The new report by Expert Market Research titled, ‘Global Architectural Services Market Share, Size, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global architectural services market, assessing the market based on its segments like service type, end-user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 365.13 billion
- Forecast CAGR (2023-2028): 4.4%
- Forecast Market Size (2028): USD 470.85 billion
The population within the Asia Pacific is rising at an incredible rate. The governments within the Asia Pacific are taking initiatives to enhance the housing sector to accommodate the growing population. additionally , the Chinese consulting businesses are expected to witness strong growth within the forecast period.
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Smart technologies, like cloud computing, the web of things, and large data, are being embraced by Chinese officialdom to expand, improve, and automate data collecting and analysis for mass surveillance.
Further, the Smart City Mission in India are going to be run as a Centrally Sponsored Scheme (CSS), with the Central Government proposing to fund Rs. 48,000 crores over five years, or Rs. 100 crore per city annually on the average . within the next 20 years , the Asia Pacific’s urbanisation rate is predicted to climb from the present percentage of around 40% to over 60%.
Architectural Services Industry Definition and Major Segments
Architecture services include concept design and development, document preparation for construction, and administration. Additional services offered by the architects include architectural programming, feasibility studies, and project management.
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Based on service type, the market can be broadly divided into:
- Architectural Advisory Services
- Construction and Project Management Services
- Engineering Services
- Interior Design Services
- Urban Planning Services
The architectural services market can be broadly divided based on its end user segments into:
On the Basis of region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- Middle East and Africa
Architectural Services Market Trends
The integration of technology with architecture has opened new opportunities within the architectural industry. the web of things, computer game, and 3D printing have all led to easy and efficient infrastructure development. the planet is moving towards sustainability in almost every sector, which has enhanced the demand for environment- friendly infrastructure in many sectors.
The govt is providing huge incentives for green building and environment-friendly constructions. to market the green building movement within the country, the IGBC collaborates closely with variety of federal and government entities.
The Green Rating Systems of the IGBC has been recognized by variety of federal and government entities. thanks to the COVID-19 pandemic, the importance of appropriate housing and accommodation has been reinforced. Moreover, as against commercial architecture, more land housing sectors are investing in innovative housing, further driving the market growth.
Key Market Players
The major players in the market are AECOM, Aedas, DP Architects Pte Ltd, Foster and Partners, Gensler, HKS Inc., and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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