Architectural Services Sales Is Anticipated to Reach US$ 426.3 Bn by 2032; Rising Urbanization to Act as Key Drivers | Fact.MR’s Study – GlobeNewswire

Dublin, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Fact.MR A Market Research and Competitive Intelligence Provider: The global architectural services market is worth US$ 302.2 billion in 2022 and is predicted to expand at a CAGR of 3.5% during the forecast years of 2022-2032. The market is expected to grow due to increased government spending on infrastructure and the rising urban population across the world.

Rising urban population has put the real estate industry under pressure to come up with a sustainable solution to the rising demand for residential buildings. Suitable macroeconomic factors such as rising employment, low-interest rate, and increase in disposable income have also led to a rise in the demand for residential housing, ultimately leading higher demand for architectural services. The architecture industry is adopting technological trends that help them provide the best services to clients. Architect jobs are becoming more and more difficult as a result of complex demands from the clients end and surging architectural technologies.

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A new technology, BIM (Building Information Modelling) makes it possible to precisely distribute work across all stages of the construction process, and, as a result, enable proper execution with fewer errors. BIM makes it possible for engineers, architects, estimators, clients, and a wide range of other roles to collaborate on a single shared process. The Internet of Things, automation, and robots have already begun to improve the efficiency of building construction and design, and they may continue to do so in the future.

Key Takeaways from Market Study

Competitive Landscape

Prominent architectural service providers are Aecom,Aedas, Arcadis NV, ATP Architects Engineers, Dar Al-Handasah, DLR Group, DP Architects, ForrestPerkins LLC, Gensler, gmp Architekten, Haeahn Architecture, HDR, Heerim Architects & Planners, HKS, HOK, Nihon Sekkei, SmithGroup, Stantec Inc., Sweco, and The Cannon Corporation.

The global market for architectural services is highly competitive due to low entry barriers and global players resorting to mergers & acquisitions, expansions, collaborations, and partnerships.

Also, new service offering as a strategic approach is adopted by leading companies to upscale their market presence across regions.

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Market Development

The business environment in the architectural services market sees extreme competition among major players. To gain a solid hold in the market, prominent market players are employing organic and inorganic strategies.

Segmentation of Architectural Services Market

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global architectural service market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of service (construction & project management services, engineering services, architectural advisory services, urban planning & design services, interior design services, others (not covered elsewhere)) and end user (government, healthcare, education centers, hospitality & resorts, residential, workplace, others (not covered elsewhere)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Key Questions Covered in the Architectural Services Market Report

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Architectural Services Sales Is Anticipated to Reach US$ 426.3 Bn by 2032; Rising Urbanization to Act as Key Drivers | Fact.MR's Study - GlobeNewswire