LONDON--(BUSINESS WIRE)--The global architectural services market is expected to post a CAGR of over 4% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in construction activities. Construction activities are increasing across the residential, commercial, and public sectors. Moreover, several national governments in emerging economies are increasingly undertaking initiatives to develop infrastructure, which is expected to drive the construction sector as well as improve the economic conditions of these nations.
This market research report on the global architectural services market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in technological advances as one of the key emerging trends in the global architectural services market:
Global architectural services market: Technological advances
Technological innovations for architectural services is trending in the global architectural services market. One such innovation that the architectural companies are leveraging is to deliver efficient architectural services in 5D BIM (Building Information Modeling). The 5D BIM dimensions include structure, materials, time, cost, and appearance. 5D BIM also provides deviations from the pre-determined project schedule and budget and is mainly used in construction and project management services. Furthermore, 5D BIM provides features such as efficient preparation of cost schedules along with the real-time cost estimation for an easy and quick comparison with the target cost. Consequently, due to these innovations, the demand for architectural services is expected to accelerate during the forecast period.
“The increasing demand for architectural services from commercial customers along with government funding for the development of smart cities is expected to accelerate the architectural services market. Technological advances in architectural services is one other factor that is not only enabling vendors to provide services such as urban designing, landscape architecture, and other designing services for commercial customers, but also improving the demand for architectural services during the forecast period,” says a senior analyst at Technavio for research on consumer and retail sector.
Global architectural services market: Segmentation analysis
This market research report segments the global architectural services market by end-user (commercial and residential) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2017 with a market share of more than 44%, followed by EMEA and the Americas respectively. Also, the APAC region is expected to maintain its dominance in the global market during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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