PUBLISHER: Grand View Research | PRODUCT CODE: 1224547
PUBLISHER: Grand View Research | PRODUCT CODE: 1224547
The global architectural services market size is expected to reach USD 523.20 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 4.8% from 2023 to 2030. A major element boosting the market expansion is the accelerating urbanization in nations like South Korea, Brazil, and India which is leading to a rise in demand for smart homes. Additionally, it is anticipated that the growing need for planning, designing and consulting services for effective job operation will be supported by the rising industrial and commercial building restoration projects around the world. This is thus anticipated to support market expansion.
Architectural services are commonly used in fields like industry, healthcare, and hospitality. Building blueprints are presented to clients by architectural firms to give them an accurate and detailed representation at every stage of the process. The development of the industry is aided by architectural firms' rising emphasis on creating smart buildings with improved space usage. In addition, a growing number of smart cities programs initiated by governments around the world are driving up demand for urban planning services, thus augmenting the architectural service market growth
The healthcare industry is expanding quickly in developing nations. The architectural service market expansion is anticipated to be boosted by hospital owners' and governments' growing propensity to offer better patient care. Similar to the way the learning environment is changing due to digitalization, funding is becoming a major issue for educational institutions. The need for architectural services in the education sector to construct cost-efficient, high-tech buildings is anticipated to have a positive impact on architectural service market expansion.
COVID-19 has had a detrimental effect on the architectural service market expansion. Interaction and coordination are necessary for providing architectural services, and going to construction sites is a crucial step in the procedure. Numerous in-progress architectural projects had been delayed as a result of stringent measures imposed by governments around the world and a halt in construction work. As a result, there was a decrease in the demand for architectural services worldwide.