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.
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.
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.
Global demand for construction and project management architectural services was USD 107.61 billion in 2016 and is anticipated to witness staggered growth over the next nine years
The architectural services in education sector is anticipated to grow at CAGR of 8.0% over the forecast period.
The Asia Pacific market is projected to witness substantial growth over the next decade owing to various developments across major economies, especially in urban planning services market. The regional market is expected to grow at a CAGR of 3.6% from 2017 to 2025.
Key players including AECOM, Aedas, Gensler, IBI Group Inc., Nikken Sekkei dominated the global architectural services market while accounting for over 35% of the total revenue in 2016
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.
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