The Business Research Company Global Engineering Services Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, United Kingdom, January 7, 2022 /EINPresswire.com/ — The engineering services market should benefit from sustained economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that global real GDP growth will be 3.7% in 2019, 2020 and 3.6% from 2021 to 2023. This trend will be mainly driven by the regions of Asia and Asia. Africa. Going forward, Asia Pacific and Middle East regions are expected to be the fastest growing markets in engineering services, design, animation and graphic design industries. Developing countries like India and China have started to attract foreign investment to improve their infrastructure. This overview of the engineering services industry shows that this was mainly due to increased internet penetration, population growth, and increased economic activity.
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The size of the global engineering services market is expected to grow from $ 0.99 trillion in 2021 to $ 1.07 trillion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth in the engineering services market is mainly driven by the reorganization of their operations by companies and the recovery from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote working and closing of business activities which resulted in challenging operations. The engineering services market is expected to reach $ 1.38 trillion in 2026 at a CAGR of 6.6%.
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The growing popularity and adoption of Internet of Things (IoT) across the world is the latest trend and has changed the outlook for the global engineering services market. The Internet of Things (IoT) is a system of interdependent devices enabling the transmission of data over a wide variety of networks. The IoT enables continuous innovations in real-time data analysis, design and development products and helps businesses grow faster and is a key trend in the engineering services market. Engineering service providers are increasingly using industrial IoT to improve and optimize their production process with better energy use, better resource allocation and better asset management. For example, PureSoftware, an engineering services company, successfully integrated IoT with engineering services and built a stable IoT platform to improve the accuracy and speed of data recovery. India’s IoT industry has reached $ 15 billion by 2020, accounting for around 5% of the global market.
The major players in the global engineering services industry are Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., Aricent Group, Cybage Software Pvt. Ltd., EPAM Systems; Inc. and GlobalLogic.
In 2020, Wipro, an Indian exporter of software services, acquired Eximius Design for $ 80 million. The acquisition is expected to strengthen Wipro’s presence in the semiconductor ecosystem market. Eximius Design is a California-based engineering services company focused on ASIC design, systems and software engineering. Eximius design was founded in 2013 and has design centers in the United States, India and Malaysia.
TBRC Global Engineering Services Market Analysis Report is segmented by Type into Civil Engineering Services, Environmental Engineering Services, Construction Engineering Services, Mechanical Engineering Services, Other Engineering Services , by end-user in automotive, industrial manufacturing, healthcare, aerospace, telecommunications, information technology, energy and utilities, other, by engineering disciplines in civil engineering, mechanical , electrical, piping and structure, by delivery model at sea, on site.
Global Engineering Services Market Report 2022 – By type (civil engineering services, environmental engineering services, construction engineering services, mechanical engineering services, other engineering services), by end user (automotive, industrial manufacturing, healthcare, aerospace, telecommunications, information technology, energy and utilities), by Engineering disciplines (civil, mechanical, electrical, piping and structure), by delivery model (offshore, on-site) – Market size, trends Global Forecast 2022 – 2026 is part of a series of new reports from The Business Research Company that provides an overview of the Engineering Services Market, a forecast of the Engineering Services market size and growth for the overall market, engineering services market segments, geographies, engineering services market trends, engineering services market drivers, constraints, re entrants, profiles and market shares of the main competitors.
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