Continued public spending and increasing urbanization for

USA, Rockville MD, Oct. 17, 2022 (GLOBE NEWSWIRE) — The global architectural services market is worth US$302.2 billion in 2022 and is expected to grow at a CAGR of 3.5% over the forecast years 2022-2032. The market is expected to grow owing to the increase in government spending on infrastructure and increasing urban population across the globe.

The increase in urban population has put the real estate sector under pressure to find a sustainable solution to the growing demand for residential buildings. Appropriate macroeconomic factors such as rising employment, low interest rate and rising disposable income have also led to an increase in demand for residential housing, ultimately leading to a rise request for architectural services. The architecture industry is embracing technological trends that help it provide the best services to clients. Architect jobs are becoming increasingly difficult due to complex demands from clients and burgeoning architectural technologies.

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New technology, the BIM (Building Information Modeling) allows to precisely distribute the work at all stages of the construction process and, therefore, to allow a correct execution with fewer errors. BIM enables engineers, architects, estimators, clients, and a wide range of other roles to collaborate on a single, shared process. The Internet of Things, automation and robots have already started to improve the efficiency of building construction and design, and they may continue to do so in the future.

Key insights from market research

  • The global architectural services market is expected to grow at a CAGR of 3.5% and reach $416.3 billion by the end of 2032.
  • The market grew at a CAGR of 2.1% from 2017 to -2021.
  • Sub-service, construction and project management services are valued at US$99.3 billion in 2022.
  • North America led the global market with 30% market share in 2021.
  • Demand for architectural services is expected to grow at CAGRs of 3.5% and 3.7%, respectively, in Europe and South Asia & Oceania.

“The architectural services market is benefiting from increasing urbanization and high government spending on infrastructure projects” says a Fact.MR analyst.

The residential sector will drive the market Growth for architectural services
Urbanization continues at an unprecedented rate around the world. People used to share flats and flats, but as the money available has increased, they now demand their own houses and flats. People are now opting for freestanding homes with unique layouts and ideas.

The demand for architectural services has increased due to the entry of new players in the market. These companies can offer immediate services to their target customers, which are mainly residential customers, thanks to superior new technology. The need for architectural services has increased due to changes in work cultures across the world.

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Architectural Services Market Segmentation

  • By Service:
    • Construction and project management services
    • Engineering services
    • Architectural consulting services
    • Planning and design services
    • Interior design services
    • Others (not covered elsewhere)
  • Per end user:
    • Governments
    • Health care
    • Education centers
    • Hotels and resorts
    • Residential
    • Workplace
    • Others (not covered elsewhere)
  • By region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania
    • Middle East and Africa

Market development
The business environment in the architectural services market is witnessing extreme competition among major players. To gain a strong hold in the market, major market players are employing both organic and inorganic strategies.

  • For example, in 2021, DLR Group added specific industry expertise and expanded its local presence in four key markets through the strategic acquisitions of Salus Architecture (Seattle) and BakerNowicki Design Studio (San Diego) on the West Coast, and Bowie Gridley Architects (Washington, DC) and Wright McGraw Beyers Architects (Charlotte) on the East Coast.

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More valuable information about the offer
Fact.MR, in its new offering, presents an unbiased analysis of the global architectural services market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.

The study reveals essential information on the basis of the service (construction and project management services, engineering services, architectural consulting services, urban planning and design services, interior design services, others ( not covered elsewhere)) and end-user (government, healthcare, education resorts, hospitality and resorts, residential, workplace, other (not covered elsewhere)), in major regions of the world ( North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).

Fact.MR’s Business Services Division Domain Knowledge
Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced business services team help clients around the world meet their unique business intelligence needs.

With a repository of over a thousand reports and over a million data points, the team has analyzed the business services domain in over 50 countries for more than a decade. The team provides unparalleled end-to-end research and advisory services. Contact us to find out how we can help you.

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