Global Artificial Intelligence (AI) In Interior Design Market Set For 6.2% Growth, Reaching $7.53 Billion By 2028
Artificial Intelligence (AI) In Interior Design Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
Global Artificial Intelligence (AI) In Interior Design Market Set For 6.2% Growth, Reaching $7.53 Billion By 2028
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In a world increasingly focused on personalization and uniqueness, the interior design market is no exception. A game-changer in this arena is the integration of artificial intelligence AI, prompting an exponential growth in the market size in recent years. Expected to reach $1.09 billion in 2024 up from $0.86 billion in 2023, this presents a compound annual growth rate CAGR of 26.8%. The growth in the historic period can be attributed to an increased demand for personalized designs, advancements in AI technology, a rise in home renovations and remodeling, the growth of e-commerce in home furnishing, a reduction in AI implementation costs, an enhanced user experience through AI, and the integration of AR/VR technologies.
How Large Will The AI In Interior Design Market Get?
By projecting current trends, the artificial intelligence AI in the interior design market size is expected to see exponential growth in the next few years. Analysts predict that it will grow to $2.83 billion in 2028 reflecting a compound annual growth rate CAGR of 27%. The market's growth in the forecast period can be attributed to rising smart home adoption, advancements in generative AI, expanding AI into consumer applications, a rising demand for sustainable design solutions, an increased focus on data-driven design, the emergence of AI-powered design platforms, and rising consumer expectations for interactive design.
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What's Propelling Growth In The AI In Interior Design Market?
A major factor set to propel the growth of artificial intelligence AI in the interior design market in the coming years is the rising demand for smart homes. These are residences equipped with devices, appliances, and systems that can be controlled remotely for higher convenience, comfort, energy efficiency, security, and an overall improved living experience. The growth in the demand for smart homes can be ascribed to the availability of affordable smart devices, increasing awareness about energy efficiency, and home security benefits that fuel the demand for connected living solutions. For instance, a 2022 report by techUK, revealed that the number of UK adults owning at least one connected home device will rise to 77% in 2022 from 67% pre-pandemic, marking a 1% increase since 2021. The report also found that around 26% of advanced adopters will own over three connected home devices by 2022, up from 24% in 2021. This heightened status of smart homes will undoubtedly spur artificial intelligence AI in the interior design market.
Who Are the Big Players In The AI In Interior Design Market?
Key industry players operating in the artificial intelligence AI in the interior design market are Wayfair Inc., Autodesk Inc., Houzz Inc., Havenly Inc., Modsy Inc., Foyr Inc., Homestyler Inc., DesignFusion AI, Collov Inc., REImagine Home Inc., ZMO.ai Ltd., Coohom Inc., DecorMatters Inc., Floorplanner.com B.V., Morpholio LLC, Planner 5D Inc., RoomSketcher AS, Fotor Inc., Room AI inc., RoomGPT.
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What Are The Latest Trends In The AI In Interior Design Market?
Horizontal integration is high on the priority list for many industry players who are now working to develop creative AI solutions. For instance, generative AI-powered interior design tools which allow homeowners to visualize and personalize their living spaces are becoming increasingly popular. In 2023, Wayfair Inc. launched Decorify, a generative AI-powered interior design tool aimed to help shoppers reimagine their living spaces. This innovative application allows users to upload a photo of their room and use AI to transform it into various styles, such as bohemian, mid-century modern, or industrial.
How Is The AI In Interior Design Market Segmented?
The market's segmentation helps us understand the various facets driving growth:
1 By Component: Solution, Services
2 By Application: Space Planning And Design, Furniture, And Decor Selection, Virtual Reality, And Augmented Reality VR Or AR Visualization, Material Selection And Optimization, Other Applications
3 By End User: Interior Design Firms, Architects And Real-Estate Developers, Furniture Manufacturers, Other End-Users
What's The Regional Insights On AI In Interior Design Market?
North America was the largest region in the artificial intelligence AI in the interior design market in 2023. However, the regions covered in this report diversely span Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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