Dublin, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global architectural services market is worth US$ 302.2 billion in 2022 and is predicted to expand at a CAGR of 3.5% during the forecast years of 2022-2032. The market is expected to grow due to increased government spending on infrastructure and the rising urban population across the world.
Rising urban population has put the real estate industry under pressure to come up with a sustainable solution to the rising demand for residential buildings. Suitable macroeconomic factors such as rising employment, low-interest rate, and increase in disposable income have also led to a rise in the demand for residential housing, ultimately leading higher demand for architectural services. The architecture industry is adopting technological trends that help them provide the best services to clients. Architect jobs are becoming more and more difficult as a result of complex demands from the client’s end and surging architectural technologies.
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A new technology, BIM (Building Information Modelling) makes it possible to precisely distribute work across all stages of the construction process, and, as a result, enable proper execution with fewer errors. BIM makes it possible for engineers, architects, estimators, clients, and a wide range of other roles to collaborate on a single shared process. The Internet of Things, automation, and robots have already begun to improve the efficiency of building construction and design, and they may continue to do so in the future.
Key Takeaways from Market Study
- The global architectural services market is projected to expand at a CAGR of 3.5% and reach US$ 416.3 billion by the end of 2032.
- The market expanded at 2.1% CAGR from 2017 to -2021.
- Under service, construction & project management services are valued at US$ 99.3 billion in 2022.
- North America led the global market with a 30% market share in 2021.
- Demand for architectural services is expected to increase at CAGRs of 3.5% and 3.7%, respectively, in Europe and South Asia & Oceania.
Competitive Landscape
Prominent architectural service providers are Aecom, Aedas, Arcadis NV, ATP Architects Engineers, Dar Al-Handasah, DLR Group, DP Architects, ForrestPerkins LLC, Gensler, gmp Architekten, Haeahn Architecture, HDR, Heerim Architects & Planners, HKS, HOK, Nihon Sekkei, SmithGroup, Stantec Inc., Sweco, and The Cannon Corporation.
The global market for architectural services is highly competitive due to low entry barriers and global players resorting to mergers & acquisitions, expansions, collaborations, and partnerships.
Also, new service offering as a strategic approach is adopted by leading companies to upscale their market presence across regions.
- In February 2021, Arcadis NV acquired a 70% stake in HydroLogic Research B.V. HydroLogic Research provides hydroinformatics, data science, modeling, and optimization for climate-resilient water management.
- In June 2021, Sweco agreed to acquire Belgian consultancy Boydens Engineering. Belgian consultancy Boydens Engineering has a strong reputation in the field of sustainable design.
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Market Development
The business environment in the architectural services market sees extreme competition among major players. To gain a solid hold in the market, prominent market players are employing organic and inorganic strategies.
- For instance, in 2021, DLR Group added specific sector expertise and expanded its local presence in four key markets through the strategic acquisitions of Salus Architecture (Seattle) and BakerNowicki Design Studio (San Diego) on the West Coast, and Bowie Gridley Architects (Washington, D.C.) and Wright McGraw Beyers Architects (Charlotte) on the East Coast.
Segmentation of Architectural Services Market
- By Service :
- Construction & Project Management Services
- Engineering Services
- Architectural Advisory Services
- Urban Planning & Design Services
- Interior Design Services
- Others (not covered elsewhere)
- By End User :
- Governments
- Healthcare
- Education Centers
- Hospitality & Resorts
- Residential
- Workplace
- Others (not covered elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global architectural service market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (construction & project management services, engineering services, architectural advisory services, urban planning & design services, interior design services, others (not covered elsewhere)) and end user (government, healthcare, education centers, hospitality & resorts, residential, workplace, others (not covered elsewhere)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Questions Covered in the Architectural Services Market Report
- What is the estimated market size of Architectural Services in 2022?
- At what pace will worldwide Architectural Services sales increase till 2032?
- What factors are driving demand in the Architectural Services market?
- Which region is predicted to lead the worldwide Architectural Services market between 2022 and 2032?
- What are the elements driving Architectural Services market sales during the forecast period?
- What is the expected market estimation of Architectural Services during the forecast period?
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