According to a report by Altus Market Research titled, “Specialized Design Services Global Market 2022 Opportunities And Strategies To 2030: By Type: (Interior Design Services; Graphic Design Services; Industrial Design Services; Fashion And Other Design Services); By Mode: (Online; Offline Covering)“, the specialized design services market reached a value of nearly $121.08 billion in 2020, having increased at a compound annual growth rate (CAGR) of 3.6% since 2015. The market is expected to grow from $121.08 billion in 2020 to $179.50 billion in 2025 at a rate of 8.2%. The market is then expected to grow at a CAGR of 7.1% from 2025 and reach $252.70 billion in 2030.
Growth in the historic period resulted from emerging markets growth, technology development and demographic shift. Factors that hindered the growth of the specialized design services market during the historic period include weak wage growth in emerging economies, skills shortages, counterfeit damages, and COVID-19 pandemic. Going forward, economic growth, increase in number of internet users, globalization will drive the growth. Factors that could hinder the growth of the specialized design services market in the future include access to free online tools and blogs, and high cost.
The global specialized design services market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 4.56% of the total market in 2020. The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. Major players in the market include AECOM, Gensler, Perkins and Will, HOK Group, Inc., and HKS Architects.
Request Research Sample with Latest Industry Insights (334+ Pages Report): https://altusmarketresearch.com/reports/sample/43155
The specialized design services 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 specialized design services market is also segmented by mode into online and offline. The offline market was the largest segment of the specialized design services market segmented by mode, accounting for 78.1% of the total in 2020. Going forward, the online segment is expected to be the fastest growing segment in the specialized design services market segmented by mode, at a CAGR of 13.4% during 2020-2025.
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 coronavirus pandemic has spread worldwide and is already causing disruptions in global economies. Several industries are experiencing different challenges due to the effect of the pandemic, including the specialized design services industry. The impact of the pandemic on the specialized design services market was as significant as the rest of the economy. In 2020, despite an increase in residential housing starts, the specialized design services industry was affected by the COVID-19 pandemic. As a result of measures to contain the spread of COVID-19, output in the specialized design services industry contracted in March and April by more than 20%. By end of the year, production had still not fully recovered to pre-pandemic levels. Challenges remained in the market with a resurgence of COVID-19 and a return to operating restrictions and shutdowns in several areas of the country. Despite many businesses adapting their operating methods and finding new ways to reach clients, many specialized design services providers still rely on in-person contacts to operate.
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.
Market-trend-based strategies for the specialized design services industry include investments in innovative technologies, adoption of IOT and computer-aided engineering (CAE) technologies, cloud-based product design, offering customized solutions, collaborations with local interior designers, providing virtual designing services, integrating AI technologies, investing in 3D printing technologies, and investments in lab grown diamonds. Player-adopted strategies in the specialized design services industry include expansions into new geographies, establishments of new operational centers, development of innovative tools, and collaboration with technology-based companies.
Player-adopted strategies in the specialized design services industry includes expansions into new geographies, establishments of new operational centers, development of innovative tools, and collaboration with technology-based companies.
To take advantage of these opportunities, The AMR recommends the specialized design service companies to focus on sustainable design, use of augmented reality (AR) and virtual reality (VR), focus on collaborating with local interior designers, focus on expanding through collaborations, leverage social media to maximize reach, increase visibility through a high-performance website, focus on middle-class population in emerging economies.
