Research and Markets have released the Architecture Services Global Market Report for 2023, which projects a steady growth for the profession in the coming years, despite a number of worldwide challenges.
The report estimates that the architectural services industry – which includes architectural advisory services, construction and project management services, engineering services, interior design services, urban planning services – will see a compound annual growth rate (CAGR) of six percent in 2023, resulting in a $354.7 billion market.
The Asia-Pacific was the largest contributor to the entire market in 2022, with demand for architectural expertise at an increase. The rise in demand was felt in New Zealand, who experienced a 3.7 percent building activity increase, while the US Census Bureau reported a significant growth rate of 10.2 percent.
That number is only expected to rise, to roughly $439.37 billion by 2027, despite the aftermath of the pandemic and the challenges faced worldwide due to the Russia-Ukraine conflict, which is affecting supply chain and resources.
Technological advancements, including 3D printing, are attributed to the rise, with the report citing the alliance between COBOD International and Mexico-based CEMEX, who adopted a 3D concrete printing technology in 2021.
Another factor in the market’s growth is strategic acquisitions by worldwide practices, including Architectus’ merger with Conrad Gargett. The moves enhance the capabilities of each practice, resulting in sustainable long-term growth.
The entire Report provides insights and data to strategists, marketers, and senior management, while offering a comprehensive perspective on the market's current and future scenario. The likes of Foster + Partners, Gensler and AECOM feature within the report.
To purchase the report, click here.
