Architectural Service Market Size, Share, Growth Analysis, By Service(Architectural Advisory Services, Construction, Project Management Services, Engineering Services), By End-User(Education, Government, Healthcare, Hospitality), By Region - Industry Forecast 2024-2031

Architectural Service Market size was valued at USD 342.6 billion in 2019 and is poised to grow from USD 359.9 billion in 2023 to USD 547.1 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

Architectural Services Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector, are expected to spur industry growth in the coming years. Overall, the Architectural Service Market is highly competitive and dependent on product development and technological advancements. Industry players are striving to match local tastes and gain a competitive advantage over others. New entrants backed by venture capital firms are entering the market with more innovative designs and advanced solutions. This is increasing competition in the market. Moreover, major players are focused on acquiring significant shares in the Architectural Service Market by focusing on strategic acquisitions. 'AECOM', 'Gensler', 'Jacobs Engineering Group', 'Perkins and Will', 'HOK', 'HDR, Inc.', 'Stantec', 'IBI Group', 'CallisonRTKL', 'Arup', 'Nikken Sekkei', 'Woods Bagot', 'SOM', 'HKS, Inc.', 'CannonDesign', 'NBBJ', 'Zaha Hadid Architects', 'Foster + Partners', 'BDP', 'Kohn Pedersen Fox Associates (KPF)'

The Architectural Service Market is being driven by the use of 3D printing. Architecture 3D printing is a developing use of additive manufacturing. 3D printing provides the most direct connection between on-screen display and touch and sensation representation. Technology is fast expanding, and costs are falling. It is quickly becoming the new media for presenting a project, with savings of up to 75% and turnaround times of hours or days. ICON, a construction technology start-up, and New Story, a housing nonprofit, recently revealed their version of a 3D printed house, which was created in less than 24 hours and cost less than USD 10,000. Meanwhile, the Office of the Future in Dubai is touted to be the world's first 3D printed office.

The increasing need for feasible waste management designs and the growing number of infrastructure development projects are two significant reasons pushing the use of architectural services. Architectural services are often utilised for facility management, retrofitting, refurbishing, and rehabilitation. Furthermore, rising per capita earnings and changing lifestyles are fuelling the market's need for new residences with opulent interior designs. In addition, with increased environmental concerns, industry participants are offering a variety of sustainable design services. Among these services are material effect on health analysis, design for well-being, ventilation and computational fluid dynamics, carbon accounting, and project sustainability evaluation. According to CBRE, real estate markets are humming with innovation, and the number of finished new buildings in the industrial, commercial, and multifamily sectors has gradually climbed over the previous three years throughout the world. High levels of building activity and strong market demand in the United States will attract the multifamily property market, necessitating an increase in architectural activities. The United Kingdom has a rich architectural history that ranges from historic landmarks to striking new modern designs. According to UK Construction Online, the population of London alone is expected to grow by one million over the next decade, requiring around 40,320 new houses every year. One hundred thousand additional dwellings are built by 2021.

Asia Pacific dominated the Architectural Service Market, accounting for more than 36.0% of total revenue in 2021. Over the projection period, the category is predicted to increase steadily. The fast urbanisation, expanding population, and increased residential and industrial building projects in this region may all be ascribed to the region's growth. Because of the presence of large manufacturers and their expanding attempts to develop new production units, China dominated the market for architectural services.