Sep 25, 2023

News provided by Share this article Share toX NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The  engineering services market  is expected to grow by USD 365.9 billion from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 4.2% during the forecast period, according to Technavio. Deploying engineering services reduces overhead costs. This factor is notably driving the engineering services market. However, factors such as shortage of expertise and skilled labor may impede market growth. The market is segmented by end-user (automotive, healthcare, telecommunication, and others), sourcing (offshore and onshore), and geography (North America, Europe, APAC, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the engineering services market including AECOM, AKKA Technologies SE, Babcock International Group Plc, Balfour Beatty Plc, Bechtel Corp., Brasfield and Gorrie LLC, Capgemini Service SAS, CIMIC Group Ltd., Cyient Ltd., Design Systems Inc., EMCOR Group Inc., Fluor Corp., Infosys Ltd., Jacobs Solutions Inc., Kiewit Corp., KKR BOSE DESIGN SERVICES Pvt. Ltd., Tata Consultancy Services Ltd., TRIPLAN India Pvt. Ltd., Virtuoso Projects and Engineers Pvt Ltd, and NV5 Global Inc.The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Free Sample Report. Engineering Services Market 2023-2027: Company Analysis AECOM - The company offers engineering services such as Advanced modeling, Building engineering, Hydraulic services, and Specialty structures. This report provides a full list of key companies, their strategies, and the latest developments. Buy Now for detailed company information. Engineering Services Market 2023-2027: Segmentation End-user The automotive segment is estimated to witness significant growth during the forecast period. This is due to the emergence of disruptive trends like ride-sharing services offered by taxi service providers, Uber, Ola, and Lyft; and advances in technology such as connected cars and autonomous driving systems. Many automakers are under great pressure to keep up with market developments. Additionally, there is an increasing emphasis on product development and research and development (R&D) due to growing consumer demands for automotive safety, reliability, and performance. Additionally, stringent new regulations require automakers to comply with strict quality and regulatory standards while minimizing overall costs. Hence, these factors are expected to drive segment growth during the forecast period. Geography North America is estimated to contribute 34% to the growth of the global market during the forecast period. Supportive government policies, the growing adoption of modern technologies in all sectors, and a strong presence for technical service providers in the region are some of the main factors that will significantly contribute to the growth of the North American engineering services market. The result has been a significant increase in R&D and business expansion in North America. Some of the key industries where engineering service providers provide solutions include oil and gas, mining and metallurgy, construction,  aerospace, and defense. Additionally, the automotive sector is expected to drive the growth of engineering services in the region due to the increase in the number of auto plants in the US. Hence, these factors are expected to drive market growth in the region during the forecast period. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View Free PDF Sample Report Engineering Services Market 2023-2027: Key Highlights Historic Market Size 2017-2021 CAGR of the market during 2023-2027 Detailed information on factors that will assist engineering services market growth during the next five years Estimation of the engineering services market size and its contribution to the parent market Forecasts on upcoming trends and changes in consumer behavior The growth of the engineering services market Analysis of the competitive landscape and detailed information on companies Comprehensive details of factors that will impede the growth of engineering services market companies Related Reports: The human resource outsourcing (HRO) market is estimated to grow at a CAGR of 5.65% between 2022 and 2027. The market size is forecast to increase by USD 13.65 billion. The IT professional services market is estimated to grow at a CAGR of 9.09% between 2022 and 2027. The market size is forecast to increase by USD 461.56 billion. Engineering Services Market Scope Key companies profiled AECOM, AKKA Technologies SE, Babcock International Group Plc, Balfour Beatty Plc, Bechtel Corp., Brasfield and Gorrie LLC, Capgemini Service SAS, CIMIC Group Ltd., Cyient Ltd., Design Systems Inc., EMCOR Group Inc., Fluor Corp., Infosys Ltd., Jacobs Solutions Inc., Kiewit Corp., KKR BOSE DESIGN SERVICES Pvt. Ltd., Tata Consultancy Services Ltd., TRIPLAN India Pvt. Ltd., Virtuoso Projects and Engineers Pvt Ltd, and NV5 Global Inc. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. Customization purview If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. ToC: About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts