Press release
Architectural Services Market to Reach $263.05 Billion by 2028 with a 6.4% CAGR, Driven by Tech Advancements and Urbanization
Architectural Services Market Report
Architectural Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $263.05 billion In 2028 At A CAGR Of 6.4%:
The architectural services market size has grown strongly in recent years. It will grow from $192.53 billion in 2023 to $205.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in construction activities, rise in disposable income and increasing government support.
The architectural services market size is expected to see strong growth in the next few years. It will grow to $263.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing infrastructure expenditure by governments, rapid urbanization, increasing population growth and increase in smart cities. Major trends in the forecast period include digital commerce architecture to strengthen position in the market, focus on the introduction of architectural applications (apps) to strengthen position in the market, focus on the adoption of 3d printing to expand services portfolio and drive revenues, focus on technological advancements to expand product portfolio and drive revenues, focus on the use of blockchain technology to improve efficiencies and data security, focus on partnerships and collaborations to expand product portfolio and geographic presence and focus on metaverse architecture for an immersive virtual world..
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Architectural Services Market Major Segments
The architectural services market covered in this report is segmented -
1) By Service Type: Architectural Advisory Services, Construction And Project Management Services, Engineering Services, Interior Design Services, Urban Planning Services, Other Service Types
2) By End-User: Education, Government, Healthcare, Hospitality, Residential, Industrial, Retail, Other End Users
Key Driver - Rising Construction Demand Fuels Growth In Architectural Services Market
Increasing demand for construction activities is expected to propel the growth of the architectural services market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. The architectural services market is used in construction to create architectural designs and plans and to make different elements to build that project structures, as a result, increasing demand for construction activities increases the demand for architectural services. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3 percent compared to 2020. Additionally, according to the US Census Bureau, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2 percent. Therefore, an increasing demand for construction activities is driving the growth of the architectural services market.
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Prominent Trend - Technological Advancements Drive Innovation In Architectural Services Market
Technological Advancements are a key trend in gaining popularity in the architectural services market. Major companies operating in the architectural services market are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2021, COBOD International, a Denmark-based company operating in architectural services and CEMEX, a Mexico-based company operating in architectural services launched an innovative 3D concrete printing technology approach to improve construction projects. This technology has unique features such as lowering construction costs, allowing new customization and complex designs of structures, improving the production of higher quality elements by utilizing machine-perfect fabrication and also helping builders faster speed of construction and a high level of design freedom formworks.
Architectural Services Market Players
Major companies operating in the architectural services market report are AECOM, Jacobs Solutions Inc, Fluor Corporation, HOCHTIEF Aktiengesellschaft, Stantec Inc,Arcadis NV, Perkins Eastman, HDR Inc, Gensler, Architecture BRIO, Cadence Architects, CP Kukreja Architects, Design Plus Architects, Ramboll Studio Dreiseitl, PTW Architects, Harry Seidler and Associates, Peter Stutchbury Architecture, Shigeru Ban Architects, Sou Fujimoto Architects, Maki and Associates, Unsangdong Architects, BCHO Architects Associates, Iroje KHM Architects, China Construction Engineering Design Group Corp. Ltd, Beijing Engineering Corp Ltd, Power China Kunming Engineering Corp. Ltd, China Architecture Design and Research Group, Mim Design, SHNAG Architects, Foster + Partners, BDP - Building Design Partnership, Zaha Hadid Architects, Allford Hall Monaghan Morris, Allies and Morrison, Kadawittfeldarchitektur, JSWD Architekten, HPP Architects, Henning Larsen, Marco Casamonti and Partners, Architect Service S.R.L., 2A architectural atelier, Digital Bunch sp. Z o. O., Viscato, O4 Coworking, Business Link, SsamireiArt, MAParchitects, Cutler. Architecture, Hager Design International Inc., KPMB Architects, ZAS Architects + Interiors Inc., NV5, Kiewit Corporation, Bechtel, Aecom, HDR Omaha, Novaworks, Nidolab Arquitectura, TSyA S.A., Arqueprima, Arquiefil Isay Weinfeld, Zaher Architects, Saudi Architects, LACASA, Killa Design, RMJM, Peerutin Architects, Hofman Architects, Integrated Design Consultants, Dalia Sadany Dezines
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the architectural services market in 2023. The regions covered in the architectural services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Architectural Services Market Report Structure
3. Architectural Services Market Trends And Strategies
4. Architectural Services Market - Macro Economic Scenario
5. Architectural Services Market Size And Growth
…..
27. Architectural Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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