Market Synopsis
The new research report by Market Research Future (MRFR) emphasizes that the global architectural services market 2020 is poised to secure a significant market valuation at a moderate CAGR over the assessment period.
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Drivers and Restraints
The increasing implementation of construction projects drives the global architectural services market. Moreover, the rapidly increasing population of which a majority is in urban areas has resulted in increasing demand for smart infrastructure and well-designed, functional spaces. The market is also driven primarily due to the growing imposition of stringent regulations regarding building design and efficiency. The global construction sector is observing rapid growth with emerging economies notably. Residential buildings are estimated to increase in number due to increasing urbanization in emerging economies where purchasing power is rising, resulting in the demand for residential spaces. Improving the implementation of smart cities, efficient public transport systems, and augmented investments from the government in apprising infrastructure to make it more efficient are some other important factors driving the growth of the global architectural services market size over the review period.
Market Segmentation
The global architectural services market has been analyzed on the basis of service type, end-user, and region.
Services accessible in the market have been segmented into interior design services, urban planning services, construction project management services, architectural advisory services, engineering services, and others. The urban planning services segment is slated to record the highest growth over the review period, driven by the growing deployment and integration of smart city infrastructure.
End-users of architectural services have been largely segmented into hospitality, education, government, residential, healthcare, industrial, retail, and others. The residential segment is projected to witness the highest demand driven by the increasing global population, along with the growing awareness regarding smart homes.
Regional Overview
The geographical overview of the global architectural services market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The North American market for architectural services is one of the most important regional markets over the globe and is expected to witness substantial growth over the review period. The increasing government expenditure on maintenance and planning efficient infrastructure is another significant driver of the market.
Europe is also a well-developed sector with a relative growth trajectory. The government authorities in Europe are expected to strict regulations regarding building design and efficiency, consequently driving the architectural services market over the review period.
The Asia Pacific region is also one of the fastest-growing markets for architectural services, driven by the booming construction sector along with the increasing focus of government towards infrastructural development and urban planning. The growing adoption of smart cities and the demand for energy efficiency have encouraged the use of architectural services. Additionally, the middle class in this region is growing, and there is an upsurge in the purchasing power, which has led to the augmented demand for residential houses and buildings, consequently supporting the market growth over the assessment period. The region is anticipated to yield numerous opportunities for the market in the coming years as global market players increasingly attempt to establish themselves in the APAC.
Competitive Landscape
The top market players identified by MRFR in the global architectural services market are Stantec, Perkins Will, HKS, INC., HDR Architecture, Perkins Eastman, PCL Constructors Inc., HOK, Aedas, Gensler, Nikken Sekkei, IBI Group Inc., DP Architects, HOCHTIEF AG, Jacobs, Foster Partners Limited, AECOM, and others.
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Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global architectural services market based on end user and service type.
By service type, the global architectural services market is segmented into interior design services, engineering services, construction and project management services, architectural advisory services, urban planning services, and others. Of these, the urban planning services type will lead the market over the forecast period. Rising deployment integration of smart city infrastructure is adding to the growth of the segment.
By end users, the global architectural services market is segmented into retail, industrial, residential, healthcare, government, hospitality, education, and others. Of these, the residential segment will dominate the market over the forecast period.
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