Global Architectural Services Market to Grow at a CAGR of 4.4% During 2021-2026, Aided by Technological Developments

The Asia Pacific region is expected to witness a significant rate of urbanisation in the next two decades. The governments in the Asia Pacific region are embracing smart city technologies like the internet of things, cloud computing, and big data to expand, improve, and automate data collection and analysis for mass surveillance. Moreover, the integration of technology like 3D printing has made the infrastructure process more efficient. The multifamily property market in the United States is expected to be propelled by high levels of development activity and strong market demand, necessitating an increase in architectural activities.

In April 2021, AECOM launched Sustainable Legacies, a strategy for achieving ambitious environmental, social, and governance (ESG) goals.  This strategy is expected to help incorporate sustainable development and resilience in the company, improve community social outcomes, reach net-zero carbon emissions, and improve governance. The efforts to drive the industry towards sustainability will further improve the market growth as it is compliant with the new industry standards. In addition, AECOM (NYSE: ACM), a leading market player, announced in May 2017, its partnership with Chinese 3D printing company WinSun, also known as Yingchuang Building Technique. All these developments in the industry are expected to boost the market growth over the forecast period.

Market Analysis by Service Type, End-User, and Region:

• The market, on the basis of service type, can be divided into architectural advisory services, construction and project management services, engineering services, interior design services, and urban planning services, among others.
• Based on end-user, the industry can be divided into education, government, healthcare, hospitality, residential, industrial, and retail, among others.
• The regional markets for architectural services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The integration of technology and architecture has created new market prospects. The smart technologies, such as Internet of Things, Virtual Reality, and 3D printing, have made infrastructure development simple and efficient, consequently boosting the market growth.
• In every industry, including infrastructure, the world is heading toward sustainability. Green building and environment-friendly buildings are being subsidized by the government, thereby augmenting the architectural services industry.
• The necessity of suitable housing and lodging has been underlined because of the COVID-19 pandemic. This is attributed to the rising population in urban centres, and investments by government in infrastructure development.
• The real estate housing sectors are now investing in creative housing, which is propelling the market forward.

Key Offerings of the Report:

• The EMR report gives an overview of the global architectural services market for the periods (2016-2020) and (2021-2026).
• The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the service type, end-user, and regions of architectural services.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for architectural services are AECOM, Aedas, DP Architects Pte Ltd, Foster and Partners, Gensler, and HKS Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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