USD 342.6 billion
Report ID: SQSG60L2001 | Region: Global | Published Date: December, 2022 | Pages: 260 | Tables: 75 | Figures: 75
Architectural Service Market size was valued at USD 342.6 billion in 2021 and is poised to grow from USD 359.9 billion in 2022 to USD 547.1 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).
Architectural services generally involve concept design creation, construction document preparation, and construction administration. Architects also offer a wide range of other services, such as feasibility studies, architectural programming, and project management. Rapid urbanisation in emerging nations like India and Brazil is driving more residential and commercial development activity. Furthermore, governments are focusing on implementing affordable housing developments in a variety of nations. This increase in building activity is likely to drive demand for architectural services such as construction and project management services, as well as urban planning, increasing Architectural Service Market growth. Businesses are turning to architectural services including interior design, space planning, and schematic designs to attract more consumers and improve their stay experience. Furthermore, key companies’ focus on improving their operations and client base through strategic collaborations is projected to boost Architectural Service Market growth. Gensler, a worldwide architectural services supplier, announced a partnership with Forge Development Partners in January 2021. As part of this collaboration, Gensler was named chief architect and interior designer for all Forge Development Partners projects. This collaboration aided Gensler in growing its company by catering to Forge projects.
Although the industry is predicted to expand rapidly, the high prices associated with architectural services are expected to be a barrier. Furthermore, the growing shortage of experienced workers and suitable design expertise is impeding industry expansion.
US Architectural Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 342.6 billion
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Global Architectural Service Market is segmented based on the service, end-user, and region. Based on services, the architectural services market is segmented into architectural advisory services, construction and project management services, engineering services, interior design services, urban planning services, building code counselling and interpretation consulting services, legal technical requirement compliance counselling services, and others. Based on end-user, the global architectural service market is segmented into education, government, healthcare, hospitality, residential, industrial, retail, and others. Based on region, the Architectural Service Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Architectural Service Market Analysis by Service
The construction and project management category accounted for more than 34.0% of revenue in 2021 and is predicted to rise rapidly in the following years. Construction and project management are critical components of any project. As construction activities increase, so does the demand for construction and project management services for responsibilities such as project life cycle management, cost control, scheduling, and risk management.
The urban planning category is predicted to develop rapidly in the Architectural Service Market during the forecast period. This is due to increased government initiatives for urban development. Furthermore, increased demand for smart solutions to manage and implement efficient plans, as well as an increase in the number of residential projects, are likely to drive category growth.
Interior design services offered by companies typically include everything related to home design—from interior structural changes to décor items, furniture, etc. In the present global situation, consumer experiences and leisure activities are evolving. As individuals become wealthier, they purchase new houses or renovate old ones. Interior designers and architects are imaginative and influence market designs. In the market for kitchen and bath areas, there is a growing trend of customisation and personalisation. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
Architectural Service Market Analysis by End-User
In 2021, the industrial category led the Architectural Service Market, accounting for more than 45.0% of total sales. This may be ascribed to global industrialization, as well as increased acquisitions and new factory setups carried out by corporate enterprises. Furthermore, rising environmental concerns and endeavours by company owners to establish green buildings are projected to boost demand for architectural consultancy and interior design services. This is projected to benefit segment growth.
Over the projected period, the residential segment is predicted to rise significantly. An increase in disposable income combined with reduced home financing rates in emerging nations is also expected to augur well for market expansion. Furthermore, increased urbanisation in emerging countries' tier-II cities is likely to fuel demand for architectural services throughout the projection period. Furthermore, to better manage their smart cities projects, architects are predicted to boost their need for services such as urban planning and project management.
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Asia Pacific dominated the global Architectural Service Market, accounting for more than 36.0% of total revenue in 2021. Over the projection period, the category is predicted to increase steadily. The fast urbanisation, expanding population, and increased residential and industrial building projects in this region may all be ascribed to the region's growth. Because of the presence of large manufacturers and their expanding attempts to develop new production units, China dominated the market for architectural services.
Europe accounted for a sizable portion of market sales. This market's expansion may be linked to the IT industry's thriving construction sector as a result of increased investments and new infrastructure development projects. The gradual resume of building of numerous data centre facilities that were temporarily halted owing to the COVID-19 pandemic, as well as the start of new IT projects, are likely to revitalise the architectural services industry throughout the projection period.
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Architectural Service Market Driver
Architectural Service Market Restraint
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Global Architectural Services Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector, are expected to spur industry growth in the coming years. Overall, the global Architectural Service Market is highly competitive and dependent on product development and technological advancements. Industry players are striving to match local tastes and gain a competitive advantage over others. 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 Architectural Service Market by focusing on strategic acquisitions.
Architectural Service Market Top Player's Company Profiles
Architectural Service Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Architectural Services Market analysis, with increased building activity internationally, the category is projected to maintain its market leadership. Over the projection period, Asia Pacific is expected to dominate global market. This can be ascribed to increased new building activity in the region's healthcare and residential sectors. In 2021, the construction and project management services category led the market, accounting for more than 30.0% of total revenue. Technological advancements will be critical in the spread of architectural services. Implementing BIM or sophisticated design techniques/software will provide you a competitive advantage. The standardisation of rules controlling the architectural services business will aid in worldwide market expansion. Policies will assist to streamline standards pertaining to complicated design or technical requirements, hence ensuring a fair playing field for service providers worldwide.
|Market size value in 2021||USD 342.6 billion|
|Market size value in 2030||USD 359.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Architectural Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Architectural Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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