The Engineering Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Engineering Services, The engineering services market size has grown steadily in recent years. It will grow from $1147 billion in 2023 to $1188.41 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased demand for industrial robots, a rise in industrial automation and implementation of industry 4.0. factors that negatively affected growth in the historic period were the lack of quality control and safety concerns of engineering firms.
The engineering services market size is expected to see steady growth in the next few years. It will grow to $1366.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to increasing digitalization, rising demand for iot (internet of things) solutions for smart manufacturing, rising prominence of robots in the construction industry, government investments in the aviation industry, continuous development of smart cities and a rapid adoption of advanced technologies. Major trends in the forecast period include focus on partnerships and collaborations, adoption of artificial intelligence, use of blockchain, investment in development of smart cities, investment in low-code development, focus on environment-friendly buildings services and use of industry 4.0.
The growing adoption of artificial intelligence is expected to propel the growth of the engineering services market going forward. Engineering services refer to any service or creative work that requires engineering education, training, and experience in the application of special knowledge of the mathematical, physical, and engineering sciences. The adoption of artificial intelligence can help engineering services to improve efficiency, productivity, and profitability, while also creating new job roles and opportunities. For instance, according to the AI Index Report 2023 by Stanford University, a US-based private research university reveals that the proportion of companies adopting AI in 2022 has more than doubled in the past six years, though it has plateaued in recent years between 50% and 60%. Thus, the growing adoption of artificial intelligence is driving the engineering services market.
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The engineering services market covered in this report is segmented –
1) By Type: Civil Engineering Services, Electrical Engineering Services, Mechanical Engineering Services, Others Engineering Services
3) By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering, Other Engineering Disciplines
2) By End-User: Transportation Infrastructure, Other Infrastructure, Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Oil And Gas, Energy And Utilities, Other End-Users
Major companies operating in the engineering services market are developing innovative products such as RICOH Remote Patient Monitoring (RPM) Enablement to help ease healthcare staffing challenges amid unprecedented industry burnout crisis. RICOH Remote Patient Monitoring (RPM) Enablement is an end-to-end managed services offering for health systems designed to help fuel more efficient and sustainable RPM workflows that can lead to improved patient and care delivery team experiences. For instance, in October 2023, Ricoh USA Inc., a US-based software company launched RICOH Remote Patient Monitoring (RPM) Enablement, an end-to-end managed services offering for healthcare providers. The service integrates into existing virtual care programs to support the deployment of remote patient monitoring system devices, inventory tracking, logistics, and device returns. The service comes at a time when health systems are grappling with a simultaneous monumental shift to virtual care delivery and an unprecedented shortage of healthcare workers.
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. Global Engineering Services Market Size and Growth
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26. South America Engineering Services Marketn
27. Brazil Engineering Services Market
28. Middle East Engineering Services Market
29. Africa Engineering Services Market
30. Engineering Services Market Competitive Landscape And Company Profiles
Top Major Players:
- AECOM
- WorleyParsons Limited
- SNC-Lavalin
- Babcock International
- Fluor Corporation
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