Market Trends of APAC Interior Design Software Industry
Residential Sector is Expected to Hold Significant Market Share
- The residential sector is expected to increase fastest throughout the projection period, owing to the growing population and rising demand for a pleasant and comfortable living environment. Furthermore, with increased technological innovation, a home is no longer only a place to live. In the APAC region, millennials with unique lifestyles believe their home design should represent their uniqueness. Most homeowners favor design businesses that can comprehend their vision and develop cost-effective ideas for kitchens, living rooms, and closets, among other things.
- According to Population Reference Population Reference Bureau, in 2022, the degree of urbanization worldwide, in Asia and Oceania, was 57 percent, 52 Percent, and 67 Percent, Respectively.
- Start-ups are upending the local interior design industry. Livspace has become one of India's major home interior design and remodeling platforms. The business has created over 5,000 residences totaling over 2 million square feet and collaborates with over 2,000 other designers. The business successfully built a strong brand presence due to its partnership with Brand Capital, The Times Group's strategic investment arm.
- Additionally, the rapid regional building standards and norms in current housing and population expansion in this century have increased the necessity for an instant reaction from designers in terms of space rationalization to meet the ensuing lack of architectural habitat. Furthermore, with forthcoming smart city and smart house initiatives in the Asia Pacific, the residential segment's market is expected to rise throughout the projection period.
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China is Expected to Hold Significant Market Share
- The China country segment is expected to grow significantly during the forecasted period. Building infrastructure plans in nations in China are revised to contribute significantly to Asia-Pacific interior design software market expansion.
- Growing population and urbanization in major cities in the region, such as Tokyo, and Beijing, China, led to an augmented increase in residential sectors. Recently, China's five-year national development strategy was just unveiled. With the aim of 65% urbanization in its 14th Five-Year Plan (FYP) (2021-2025), the government will add 10 million urban dwellers annually through the end of 2025.
- According to the National Bureau of Statistics of China, in 2022, approximately 65.2 percent of the total population in China lived in cities. The urbanization rate has increased steadily in China over the last decades.
- Additionally, interior design companies use augmented and virtual reality, cloud computing, and 3D technologies to meet rising demand and provide customers with seamless home interiors and remodeling experiences. Several 3D platform suppliers include Cedro, an online 3D house design platform used by professional home builders, remodelers, and interior designers to develop 2D and 3D floor plans and interior and exterior renderings.
- In addition, firms like Livspace, HomeLane, Bonito Designs, Infurnia, and Spacejoy are aiming for considerable development in the category by using capital to expand their user base. From getting to know the client to design and delivering the final product, these organizations draw investors into the industry while offering many chances for a diverse range of new talent.
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