Overview of Architectural Services Market
By 2025, Architecture Market is expected to reach around $395 Billion at a CAGR of 4.2%. In fact, Indian government expanding heavily on infrastructure development by developing roads, bridges etc.
The role of technology in architecture is increasing due to outsourcing of engineering services such as CAD drawing etc. This will lead increase in demand of technology in the architecture sector.
Architecture firms can deliver ideas and concepts with the use of Virtual Reality. Advance solutions like 3D modelling, 3D scanning technology are contributing factors which will lead to growth of the demand in the upcoming sector.
Architectural Segment Analysis – By Type
Interior Design to grow at 6.7% in the whole period. The reason is attributable to rising renovation in modern shopping stores and encouraging enhancement in luxurious interiors of hotels. Development of smart cities, smart government institutes, airports, healthcare and infrastructure for the public sector are the major contributing factors.
Architectural Segment Analysis – By Application
Government sector to grow at a highest CAGR of 9.1% by 2025.
For Instance U.S. government has committed approximately $160 million to support smart city initiatives by 2020. Similarly, Singapore government launched the Smart Nation initiative, which has led to nearly $7.5 billion in technology investments over the past three years.
Architectural Segment Analysis – By Geography
In 2018, APAC dominated the Architectural services market size with a share of more than 33.57%, followed by North America and Europe.
China and India in APAC regions majorly influence the growth. In these countries, the government is investing heavily on smart city construction.
The Indian real estate sector is expected to see a humongous growth by 2030 with a market size of $1 trillion. These investments will create opportunities for architectural services market in the forecast period.
Architectural Services Market Drivers
Growing investment for improving infrastructure:
Growing investment in improving the infrastructural facilities of different industry verticals is creating demand for Architectural services market size.
Adoption of 3D Printing:
D has become the new medium to present a project as it decrease the cost and saves up to 75% of turnaround time of hours and days. Similarly, in Dubai, the Office of the future is the first 3D printed office in the world which was printed in 17 days and constructed in 48 hours. As a result, Technologies will drive the market in the forecast period.
Architectural Services Market Challenges
Lack of availability resources and knowledge in designing:
Lack of availability of resources and limited availability of skilled people who has knowledge in designing is the major restraining factor.
Architectural Services Market Landscape:
Partnership and acquisitions are key strategies adopted by players in the Architectural Services market
