Architectural Services Market Size to Worth Around USD 549.6 Bn by 2032

The global architectural services market size was valued at USD 360.8 billion in 2022 and is expected to be worth around USD 549.6 billion by 2032 and growing at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2032.

/EIN News/ -- Ottawa, June 06, 2023 (GLOBE NEWSWIRE) -- As per Precedence Research, the global architectural services market size will reach USD 505.23 billion by 2030. The architectural services include designing, preparation of construction documents and construction documents. It also provides a wide variety of services like feasibility studies, architectural programming along with project management. It comprises of plans and designs used to improve the aesthetics of spaces and structures, and assists in meeting the requirements of safety, codes, and zoning. The demand for architectural services has been increased due to the increasing construction activities across the World. The rapid urbanization and modernization in developing countries, like India and Brazil, has resulted into increasing residential and commercial construction activities.

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The growth in construction activities is expected increase the need for architectural services in various places like project and construction management services. It may also assist in urban planning,all these factors will drive the overall growth of global architectural services market.

Various businesses are looking forward for architectural services such as interior design, space planning, and schematic designs which basically help them attract more customers and to have competitive advantage over the others. The market is also expected to witness aggressive growth due to high demand for construction projects after Covid.

Growing popularity of green buildings will have a positive impact on the global architectural services market as this is a sustainable option provided in the construction field and there are several benefits associated with the use of architectural service which is expected to provide potential opportunities in the long run, and it may also help in saving the cost incurred on operation.

Report Takeaway

• Asia Pacific region has captured revenue share of over 37% in 2022.
• By service type, the construction and project management segment has captured revenue share of around 34.5% in 2022.
• The urban planning segment is growing at a CAGR of 6.5% from 2023 and 2032.
• By end-use, the industrial segment has captured revenue share of over 46% in 2022.

Regional snapshots

The biggest market share was held by the North America in Architectural service market. As the population in the Asia Pacific nations is growing at a tremendous rate many nations are engaged in making policies and taking several initiatives that will help in accommodating many populations. Strong growth will be witnessed in the region of China due to constant efforts that are made by the Chinese government. Big data, the Internet of Things and cloud computing are some of the smart technologies that are expected to play a significant role in the development of this region.

Automation of data and the improved way of analysis and collection of data for mass surveillance is also expected to have a significant impact on the growth of this market. Rapid urbanization is also expected to have a positive impact on the growth of the Asia Pacific region.

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Scope of the report

Coverage	Details
Market Size in 2031	USD 526.95 Billion
CAGR	4.3%
Asia Pacific Market Share	37% in 2022
Construction and Project Management Segment Share	34.5% in 2022
Industrial Segment Share	46% in 2022
Key Players	IBI Group, AECOM HDR Architecture, Inc., Aedas, Gensler and Others

Report highlights

• Based on service type, the construction and project management sector is anticipated to have a major share in the market during the forecast period. Construction activities are increasing rapidly.
  
  
• Based on end user, the hospitality and healthcare sector is dominating the market share. Growing initiatives and environmental concerns will have a positive impact on the market. Modernization and redevelopment of infrastructures will drive the market growth in the forecast period.
  
  
• Aggressive participation of the North American region in the architectural services will have a positive impact on the market.
  
  

Recent developments

• In 2021 Belgian consultancy Boyden's Engineering was acquired by Sweco. This company has a stronghold in providing sustainable designs. 
• 70% stake was acquired by Arcadis NV in HydroLogic Research BV in the year 2021.  

Market dynamics

Drivers

The growing innovation and development in the real estate market have been increased over the last few years. Growing market demand for architectural services in the North American region and the development in this field which has increased tremendously in the recent times we will have a positive impact on the multifamily property market. Healthcare sector has also seen an increase in the number of investments made in the recent times and the development of the healthcare and the hospitality sector is constantly focusing on providing better facilities and care to its patients and the establishment and development of new and existing places will provide better services to the patients and increase the consumer satisfaction.  The governments of various countries are initiating the refurbishment and reconstruction of historical and public infrastructures along this they are also focusing on investment in the construction of smart city infrastructures, which is expected to support the growth of the architectural services market in the coming years.

Restraints

The high restraint faced by architectural market is navigation to digital or information age and this is majorly due to the resentment or the unwilling behavior on either of the sides to work with one another and to acknowledge such work. The lack of skilled professionals and proper training for working in a highly digitalized environment has created a barrier for the architectural service market to move according to the generational demand. The unavailability of proper training for such skilled people will also hamper the growth of the market to a great extent and increase the number of errors. 

Opportunities 

Potential opportunities are provided due to the use of technology and architectural procedures and the use of virtual reality and Internet of Things are some of the technological advancements that have gained popularity in architectural services. Infrastructure is developed efficiently and easily with the help of 3D printing, and this is also expected to provide major opportunities for the growth of the global architectural services market during the forecast period. 

Challenges 

Growing demand for skilled professionals for making use of the designing tools and technologically advanced hardware's that are used in the architectural service requires intense training and this is a major challenge in the growth of the market as the fulfillment of the required training is difficult. Regulatory policies that are adopted by various nations restrict the growth of this market to a great extent. Shortage of land also poses another challenge in the growth of the market. As the competition in the architectural services market has increased in recent times the market growth will be hampered. The entry of international firms into the local markets has hampered the growth of local architects. Constantly evolving and changing technology is a major threat and risk to this market as there is a constant need for upgradation of skilled people.

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Market Segmentation

By Service Type

• Architectural Advisory Services
• Construction and Project Management Services
• Engineering Services
• Interior Designing Services
• Urban Planning Services
  
  

By End User

• Education
• Government
• Healthcare
• Hospitality
• Industrial
• Residential
• Retail
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  
  

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