth and development and increasing population, in the region.Some of the major players operating in the global architecture and interior design market are Leo A Daly, Wilson Associates, HOK Group Inc., Jacobs Engineering Group Inc., CallisonRTKL, Gensler, Hirsch Bedner Associates, Areen Design, Ace Interiors, Acme Interiors, and among others.