Construction professional services (CPS) includes surveys on architectural engineering, project management, and planning. CPS is a technology and resource-intensive endeavor, and is broken down into the following verticals:
- Surveying
- Planning
- Architectural requirements
- Engineering requirements
- Management
- Facilities management
While surveying covers everything from land surveys and building surveys to assessment of environmental effects and sustainability, planning comprises of the study of project feasibility, site appraisals, planning applications, appeals, and enquiries. Likewise, almost all of the sub-segments under management, facilities management, architectural, and engineering requirements are covered under CPS.
Reasons behind the growing demand for construction professional services
As organizations across various industries invest in CPS, analysts at Technavio predict that the global construction professional services market will grow at a CAGR of over 5% by 2020. One major reason behind the growth of the CPS market is the high demand for these services in emerging economies. This is especially the case with the APAC (Asia-Pacific) countries, which are investing heavily in the building of infrastructure. India, China, Malaysia, Thailand and Singapore are some of the key countries undertaking extensive infrastructure projects, and are have therefore become favorable markets for construction professional services.
The recent trend of improving existing infrastructure is another reason behind the growth of the CPS market. One huge problem facing countries like the US and the UK is that their infrastructure is aging and needs to be refurbished in order to meet the demands of a growing population. These countries are actively seeking advanced technology-based services, which construction professional services easily provide. Design visualization, 3D modelling, and BIM (building information modelling) are some of the latest technological advancements that CPS providers have adopted in order to meet the specific demands of their end-users.
Cost savings plays a critical role in why CPS has emerged as one of the most-sought after services. AS CPS offers high-end solutions that innovate on the present structure and integrate various construction verticals, the overall cost is greatly reduced. In fact, CPS provides a high degree of transparency in the breakdown of costs and enhances the entire planning process by bringing all key participants on board, right from the start of the project. Additionally, as CPS enables creation of contingency strategies during project inception, it enables accommodation of unexpected changes in the project plan, thereby reducing the chances of incurring additional expenses.
Finally, as CPS firms ensure regulatory compliance in all stages of planning and execution of new projects, it is easier to acquire green building certifications at minimum cost and with far less resources.
Want to find out which companies are the top vendors in the CPS market?
View the Construction Professional Services Market Intelligence Report
