LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global architectural services market and the market is poised to experience spend growth of over USD 70 billion between 2018-2023 at a CAGR of more than 4% during the forecast period. Request Free Sample Pages.
Read the 132-page research report with TOC and LOE on "The Global Architectural Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The unveiling of large-scale township projects to accommodate the proliferating urban population is boosting the scope of spend growth in the architectural services market. The increase in investments in smart cities and public infrastructural projects across countries is creating a robust demand for service providers who offer services such as project management, feasibility studies, construction, and contract administration. This is driving spend growth in the architectural services market to a significant extent.
The market in Europe is witnessing a substantial demand growth owing to the rise in the number of infrastructure projects in the construction industry. A slew of construction projects such as commercial and residential construction, public infrastructural projects, smart city projects, among others is creating exponential demand for architectural service providers in North America.
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Insights into the supply market
Service providers are adopting technologies such as IoT and AI which is enabling them to address challenges such as the cost and schedule overruns of their projects and aiding them to differentiate their services from those of competitors, thus increasing their market share.
- Service providers are accounting for a substantial expenditure to maintain compliance with all the architectural, civil engineering, and other regulations that establish minimum green requirements for new construction projects. This is triggering price inflation in the architectural services market.
Insights into category management strategies that will help buyers to achieve a beneficial partnership with service providers
Engage with service providers who offer consolidated services
The supply chain of the buyers belonging to the real estate industry is highly complex due to the presence of multiple vendors that handle functions such as building regulations and interior designing. Hence, to reduce supply chain complexities and the overall procurement process, buyers must collaborate with service providers that offer consolidated services. In general, end-to-end services include initial site surveys, planning applications, building regulation drawings, 3D visualization and immersive design, project management, and architectural/interior design.
Assess resource utilization rates of service providers
It is prudent of buyers to assess service providers’ ability to effectively utilize the resources allocated to the project, as the latter charges the former based on a resource-based pricing methodology. The resource utilization efficiency of service providers is an indication of their ability to deliver quality services at minimum service costs.
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Some of the key topics covered in this report are:
- Architectural services market spend segmentation by region
- Total cost of ownership analysis in the architectural services market
- Regional spend opportunity for architectural service providers
- Architectural service providers cost structure
- Architectural services pricing models analysis
- Architectural services procurement best practices
- Category management objectives
- Cost saving opportunities in the architectural services market
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