United States, Rockville MD, Oct. 17, 2022 (GLOBE NEWSWIRE) -- 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 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.
“Architectural services market benefiting from rising urbanization and high spending by governments on infrastructure projects,” says a Fact.MR analyst.
Residential Sector Will Drive Market Growth for Architectural Services
Urbanization is taking place at an unprecedented rate all around the world. People used to share flats and apartments, but as disposable money has increased, they are now demanding their own homes and apartments. People are now opting for independent homes with unique layouts and ideas.
The demand for architectural services has increased as a result of the arrival of new market participants. These businesses can offer immediate services to their target customers, who are primarily residential clients, thanks to new, superior technology. The need for architectural services has increased as a result of changes in workplace cultures around the world.
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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
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.
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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).
Fact.MR’s Domain Knowledge in Business Services Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Business Service team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Business Services domain across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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