PUBLISHER: Grand View Research | PRODUCT CODE: 1512094
PUBLISHER: Grand View Research | PRODUCT CODE: 1512094
The global architectural services market size is estimated to reach USD 523.20 billion by 2030 and grow at a projected CAGR of 4.9% from 2024 to 2030, according to a new study by Grand View Research Inc. The rapid urbanization in countries such as Brazil, India, and South Korea is resulting in an increasing demand for smart homes, which is a major factor driving the market growth. Moreover, the rising commercial and industrial building restoration activities worldwide are expected to support the increasing demand for planning, designing, and consulting services for efficient work operations. This, in turn, is expected to contribute to market growth.
Sectors such as industrial, healthcare, and hospitality widely adopt architectural services. Architecture firms assist end-users at every stage, offering blueprints of the building structure to provide a detailed spatial representation. The growing focus of architectural firms on constructing smart buildings with better space utilization favors market growth. In addition, the demand for urban planning services is increasing owing to numerous smart city initiatives undertaken by governments globally.
The healthcare sector is witnessing rapid developments in developing countries. The increasing inclination of hospital owners and governments toward providing improved patient care is expected to boost market growth. Similarly, digital transformation is changing the learning environment, and educational institutes are facing challenges related to funding. The demand for architectural services in the education sector to build technologically advanced and cost-effective facilities is expected to impact market growth positively.
Architectural services are increasingly implementing 3D printing technology. 3D printing can allow architects to create different models of the proposed infrastructure. With the new design introduction model, 3D printing can reduce work time and costs by up to 75%. Besides, 3D printing technology can also be seamlessly integrated with in-house CAD applications, enabling newer design options and better perspectives through visually appealing scaled models.