Engineering Services Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Feb 2021
  • Pages: 120
  • SKU: IRTNTR70265
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The engineering services market size has the potential to grow by USD 910.35 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 10.15%. 

This report provides a detailed analysis of the market by end-user (automotive, healthcare, telecommunication, and others), geography (North America, Europe, APAC, South America, and MEA), and key vendors. 

Market Overview

Engineering-Services-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • AECOM
  • AKKA Technologies SE
  • Altran Technologies
  • Arcadis NV
  • Babcock International Group Plc
  • Bechtel Corp.
  • Fluor Corp.
  • Infosys Ltd.
  • Jacobs Engineering Group Inc.
  • Tata Consultancy Services Ltd.

 

The engineering services market is fragmented and the vendors are deploying growth strategies such as providing new services with emerging technologies, including digital solutions, artificial intelligence, and IoT to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as rising industrial automation to achieve growth opportunities. However, factors such as lack of end-to-end quality and process control will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the engineering services market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This engineering services market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Engineering Services Market: Key Drivers and Trends

  • The rise in industrial automation will be one of the major factors driving engineering services market growth during the forecast period.
  • With the emergence of the 4th Industrial Revolution, there is an increase in the usage of digital technologies, smart manufacturing, and automation in industries to improve decision-making and enhance production.
  • The adoption of emerging technologies by end-user industries will drive the need for companies that can provide development and manufacturing, designing, and process development services, which will subsequently augment the growth prospects of the engineering services market.
  • Benefits such as the reduction in overhead costs will also fuel the growth of the market.
  • One of the primary benefits of employing engineering services is the reduced overhead cost for industries.
  • Engineering service companies provide efficient solutions to manage specific business needs and requirements. This increases the possibility of cost reduction and enhancing product value.
  • As a result, engineering services are extensively used in information technology, designing, simulation, analysis, and consulting sectors and are effectively applied in various applications from automotive to energy and utilities.

 

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Engineering Services Market: Segmentation by Geography

Engineering-Services-Market-Market-Share-by-Region-2020-2025

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34% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for engineering services in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

Increasing economic activity in emerging markets of the region and the ongoing urbanization will facilitate the engineering services market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Engineering Services Market: Segmentation by End-user

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The growing amount of developmental activity and the technology revolution in the sector due to emerging technologies such as driverless and autonomous vehicles, powered by cognitive and machine learning solutions, is expected to drive the demand for engineering services in the automotive segment during the forecast period. However, the engineering services market share growth by the automotive segment will be slower than the telecommunication and healthcare segments. 

The post COVID-19 impact has brought forth a slowdown in the automotive segment growth owing to the shutdown of major automotive plants. Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the engineering services market size.

 

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Engineering Services Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive engineering services market growth during the next five years
  • Precise estimation of the engineering services market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the engineering services industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of engineering services market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The engineering services market growth will increase by $910.35 billion during 2020-2025.
The engineering services market is expected to grow at a CAGR of 10.15% during 2020-2025.
Technavio has segmented the engineering services market by end user (Automotive, Healthcare, Telecommunication, and Others) and geographic (North America, Europe, APAC, South America, and MEA).
AECOM, AKKA Technologies SE, Altran Technologies, Arcadis NV, Babcock International Group Plc, Bechtel Corp., Fluor Corp., Infosys Ltd., Jacobs Engineering Group Inc., Tata Consultancy Services Ltd. are a few of the key vendors in the engineering services market.
APAC will register the highest growth rate of 33.59% among the other regions. Therefore, the engineering services market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the engineering services market growth are:
  • Deploying engineering services reduces overhead cost
The engineering services market vendors should focus on grabbing business opportunities from the automotive segment as it accounted for the largest market share in the base year.
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