Engineering Services Market Size, Share and Global Forecast to 2028

The factors driving the growth of Engineering Services Market includes collaboration between Engineering Service Providers (ESP) and Original Equipment Manufacturers (OEM), growing demand to integrate advanced technologies such as Artificial Intelligence (AI) AND Internet of Things (IoT).

Engineering Services Market

The Engineering Services Market is expected to grow at a robust CAGR during the forecast period (2021-2028).

The factors driving the growth of Engineering Services Market includes collaboration between Engineering Service Providers (ESP) and Original Equipment Manufacturers (OEM), growing demand to integrate advanced technologies such as Artificial Intelligence (AI) AND Internet of Things (IoT). Moreover, the increasing development of green buildings and transportation infrastructure such as railway, bridges, and roads, are some of the additional factors supplementing the Global Engineering Services Market. According to the report published by Financial Express, the Government of India, has allocated INR 1,40,367.13 crore to the Ministry of Railways for the fiscal year 2022-2023 to upgrade the Railways networks in India, which is expected to boost the Engineering Services Market size in the approaching years. In addition, the increasing application of engineering services in end-use industries such as automotive and aerospace and rising investments on research and development activities by the leading player, have further propelled the market growth.

However, slow developments in infrastructure projects due to lack of political will, is hampering the growth of Engineering Services Market.

The major players operating in the market are Cybage Software Pvt. Ltd., EPAM Systems, Inc., Cyient, Tata Consultancy Services Limited, Infosys Limited, Wipro Limited, LT Technology Services Limited, Balfour Beatty, AECOM and Deaton Engineering, Inc. among oithers.

Services – Segment Analysis

Based on Services, the Testing segment is predicted to expand at a significant CAGR over the forecast period attributed to increasing installation of bug free and user-friendly software and emerging need to outsource testing services.

Location – Segment Analysis

According to Engineering Services Market Analysis, the Onshore segment is projected to capture a sizeable market share during the forecast period. The On-shore services eliminates language and cultural barriers and helps in improving the communication between service providers and OEMs, are some of the key factors responsible for the growth of the segment.

Regional – Segment Analysis

Based on region, the Asia-Pacific region is expected to capture the highest market share over the forecast period. The availability of highly skilled engineering professionals, rapid expansion the IT Sector, rising technological advancements and rapid urbanization, are some of the crucial factors, accelerating market growth in Asia-Pacific region.

Market Segmentation

Global Engineering Services Market by Services

  • Designing
  • Prototyping
  • System Integration
  • Testing
  • Others

Global Engineering Services Market by Location

  • Onshore
  • Offshore

Global Engineering Services Market by Application

  • Aerospace
  • Automotive
  • Industrial
  • Consumer Electronics
  • Semiconductors
  • Healthcare
  • Telecom
  • Others

Global Engineering Services Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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