The global architectural services market size is anticipated to reach USD 648.12 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. The rapid urbanization in countries such as Brazil, India, and South Korea is resulting in an increasing demand for smart homes, which is a major factor driving the growth of the market. Moreover, the rising commercial and industrial building restoration activities across the globe are expected to support the increasing demand for planning, designing, and consulting services for efficient work operation. This, in turn, is expected to contribute to market growth.
Architectural Services Market Report Highlights
- The construction and project management services segment dominated the market and accounted for a revenue share of more than 30.0% in 2021. The segment is expected to continue leading the market with increasing construction activities globally
- Asia Pacific is anticipated to witness a CAGR of 8.7% over the forecast period. This can be attributed to increasing new construction activities in the healthcare and residential sectors in the region
- Since the outbreak of COVID-19, key players operating in the market have been focused on acquisitions to enhance their businesses. In July 2019, HDR, a global architecture service provider, announced the acquisition of Hurley Palmer Flatt Group. Through this acquisition, the company aims to strengthen its building engineering services in the U.K.
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Sectors such as industrial, healthcare, and hospitality widely adopt architectural services. Architecture firms assist end-users at every stage of the process, offering them blueprints of the building structure to provide a detailed spatial representation. The growing focus of architectural firms on constructing smart buildings with better space utilization is favoring the market growth. In addition, the demand for urban planning services is increasing owing to numerous smart cities initiatives undertaken by governments across the globe.
In developing countries, the healthcare sector is witnessing rapid developments. The increasing inclination of hospital owners and governments toward providing improved patient care is expected to boost the market growth. Similarly, digital transformation is changing the learning environment and educational institutes are facing challenges related to funding. The demand for architectural services in the education sector to build facilities that are technologically advanced and cost-effective is expected to positively impact the market growth.
The rapid spread of COVID-19 has negatively impacted market growth. Architectural services depend on interaction and coordination, and visiting building sites is an essential part of the process. Strict lockdowns imposed by governments across the world, coupled with a halt in construction activities, have caused a delay in many ongoing architectural projects. As a result, the demand for architectural services witnessed a decline.
Architectural Services Market Insights By Demographics
The gradual resumption of the construction of various data center facilities affected by temporary suspension due to the COVID-19 pandemic and the commencement of new IT projects are expected to revive the market for architectural services over the forecast period. Asia Pacific dominated the market and accounted for the largest revenue share. The segment is expected to grow steadily over the forecast period. The growth can be attributed to rapid urbanization, growing population, and increasing residential and industrial construction projects in this region. Europe accounted for a significant revenue share in the market. The growth of this market can be attributed to the flourishing construction sector in the IT sector owing to rising investments and new infrastructure development projects.
Competitive Analysis By Major Companies
New entrants backed by venture capital firms are entering the market with more innovative designs and advanced solutions. This is increasing competition in the market. Moreover, major players are focused on acquiring significant shares in the market by focusing on strategic acquisitions. The acquisition is expected to support the company’s efforts in enhancing its sustainability and environmental management business. Some of the prominent players in the architectural services market include:
- AECOM
- Foster + Partners
- Gensler
- HDR
- IBI Group
- Jacobs Engineering Group
- Nikken Sekkei Ltd.
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Architectural Services Market Segmentation
Grand View Research has segmented the architectural services market based on service type, end use, and region
- Architectural Services Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Architectural Services End Use Outlook (Revenue, USD Billion, 2018 – 2030)
- Architectural Services Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- List of Key Players in Architectural Services Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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