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

According to a new report by EMR titled, ‘Global Architectural Services Market Report and Forecast 2021-2026’, the market attained a value of about USD 335 billion in 2020. The industry is further expected to grow at a CAGR of 4.4% in the forecast period of 2021-2026 to reach a value of approximately USD 432 billion by 2026.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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