The Architectural Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Architectural Services, The architectural services market size has grown strongly in recent years. It will grow from $192.53 billion in 2023 to $205.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in construction activities, rise in disposable income and increasing government support.
The architectural services market size is expected to see strong growth in the next few years. It will grow to $263.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing infrastructure expenditure by governments, rapid urbanization, increasing population growth and increase in smart cities. Major trends in the forecast period include digital commerce architecture to strengthen position in the market, focus on the introduction of architectural applications (apps) to strengthen position in the market, focus on the adoption of 3d printing to expand services portfolio and drive revenues, focus on technological advancements to expand product portfolio and drive revenues, focus on the use of blockchain technology to improve efficiencies and data security, focus on partnerships and collaborations to expand product portfolio and geographic presence and focus on metaverse architecture for an immersive virtual world.
Increasing demand for construction activities is expected to propel the growth of the architectural services market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. The architectural services market is used in construction to create architectural designs and plans and to make different elements to build that project structures, as a result, increasing demand for construction activities increases the demand for architectural services. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, an increasing demand for construction activities is driving the growth of the architectural services market.
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The architectural services market covered in this report is segmented –
1) By Service Type: Architectural Advisory Services, Construction And Project Management Services, Engineering Services, Interior Design Services, Urban Planning Services, Other Service Types
2) By End-User: Education, Government, Healthcare, Hospitality, Residential, Industrial, Retail, Other End User
Technological Advancements are a key trend in gaining popularity in the architectural services market. Major companies operating in the architectural services market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, COBOD International, a Denmark-based company operating in architectural services and CEMEX, a Mexico-based company operating in architectural services launched an innovative 3D concrete printing technology approach to improve construction projects. This technology has unique features such as lowering construction costs, allowing new customization and complex designs of structures, improving the production of higher quality elements by utilizing machine-perfect fabrication and also helping builders faster speed of construction and a high level of design freedom formworks.
The architectural services market report table of contents includes:
1. Executive Summary
2. Architectural Services Market Characteristics
3. Architectural Services Market Trends And Strategies
4. Architectural Services Market – Macro Economic Scenario
5. Global Architectural Services Market Size and Growth
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26. South America Architectural Services Market
27. Brazil Architectural Services Market
28. Middle East Architectural Services Market
29. Africa Architectural Services Market
30. Architectural Services Market Competitive Landscape And Company Profiles
Top Major Players:
- AECOM
- Jacobs Solutions Inc
- Fluor Corporation
- HOCHTIEF Aktiengesellschaft
- Stantec Inc
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