According to a report by Grand View Research, Inc., global architectural services market is anticipated to value USD 391.97 billion by 2025. Growing requirement for aesthetic and quake-proof residential and commercial buildings is anticipated to propel demand for architectural services. These advanced architectural services are likely to offer upgraded design technology including high-end designing software and 3D models. Obtaining 3D models from architects before constructing any building can help consumers make desired changes in design beforehand. This, in turn, can save lot of labor and infrastructure cost for consumers and allow them to construct aesthetic and strong building at the end.
Increasing use of advanced tools and software by architects for designing and planning commercial or residential buildings can influence demand for architectural services. Growing awareness among consumers regarding benefits of constructing any building based on technical designs can influence market growth. Stringent government regulations and policies towards building design for safety purposes is expected to augment demand for highly technical design development along with accurate drafting services. High demand for interior designing among consumers attributed to increasing disposable income can augment growth of market during the forecast period (2014 to 2025).
The architectural services market can be segregated on the basis of services, end-user, and region. Based on services, the market can be categorized into construction and project management services, engineering services, interior design services, architectural advisory services, urban planning services, and others. In 2016, construction and project management segment dominated the market and accounted for market share equivalent to USD 107.16 billion. It is estimated to grow at CAGR of 4.8% from 2017 to 2025.
Full Research Report On Architectural Services Market Analysis:
In addition, architectural engineering services segment is estimated to witness downfall in revenue by 2025. Moreover, interior design services are likely to witness moderate growth during the forecast period. Shifting focus of architectural firms towards consultancy and advisory services rather than core architecture designing can slow down growth for such firms.
Based on end-users, the market can be classified into healthcare, government, education, hospitality, industrial, residential, retail, and others. In 2016, residential segment dominated the market and accounted for market share equivalent to USD 159.4 billion. The segment is expected to display phenomenal growth at account for maximum market share during the forecast period. High demand for quality architecture design to construct residential buildings can fuel growth. In addition, increasing investments from governments globally to provide better housing to their citizens can also stimulate market growth during the forecast period.
In addition, education and healthcare segment can also bode well for market attributed to rising demand for quality education facilities and healthcare services.
Moreover, government segment is also anticipated to witness substantial growth during the forecast period. Wide scope for architectural services in developing countries such as India attributed to increasing government expenditure on infrastructure development can surge demand during the forecast period.
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Regional segmentation includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2016, Asia Pacific dominated the market and accounted for market share equivalent to USD 122.31 billion. It is expected to grow at CAGR of 3.6% from 2017 to 2025. High prevalence layers, better infrastructure facilities are expected to fuel growth of market. In addition, availability of cheap labor and innovation of new products can also influence market growth in the region. Moreover, growing need for modern infrastructure and rising disposable income among residents of developed Asian countries can augment demand for architectural services during the forecast period.
In Middle East & Africa, the market is anticipated to witness remarkable growth at CAGR of 8.3% from 2017 to 2025.
Some of the leading companies offering architectural services are AEDAS; Gensler; IBI Group Inc.; AECOM; and HDR Architects. Market for architectural services is expected to be fairly and highly competitive in nature. Most companies are likely to offer customize services and invest in R&D activities to develop innovative designs to maintain their market value. In addition, companies can get involved in strategic actions including mergers & acquisitions to expand their product portfolio and gain market share.
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