Published Date: 14-Jun-2021
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According to a new report Global Architectural Services Market, published by KBV research, The Global Architectural Services Market size is expected to reach $470 billion by 2027, rising at a market growth of 4.7% CAGR during the forecast period.
The demand for architectural services in terms of urban planning is expected to show the fastest growth, and segment likely to register significant growth in the forecast period. Increasing investments in projects that are focused on rural development and new infra projects in urban areas are expected to boost the segment growth in the coming years. Moreover, advancement in technologies and rapid digitization require more professionals to make proper plans and strategize such big projects. These factors would supplement the growth of the segment over the forecast period.
The architectural services for the hospitality end-use segment would witness promising CAGR over the forecast years. The travel & tourism activities have also increased across different regions of the world. It led to the development of various hospitality infrastructure development projects. Furthermore, the demand for unique designs, modular constructions, and renovations across transport facilities is increasing as these are the part of smart city projects. So, it would contribute to the growth of the segment over the forecast period.
The Asia Pacific emerged as the dominating region the market by procuring the largest revenue share in 2020. The increasing investment for smart city projects and swift industrialization in developing countries like China, India, and other Southeast Asian economies are the factors anticipated to drive the regional market growth. Moreover, the demand for unique residential projects and green infrastructure development is increasing across countries in the region which is likely to boost the demand for architectural and engineering services over the forecast period.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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