Architectural services are witnessing increasing demand according to an upcoming report by Market Research Future. The swift growth of the global construction sector across both commercial and residential buildings has been observed to be the most significant factor driving the growth of the market. Moreover, with the advent of IT technology and rapid advancements in the same, there is now the availability of highly advanced designing software which also assists market growth.
Architectural Services Industry are increasingly sought after, primarily due to the increasing imposition of stringent regulations regarding building design and efficiency. The global construction sector is witnessing rapid growth with emerging economies notably witnessing the increasing implementation of construction projects. 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. Architectural services allow the intelligent planning of construction activity with the ability to design and plan the final product before construction begins. This has significantly impacted the market to influence growth. Residential buildings are expected to increase in number due to increasing urbanization in emerging economies where purchasing power is growing, resulting in the demand for residential spaces. Increasing implementation of smart cities, efficient public transport systems and increased investments from the government in updating infrastructure to make it more efficient are some other important factors driving the growth of the global architectural services market.
The market has a number of opportunities that are expected to further its growth over the coming years. Focus in particular is on consultancy services, and project planning which is expected to be supported by technological advancements in existing architectural software.
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Stantec, HKS, INC., Perkins & Will, HDR Architecture, Perkins Eastman, PCL Constructors Inc., IBI Group Inc., HOK, Aedas, Gensler, DP Architects, HOCHTIEF AG, Jacobs, Nikken Sekkei, Foster & Partners Limited, AECOM and others are among the noted market participants that have been profiled in MRFR’s extensive report on the global architectural services market.
MRFR's report includes an analysis of the various parts of the global architectural services market, which have been segmented on the basis of service type, end-user, and region. Services offered in the market have been segmented into urban planning services, architectural advisory services, construction & project management services, engineering services, interior design services, and others. Urban planning is a segment of note due to the increasing deployment and integration of smart city infrastructure.
End-users of architectural services have been broadly segmented into education, hospitality, government, healthcare, residential, industrial, retail, and others.
The global analysis of the market divides regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America has a high concentration of market players which employ advanced architectural software making it a significant market. High government spending on maintaining and planning efficient infrastructure are other significant drivers of the market. Europe is also a well-developed sector with a similar growth trajectory. The government bodies in the region implement strict regulation regarding building design and efficiency thus driving the market.
Meanwhile, the Asia Pacific is a rapidly growing market. The high concentration of rapidly emerging economies such as India, China, Japan, Thailand, and others are driving growth for the region. The construction segment in the region is booming with government focus increasing on infrastructure and urban planning. Increasing implementation of smart cities and the demand for energy efficiency have spurred the use of architectural services. Moreover, the middle class in this region is expanding, and there is an increase in purchasing power which has resulted in the increased demand for residential houses and buildings, thus supporting market growth. The region is likely to yield several opportunities for the market in the coming years as international market players increasingly try to establish themselves in the APAC in recognition of the potential available.
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With rapid infrastructural development in various developed and developing regions of the world, there is a constant upgrade in building designs and architectural requirements. Increasing construction activities across commercial, residential and public sector are inducing high demand for improved architectural services. The global architectural service market is anticipated to expand at a moderate growth rate in the forthcoming years. Outsourcing of engineering services such as CAD drawings and project designs and increasing demand for technologically advanced designing solutions such as 3D modeling and utilization of high-end designing software are some of the primary factors that are propelling the growth of the global architectural services market. Rise in government expenditure for smart city projects and proliferation of new architectural firms that are entering the global market with innovative software and designs for providing optimum services are some other factors that are fueling the growth of the global architectural services market
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