The main players in the engineering services market are Tata Consulting Services (TCS); Infosys; WorleyParsons; Deaton Engineering, Inc .; Aricent Group; Cybage Software Pvt. Ltd. ; EPAM Systems Inc. and GlobalLogic.
New York, December 29, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the “Engineering Services Global Market Report 2022” – https://www.reportlinker.com/p06193738/?utm_source=GNW
The global engineering services market is expected to grow from $ 991.38 billion in 2021 to $ 1071.59 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 1,383.41 billion in 2026 at a CAGR of 6.6%.
The engineering services market consists of the sale of engineering services. Engineering services companies apply physical laws and engineering principles in the design, development, and use of machines, materials, instruments, structures, processes, and systems.
Engineering services include the technical application of engineering in product design, innovations and others in sectors such as building construction, mining, power and energy, transportation, manufacturing and others.
The main types of engineering services are civil engineering services, environmental engineering services, construction engineering services, mechanical engineering services, and other engineering services. Civil engineering services encompass a wide range of activities, including the planning, design and construction of commercial and residential buildings. structures, transport infrastructure, such as roads, bridges and railroads, water distribution systems, such as dams, sewers and wastewater treatment, environmental infrastructure, such as landscaping , town planning and parks, industrial infrastructure construction management, construction technology and more.
The various engineering disciplines include civil, mechanical, electrical, piping and structural engineering and are provided through an offshore and on-site model. Services are used by automotive, industrial manufacturing, healthcare, aerospace, telecommunications, information technology, energy and utilities, etc.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The engineering services market is expected to 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. According to the report, Asia will account for 66% of the world’s middle-class population by 2030. For example, India’s TI-BPM industry grew by 7.7% in fiscal year 2017, with software products and engineering services reaching $ 25 billion. 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 was mainly due to increased internet penetration, population growth, and increased economic activity.
Lack of quality control and safety concerns of engineering companies can hamper the growth of the engineering services market. Defects or failures in construction activities result in high costs.
These minor defects lead to a reconstruction which hinders the operation of the installation. Increased costs and delays are the result of ineffective internal controls and security measures that hamper end-to-end quality.
For example, QuEST, an engineering services company, faces challenges caused by a lack of understanding, issues in the execution process, and inconsistencies between various business units. Companies in the industry incur high maintenance and budgeting costs to develop new and advanced methods to tackle security and control issues.
The Construction Design and Management Regulation, also known as the CDM / CDM 2015 Regulation, came into effect on April 6, 2015. These are the regulations governing providers of engineering services with respect to construction projects of all sizes and types.
This 2015 CDM regulation was a 2007 construction (design and management) regulation that aimed to improve the health, safety and welfare of workers and professionals involved in construction. This regulation specifies general requirements, sets out safety standards and minimum welfare facilities required on construction sites.
The growing popularity and adoption of the Internet of Things (IoT) around the world is the latest trend in the 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. Engineering service providers are increasingly using industrial IoT to improve and optimize their production process with better use of energy, better allocation of resources and management of assets.
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.
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.
The countries covered by the engineering services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom United and the United States.
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