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.

Prevalent market forces detailed in the report are the fallout of COVID-19, with a note about maintaining post-pandemic momentum. A list of new architectural and commercial products and digital platforms that can contribute to growth, general competition strategies aided by trend analyses, and other estimates and forecasts are among the useful takeaways for business provided in the document.

The report identifies a number of key firms in the global architectural services market, including AECOM, Foster + Partners, Gensler, HDR, IBI Group, Jacobs, Nikken Sekkei, Perkins Eastman, Perkins&Will, and Stantec.