Architectural Services Market Analysis:
The global architectural services market is predicted to grow at a healthy CAGR by 2023, states the recent Market Research Future (MRFR) analysis. Architecture services, simply put, are services offered in relation to planning & designing residential, commercial, industrial, leisure, and institutional structures and buildings by applying knowledge of construction procedures, design, building materials, building codes, and zoning regulations.
Various factors are propelling the Architectural Services Market. As per the current MRFR report, such factors include the growing investments in the construction sector, burgeoning demand for design services, demand for green building worldwide, growing demand from different sectors like government, healthcare, and construction, technological advances like 5D building information management (BIM) software, 3D modeling, use of high-end designing software, and outsourcing of CAD drawings & project designs. Additional factors adding market growth include the swift growth of the construction sector worldwide across residential and commercial buildings, rapid advancements, the advent of the IT technology, rising imposition of strict regulations in building & efficiency, rapidly growing construction sector, the rapidly increasing population that has boosted the demand for well-designed, functional spaces and smart infrastructure, increasing urbanization, rising implementation of smart cities, increased government investments to update infrastructure, and rising implementation of smart cities.
On the contrary, strict government regulations, uncertain economic conditions, and high software costs are factors that may limit the global architectural services market growth over the forecast period. Besides, the ongoing COVID-19 impact has also impacted the market to some extent.
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Major Key Players:
Eminent contenders profiled in the global architectural services market report include AECOM, Foster & Partners Limited, Nikken Sekkei, Jacobs, HOCHTIEF AG, DP Architects, Gensler, Aedas, HOK, IBI Group Inc., PCL Constructors Inc., Perkins Eastman, HDR Architecture, Perkins & Will, HKS, INC., and Stantec.
Market Segmentation:
The MRFR report offers an inclusive segmental analysis of the global architectural services market based on end user and service type.
- By service type, the global architectural services market is segmented into interior design services, engineering services, construction and project management services, architectural advisory services, urban planning services, and others. Of these, the urban planning services type will lead the market over the forecast period. Rising deployment & integration of smart city infrastructure is adding to the growth of the segment.
- By end users, the global architectural services market is segmented into retail, industrial, residential, healthcare, government, hospitality, education, and others. Of these, the residential segment will dominate the market over the forecast period.
Regional Analysis:
Based on the region, the global architectural services market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. The presence of an established construction sector, increasing use of architectural services by end users, and favorable investments by the government to maintain & plan efficient infrastructure is adding to the global architectural services market growth in the region.
The global architectural services market in Europe is predicted to have the second-largest share over the forecast period. Implementation of strict regulation by government bodies on building design & efficiency is adding to the global architectural services market growth in the region.
The global architectural services market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of rapidly emerging economies like Thailand, India, China, and Japan, booming construction sector, increasing focus of the government on urban planning and infrastructure, expanding middle-class population, rise in purchasing power, growing demand for residential buildings and houses, increase in construction activities, and international players trying to establish in the region are adding to the market growth.
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The global architectural services market in Latin America & the MEA is predicted to have sound growth over the forecast period.
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