This paper highlights the current critical business challenges in the architecture industry. The initial study reviews the latest statistics of the architecture industry, research findings in the discipline of architecture management, knowledge and education gaps, as well as current business needs and development perspective. The review of the Latvian architecture industry based on publicly available data and the opinion of professionals concerning the business needs of the architecture industry is used as a case study.
The main recommendations for architecture industry professionals are related to necessity to improve the architects’ awareness and understanding of the influence of critical business functions to the company performance results, and application of most advanced management tools in architecture industry for ensuring business viability. The paper is highlighting the need for further research on critical business functions directly linked with specific aspects of architecture industry in different business contexts.