The global architectural services market size is expected to reach USD 523.20 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 4.8% from 2023 to 2030. A major element boosting the market expansion is the accelerating urbanization in nations like South Korea, Brazil, and India which is leading to a rise in demand for smart homes. Additionally, it is anticipated that the growing need for planning, designing and consulting services for effective job operation will be supported by the rising industrial and commercial building restoration projects around the world. This is thus anticipated to support market expansion.
Architectural services are commonly used in fields like industry, healthcare, and hospitality. Building blueprints are presented to clients by architectural firms to give them an accurate and detailed representation at every stage of the process. The development of the industry is aided by architectural firms' rising emphasis on creating smart buildings with improved space usage. In addition, a growing number of smart cities programs initiated by governments around the world are driving up demand for urban planning services, thus augmenting the architectural service market growth
The healthcare industry is expanding quickly in developing nations. The architectural service market expansion is anticipated to be boosted by hospital owners' and governments' growing propensity to offer better patient care. Similar to the way the learning environment is changing due to digitalization, funding is becoming a major issue for educational institutions. The need for architectural services in the education sector to construct cost-efficient, high-tech buildings is anticipated to have a positive impact on architectural service market expansion.
COVID-19 has had a detrimental effect on the architectural service market expansion. Interaction and coordination are necessary for providing architectural services, and going to construction sites is a crucial step in the procedure. Numerous in-progress architectural projects had been delayed as a result of stringent measures imposed by governments around the world and a halt in construction work. As a result, there was a decrease in the demand for architectural services worldwide.
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Architectural Services Market Report Highlights
In 2022, the construction and project management services segment is expected to grow with a revenue share of 34.0% owing to the rising building activity worldwide
The Asia Pacific region is anticipated to grow with a CAGR of 5.6 % during the projection period due to an increase in new development activity in the area's healthcare and housing industries
Since the COVID-19 outbreak, major market participants have concentrated on acquisitions to grow their organizations. For instance, in October 2022 Woolpert, Inc. announced the acquisition of Sheehan Nagle Hartray Architects Through the acquisition, Woolpert will be able to benefit from Sheehan's knowledge of interior design and predesign services for civic, commercial, and online retail
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Architectural Services Market Segmentation
Grand View Research has segmented the global architectural services market report based on service, end-use, and region:
Architectural Services Service Type Outlook (Revenue, USD Billion, 2018 - 2030)
Architectural Advisory Services
Construction and Project Management Services
Engineering Services
Interior Design Services
Urban Planning Services
Building Code Counseling and Interpretation Consulting Services
Legal Technical Requirement Compliance Counseling Services
Others
Architectural Services End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Education
Government
Healthcare
Hospitality
Residential
Industrial
Retail
Others
Architectural Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Singapore
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
List of key players in the Architectural Services market
AECOM
Foster + Partners
Gensler
HDR
IBI Group
Jacobs Engineering Group
Nikken Sekkei Ltd.
Perkins Eastman
Perkins and Will
Stantec
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.