Market for architectural services to reach $523.2 billion by 2030, new study projects

2024-02-09T17:09:00-05:00

A new study conducted by the group Grand View Research Inc. has indicated a likely rise in the global demand for architectural services to a market share of $523.2 billion by the end of the decade.

The study cites the rates of urbanization in countries such as Brazil and India alongside a worldwide focus on the creation of affordable housing as the main factors supporting a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030.

The development of Artificial Intelligence and Virtual Reality technologies was also indicated as pivotal factors driving growth. A demand to deliver green building designs across all sectors and design more humane and user-engaging spaces in the Healthcare, Residential, and Hospitality segments is also expected to favor business.

Urban Planning services are likewise predicted to grow to a CAGR of 6.4% over the same time period thanks to an increase in smart city projects and the threats posed by climate change on the built environment worldwide.

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Market for architectural services to reach $523.2 billion by 2030, new study projects