The Engineering Services Global Market Report 2023 by The Business Research Company, provides engineering services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Engineering Services Global Market Report 2023, the global engineering services market size will grow from $1,110.21 billion in 2022 to $1,156.5 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global market size of global engineering services is expected to grow to $1,316.06 billion in 2027 at a CAGR of 3.3%
The engineering services market is expected to benefit from steady economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that global real GDP growth will be 3.6% from 2021 to 2023. This trend will be mainly driven by regions of Asia and Africa. According to the report, Asia will represent 66% of the global middle-class population by 2030.
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The engineering services market is segmented:
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
The increasing popularity and adoption of the Internet of Things (IoT) across the globe is the latest trend in the engineering services market. The Internet of Things (IoT) is a system of inter-related devices enabling the transmission of data over a wide range of networks. IoT enables continuous innovations in real-time data analytics, design, and development products and helps businesses grow at a faster pace. Engineering service providers are increasingly using industrial IoT to improve and optimise their production processes with better energy usage, resource allocation, and asset management. For instance, PureSoftware, an engineering service company, has successfully integrated IoT into engineering services and built a steady IoT platform to improve accuracy and speed of retrieving data. India’s IoT industry is expected to reach USD 15 billion by 2020, accounting for approximately 5% of the global market.
The engineering services market report table of contents includes:
1. Executive Summary
2. Engineering Services Market Characteristics
3. Engineering Services Market Trends And Strategies
4. Engineering Services Market – Macro Economic Scenario
5. Engineering Services Market Size And Growth
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26. Africa Engineering Services Market
27. Engineering Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Engineering Services Market
29. Engineering Services Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Tata Consulting Services (TCS)
- Infosys
- WorleyParsons
- Deaton Engineering, Inc
- Aricent Group
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