LONDON, April 26, 2023 (GLOBE NEWSWIRE) -- According to The Business Research Company, the engineering services sector is poised for growth in the coming years. In its report, the company forecasted that the industry will experience a compound annual growth rate (CAGR) of more than 4% from 2022 to 2023, with the market size increasing from $1,110.2 billion in 2022 to $1,156.5 billion in 2023. Furthermore, it is expected that the global industry will continue to expand its engineering services market share, with a CAGR of more than 3% between 2023 and 2027, resulting in a market size of $1,316 billion by the end of 2027. North America was the largest region in the engineering services industry in 2022.
The Business Research Company’s research on the engineering services market also identifies the driving factors behind this growth as increased internet penetration, population growth, and a rise in economic activity in both developed and developing nations. For instance, the Indian IT-BPM industry witnessed a more than 7% growth rate in FY 2017, with engineering services and software products generating US$25 billion in revenue.
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As per the engineering services market analysis, the major players are Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., Aricent Group, Cybage Software Pvt. Ltd., EPAM Systems; Inc. and GlobalLogic.
The engineering services industry is experiencing a new trend, which is the increasing popularity and adoption of the Internet of Things (IoT) on a global scale, the report added. Engineering service providers are adopting IoT to improve their production processes and enhance energy usage, resource allocation, and asset management. For example, PureSoftware, an engineering service firm, has successfully incorporated IoT into its services and developed a reliable IoT platform to boost data retrieval accuracy and speed. The IoT industry in India is expected to reach a value of USD 15 billion by 2020, which represents approximately 5% of the global market.
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The report provides in-depth information on the global engineering services market segments -
1) By Type: Civil Engineering Services, Environmental Engineering Services, Construction Engineering Services, Mechanical Engineering Services, Other Engineering Services
2) By End User: Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Energy & Utilities, Other End Users
3) By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering
4) By Delivery Model: Offshore, Onsite
Engineering Services Global Market Report 2023 by The Business Research Company provides insights on the engineering services market size, engineering services market segments, engineering services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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