Architectural Services Market Size, Share & Trends Analysis Report, 2020-2027
The global architectural services market size was estimated at $288.65 Billion in 2019 and it is expected to reach USD 356.25 Billion by 2025, to grow at a CAGR of 5.2% between 2020 to 2027. The growing demand for residential buildings and modern homes in developing countries such as China, India, Brazil, and Mexico is anticipated to boost the market growth. Additionally, the infrastructure repairing and restoration is further growing the demand for architectural services globally.
Urban planning services are gaining significant demand from both governments as well as the private sector as there are numerous smart city projects launched by various governments. For instance, the government of India has launched the ‘Smart Cities Project’, under which they are planning to transform 100 cities around the country into smart cities. Such projects demand a large number of services including project management, urban planning, waste management, construction, engineering, and, designing services.
The residential sector is the largest end-user segment for architectural services with about 56% market share globally. The government segment is growing actively each year as the government investment in public infrastructure is increasing steadily for the last 5 years. For instance, the state & local governments in the U.S. spent nearly USD 246 Billion on developing transportation & water infrastructure in 2017.
Technological advancements, availability of advanced rendering software, and machinery have significantly improved the service quality & delivery time. The demand for 3D modeling & rendering services has grown substantially in the last decade. The segment is expected to grow at a high growth rate over the forecast period.
Based on service type the market has been segmented into Architectural Advisory Services, Construction and Project Management Services, Engineering Services, Interior Design Services, Urban Planning Services, and Others. The Construction and Project Management Services segment accounted for the largest market share in 2019, mainly driven by the increased rate of new construction in developing countries such as China, India, Brazil, and few middle eastern countries.
Based on the end-user type the market can be segregated into Education, Government, Healthcare, Hospitality, Industrial, Residential, Retail, and Other. The residential segment emerged as the largest architectural services end-user in 2019, owing to increasing construction activity in the Asia Pacific and the Middle East region. The government segment is anticipated to grow at a moderate growth rate as most of the government projects are hampered due to the COVID-19 pandemic situation.
The demand for architectural services in the industrial segment is growing in the European region owing to increasing industrial growth in the region, especially in the automotive segment. Growing government initiatives to improve the healthcare facilities in developing nations such as Brazil and India is expected to boost the construction of hospitals and Primary Health Care Centres across the countries, such initiatives are expected to directly impact the architectural services market growth.
Asia Pacific architectural services market is anticipated to emerge as the fastest-growing market segment in 2019, the growth in the Indian architectural services market size is the key driving force for the regional market growth. The Indian government initiative to promote residential house purchase considering growing per capita income and the growing population of Millennials in India. The government launched “Pradhan Mantri Awas Yojana” (Prime Minister Housing Scheme) and is offering a subsidy of INR 2.5 Lakh for first time home buyers. This scheme has considerably improved the demand for residential houses; therefore, the Indian architectural services industry is growing exponentially. Another reason for the growth is that most of the big architectural firms outsource their designing services to Indian firms as there are abundant resources available in the Indian architecture industry to fulfill the global demand for architectural designing services.
The architectural services industry is directly dependent on the construction sector, therefor rise in demand for residential, industrial, and commercial structures directly affects the architectural services market growth. The key services architectural services required during the construction process include predesigning and designing services for the project. The increase in Per capita income in and business growth is the requirement for houses and commercial properties which in turn grows the demand for various architectural services.
Increasing efforts to develop middle Eastern countries such as the United Arab Emirates as a Global Business hub is expected to increase the construction activities in the region in the upcoming year, therefore the Middle East architectural services market holds great growth potential over the forecast period.
The architectural services market is highly competitive with companies such as AECOM, AEDAS, HDR Architects, Gensler dominating the market. Companies in this industry are focused on gaining large government projects such as Airports, Dams, Universities to gain maximum market share. Below is the list of companies included in this report:
|Base year for estimation||2019|
|Actual estimates/Historical data||2017 – 2019|
|Forecast period||2020 – 2027|
|Market representation||Revenue in USD Billion & CAGR from 2020 to 2027|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, UK, Germany, France, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, UAE, and KSA|
|Report coverage||Market size estimates and forecast, company market share analysis, competitive landscape, market dynamics, drivers, restraints, opportunities & challenges, qualitative analysis and trends|
|25% free customization scope (equivalent to 9 analysts working days)||Do you have any additional requirements? We can incorporate the same at no extra cost.|
For the purpose of this report market research has segmented the Global CPaaS market based on type, end-user, and the region as mentioned below:
Get a tailor-made report suitable to your budget. Connect with us to buy specific chapter, a country level report or just the datasheet of this report.