The Latin America, Middle East and Africa Architectural Services Market would witness market growth of 5.2% CAGR during the forecast period (2021-2027).
In the dissemination of architectural services, advancements in technology play a very important role. The implementation of advanced designing techniques and software, as well as BIM, will give a competitive edge to the market players. The policies which are governing the architectural services industry are getting standardized, which will help in boosting market growth across the globe. These policies will help in streamlining guidelines regarding engineering requirements and complex designs that are creating a playing platform for service vendors across the globe.
The outbreak of COVID-19 has negatively impacted the architectural market in Middle East & Africa. Though, this region has done well to control the Covid-19. Thus, the construction sector is likely to record moderate growth as compared to other markets. IIPSA funding is focused to improve sustainable economic growth and the key service delivery affecting the development and adoption of advance technologies in South Africa and in the Southern African Development Community (SADC) Region. The government and state-owned enterprises (SOEs) have investment plans to address a history of massive infrastructure underspending.
The conceptualized plan is a part of the country’s strategy to boost the economy and address unemployment problem in the county. The pandemic due to COVID-19 and the fall in the economy resulted in a major crisis. This led to an urgent need for infrastructure investment and rapid development. The government of Africa can adopt new and advance technology such as 3D printing for executing National Development Plan 2030. These technologies have significant benefits in terms of quality, productivity, cost, time, and stakeholders’ satisfaction. Property developers are actively adopting such technology in order to get competitive edge, housing delivery, and adding economic value to properties.
The Construction & Project Management Services market dominated the Saudi Arabia Architectural Services Market by Service Type 2020, thereby, achieving a market value of $1,954.2 million by 2027. The Architectural Advisory Services market is experiencing a CAGR of 7.1% during (2021 - 2027). The Interior Design Services market is poised to grow at a CAGR of 7.3% during (2021 - 2027). Additionally, The Urban Planning Services market is expected to witness a CAGR of 6.8% during (2021 - 2027).
Based on Service Type, the market is segmented into Construction & Project Management Services, Architectural Advisory Services, Interior Design Services, Urban Planning Services, Engineering Services and Others. Based on End User, the market is segmented into Industrial, Government, Healthcare, Residential, Retail, Hospitality, Education and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Architectural Services Market is Predict to reach $470 Billion by 2027, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AECOM, IBI Group, Inc., Foster + Partners Group Limited, Gensler, HKS, Inc., PCL Industrial Constructors, Inc., HDR, Inc., HOK Group, Inc., DP Architects Pte. Ltd., and Aedas.
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