Key Takeaways
Key players operating in the architectural services are Gensler, AECOM, Perkins and Will, HOK, HDR, Inc., Skidmore, Owings & Merrill LLP, Jacobs, IBI Group, Aedas, HKS, Stantec, Populous, Callison RTKL, Cannon Design, and Grimshaw Architects.

The key opportunities in the Architectural Services Market Growth include major infrastructure projects across both developing and developed countries. Rising urban population is augmenting the demand for residential, commercial and retail construction which is creating a huge market for architectural design services.

Technological advancements like Building Information Modeling (BIM), 3D modeling software and virtual & augmented reality are enabling architects to provide a virtual walkthrough of buildings to clients before actual construction. This has improved project management and ensured minimal discrepancies during construction.

Market drivers
The major driver for the architectural services market is rapid urbanization. As more people migrate to cities in search of jobs and improved standard of living, the demand for housing and commercial infrastructure rises significantly. According to UN estimates, over 68% of the global population is projected to live in urban areas by 2050. This unprecedented urban growth is driving the need for innovative architectural designs and smart city planning. Moreover, various infrastructure projects undertaken by governments worldwide for transportation, healthcare, education and other public facilities are boosting the growth of architectural services market.
Current Challenges in Architectural Services Market
The architectural services market is facing various challenges such as lack of skilled workforce, increasing costs of raw materials and fragmented clients with diverse requirements. In most regions, there is a severe shortage of trained architects and engineers which is hampering the growth of projects. Further, prices of materials like steel and concrete have witnessed a sharp rise over the past year due toinflation and disruptions caused by the pandemic. This has resulted in escalating project costs. Additionally, servicing fragmented clients from different sectors with varying specifications and budgets is also posing challenges. Firms need to devise customized and innovative solutions within tight timelines to satisfy the evolving needs of clients.

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