Architectural Services Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on March 30th, 2021 The global architectural services market is expected to reach USD 391.97 billion by 2025, according to a new report by Grand View Research, Inc. Increasing investments in construction sector has been a major factor driving market growth. Some major technological innovations in the market such as use of advanced designing and planning software’s have contributed largely to the market growth. Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor. Due to the significant advancements in the level of building design, along with regulations and policies, the architectural services will witness a spur in the demand for highly technical design development along with accurate drafting services. This would initiate the demand for contractual service offerings. These contractual services will combat the complicated mechanical and electrical requirements and will also need high level analysis of pre-design services. Residential sector accounted for a major shareholder in architectural services market, however Government sector is anticipated to grow substantially at a CAGR of 9.1% by 2025. Increasing investments by various government bodies across the world especially in projects such as smart cities, public transportation and subsidised home projects are driving the market growth for architectural services in government sector. Further key findings from the report suggest:
In 2016, Asia Pacific region accounted for maximum market share followed by Europe. Middle East and Africa region is anticipated to grow fastest over the forecast period, owing to increasing number of mega construction projects in the region. The demand for construction and project management was highest in 2016 and the market is expected to continue the growth over the forecast period. The market for urban planning services is anticipated to grow at a high rate, owing to increasing demand in smart city projects, waste management services, and infrastructure development projects by various governments. The residential sector dominated the market and was valued at USD 159.4 billion in 2016. The government sector has a wide scope for architectural services especially in developing countries such as India where the government expenditure on infrastructure development is increasing substantially. The architectural industry is growing considerably, with increasing number of new architectural firms entering the market with innovative designs and software for providing better services. Urban planning is expected to increase the demand for upgraded design technology involving 3D models, and high end designing software. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2788/ibb The architectural services industry is highly competitive and fairly concentrated, with top four companies accounting for maximum share of the global revenue in 2016. Key players including Gensler, AECOM, AEDAS, IBI Group Inc., and HDR Architects dominated the global market accounting for over 15% of the revenue share in 2016. Innovative design development and customized services are expected to be key parameter for being competitive in this market, with frequent mergers and acquisitions being undertaken as an attempt to diversify product portfolio and gain market share. Grand View Research has segmented the global architectural services market report on the basis of product & services, end user: Architectural Services Product and Service Type Outlook (Revenue, USD Billion, 2014 - 2025)
Architectural Services End-User Outlook (Revenue, USD Billion, 2014 - 2025)
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. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |