Office Decoration Market Expected to Reach $7.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Office Decoration Market," The office decoration market was valued at $5.1 billion in 2022, and is estimated to reach $7.9 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

Office decoration is the process of organizing and arranging a workspace to improve productivity, well-being, and safety. Its products include furniture, lighting, wall art, flooring, and office interior décor. Aspects of office design such color palettes, furniture arrangements, lighting, and staff interaction. It consists of several elements that can be both visually pleasing and functional at a workplace.

One key market factor for office décor is the advancement of smart, contemporary technologies. As they embrace digital transformation, businesses are increasingly searching for office spaces that can seamlessly integrate cutting-edge technology. Examples of this include the use of IoT (Internet of Things) devices, cutting-edge communication systems, smart lighting, and energy-saving techniques, such factors surge the office decoration market size.

Utilizing such technology increases the usefulness of workplace spaces while reducing expenses and improving energy efficiency. By modifying lighting settings based on occupancy, for instance, smart lighting systems can reduce energy use. The emphasis on sustainability and efficiency, which is in accordance with regulatory norms and corporate social responsibility objectives, increases the office decoration market demand for technologically sophisticated office decorations.

Companies frequently postpone or abandon the re-design plans as a result of economic crises, recessions, and other natural disasters. Companies frequently limit corporate expenditure in these circumstances, including on office refurbishment and beautification initiatives. Additionally, corporate budgetary restrictions and economic downturns might have a significant negative influence on the office decoration market growth. When faced with budgetary challenges, businesses usually place a higher priority on required expenditures than non-essential ones, such as workplace design. The lower demand leads to fewer office decoration projects, which is bad news for decorators and suppliers. Business uncertainty makes it difficult for people to commit to lengthy beautification initiatives due to risk aversion and economic uncertainty. Businesses may also decide to delay or forego planned growth, which would lower the need for more offices and furnishings. There is thus less demand for office decorations, increased competition for fewer projects, and pressure on pricing. under order to succeed under these conditions, decorators and suppliers must also be flexible, offer cost-effective solutions, and be prepared to deal with the cyclical nature of the office decoration market share.

The office decoration market analysis based on type, material, distribution channel and region. By type, the market is classified into wall art, sculptures, fountains and others. By material, the market is classified into wood, glass, metal and others. By distribution channel, the market is classified into online and offline. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, ASEAN, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, the Middle East, and the rest of LAMEA).

According to type, the wall art segment dominated the office decoration industry in 2022 and is expected to maintain this trend during the forecast period. Wall art is a popular form of decor that adds visual interest, style, and personality to a room. It comes in various forms and styles, and it can be made from a wide range of materials. Wall art is an essential element of interior design, allowing individuals to express their style and enhance the ambiance of a space. The dominance of the wall art segment in the market suggests that consumers value these decorative pieces for their ability to transform and personalize their living or working environments which increases the office decoration market opportunities.

According to material, the wood segment dominated the office decoration industry in 2022 and is expected to sustain its market share during the forecast period. Wood is a versatile and timeless material known for its natural beauty and warm aesthetic. Wooden wall art pieces often have a rustic, organic, or traditional charm that appeals to a wide range of consumers. Overall, the dominance of the wood segment in the wall art market can be attributed to its combination of aesthetic appeal, versatility, durability, sustainability, and its ability to cater to a wide range of consumer tastes and preferences.

According to distribution channel, the offline segment dominated the market in 2022 and is expected to sustain its market share during the forecast period. The offline segment accounted for a major share in the climbing gear market in 2021 and is expected to grow at a significant CAGR during the forecast period. The offline segment encompasses all the physical retail stores through which sports equipment and apparel are made available to the buyers. The growth of the offline segment in the climbing gear market can be attributed to increase in adoption of offline retail formats such as the supermarket and hypermarket in both the mature and emerging markets.  

According to the region, North America dominated the sharing accommodation market in 2022 and is expected to be dominant during the forecast period. The North America office decoration market is accounted for a major share in 2021 and is expected to grow at a significant CAGR during the forecast period. North America offers lucrative growth opportunities for the market players. Market players are expanding in this region to gain a stronger foothold in the office decoration market.

Players operating in the global office decoration market have adopted various developmental strategies to expand their garment steamer market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Trends International, LLC, Crystal Craft, Exelgreen, Canvas Press, LLC, Wall Art, Covet Group, Feathr Oy, Alpine Corporation, Finesse Decor and Haworth Inc.

Key findings of the study

• On the basis of type, wall art segment dominated the sharing accommodation industry in 2022 and is expected to retain its dominance throughout the forecast period.
• On the basis of material, wood segment dominated the sharing accommodation industry in 2022 and is expected to retain its dominance throughout the forecast period.
• By distribution channel, the offline segment led the market in 2022 and is anticipated to continue this trend in the coming years.
• Region wise, North America was the major shareholder in 2022 and is expected to retain its dominance throughout the forecast period.