Global Design Thinking Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Design Thinking Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Design thinking is a nonlinear and iterative process, which is used by teams to understand users, challenge assumptions, redefine problems and create innovative solutions for prototype and testing. It involves five stages (empowerment, definition, conception, prototype and testing), which is very useful for solving problems with unclear or unknown definition. Design thinking can be applied to BFSI, automotive, electrical and electronic, pharmaceutical, retail and e-commerce, manufacturing and other industries.

Market Overview:

The latest research study on the global Design Thinking market finds that the global Design Thinking market reached a value of USD 7456.33 million in 2022. It’s expected that the market will achieve USD 11352.7 million by 2028, exhibiting a CAGR of 7.26% during the forecast period.

COVID-19 forces people to change their working style and creates opportunities to improve employee participation and productivity.

Talent management tools-recruitment, entry and performance evaluation are changing, and teamwork, collaboration and knowledge sharing are also disrupted. The COVID-19 pandemic changed the routine in the workplace and destroyed the norms. Among all these changes, what is often lacking is the overall plan for designing a better employee experience. Employee experience includes daily activities (feeling of working somewhere), productivity (finishing work), values and culture (factors that make work meaningful) and occupation (learning, promotion and growth). In an increasingly service-oriented economy, employee experience and customer experience are inseparable. Research shows that excellent employee experience can bring business benefits, just like excellent customer experience. With the improvement of employees' experience, attraction, retention, engagement, productivity and profit will all increase. Design thinking can be applied to employee experience, COVID-19 forces people to change their working style and creates opportunities to improve employee participation and productivity. By redesigning the talent plan, find and retain the right employees. In many companies, talent planning (strategy, recruitment, training, evaluation) is passive, which is carried out after the business department's plan and budget are completed.

Design thinking has a new application in safety

During the epidemic, ensuring safety is especially important for retailers, shopping centers and facility management companies, because (depending on their location) they may need to perform temperature checks, maintain safe intervals and perform other tasks to support the government's work. Contain the work and reduce the risk of further outbreak damage. Doing things in the right way can help prevent temporary closures and help maintain business continuity. Through the integrated workforce to analyze different needs, in order to improve operational efficiency and productivity, while providing ideal retail operation results. Design thinking solutions can help optimize their customers' investment in safe operation and reduce costs. The first thing the company should do is to conduct a comprehensive safety assessment to identify potential improvement areas, and then conduct a feasibility study to consider whether any other technologies are needed, taking into account all the different maintenance, cleaning and other services they are engaged in for commercial use. Under the influence of epidemic situation, design thinking has a new application in safety.

The growing demand of downstream industry

Historically, designers often only participate in the later stage of the new product development process, focusing on the aesthetics and functions of the product. Many enterprises and other organizations are now aware of the utility of embedding design as a productive asset into organizational policies and practices, and design thinking has been used to help many different types of enterprises and social organizations become more constructive and innovative. At the beginning of the 21st century, people's interest in design thinking as a catalyst to gain competitive advantage in business has increased significantly. Designers have participated in the process of product and service development from the initial stage, or introduced their methods into business by training others to use design methods and building innovative thinking ability within the organization. The demand of business for design thinking is increasing.

Common challenges to rolling out a successful design thinking initiative.

Common challenges in promoting successful design thinking plan. Resistance to change comes first from employees, teams and leaders. People are accustomed to their normal way of doing things, so they need to be exposed to the design thinking framework first, and then cultivate and encourage them to adopt it slowly.

The application of design thinking in customer experience

Customer experience (CX) is one of the keys of modern marketing. By providing users with a unique and positive experience, customer loyalty will be enhanced. Recently, the company has been trying to improve CX by implementing design thinking in development. The focus of design thinking is to seize the needs of customers and anticipate their needs, so as to better provide them with innovative solutions, thus providing a better customer experience. The application of design thinking in customer experience will improve the marketing ability of enterprises, increase the demand of enterprises and provide development opportunities for the design thinking industry.

Region Overview:

Geographically, North America held the largest market share – 50.86% in 2022.

Company Overview:

IDEO is one of the major players operating in the Design Thinking market, holding a share of 2.79% in 2023.

IDEO

IDEO is a design and consulting firm with offices in the U.S., England, Germany, Japan, and China. It was founded in Palo Alto, California, in 1991. The company uses the design thinking approach to design products, services, environments, and digital experiences. IDEO focuses on domain innovation, design thinking, social influence, product design, interaction design and organizational design.

Frog Design Inc.

Frog is a global design and innovation consultancy, founded in 1969 by industrial designer Hartmut Esslinger in Mutlangen, Germany. Frog focuses on innovation, design, industrial design, customer experience, people-oriented design, digital design, experience design, risk design, strategic consulting, growth strategy, management consulting, change management, design operation.

Segmentation Overview:

By type, Services segment accounted for the largest share of market in 2022.

Software

Design thinking is a people-oriented innovative method, focusing on obtaining sympathy for customers' problems and challenges, so as to create solutions or products that meet their needs. Compared with the overall business as usual and product design work, this framework or process requires different technologies and tools. To help use this method, many software tools and applications can be used in the process of design thinking. Design thinking software can help enterprises solve problems.

Services

Service refers to planning and organizing service personnel, infrastructure, communication and material components to improve service quality and interaction between service providers and customers. Design thinking service is designed according to the needs of customers or participants, which makes the service humanized, competitive and relevant to customers.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Design Thinking market covered in Chapter 3:

IDEO
UpBOARD
Adobe Systems
Enigma
Frog Design Inc.
IBM Corporation
Planbox
Idea Couture

In Chapter 4 and Chapter 14.2, on the basis of types, the Design Thinking market from 2018 to 2029 is primarily split into:

Software
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Design Thinking market from 2018 to 2029 covers:

BFSI
Automotive
Electrical and Electronics
Pharmaceutical
Retail and E-commerce
Manufacturing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)