Global Engineering Services Market is anticipated to grow at a CAGR of 3.95% during the forecast period. Rise in OEM’s and increase in level of technical complexity across various applications that demand higher competency boosts the market growth. The market is driven by rise in outsourcing activities and increase in stakeholder interest in product development. In the initial stages, engineering services were limited to CAD designing but at present, engineering services have gained a lot of momentum as the market size increases due to automation.
Adding further, the market receives an overwhelming response from the customer end along with flexible pricing. Lowered complexity and client involvement is likely to support the market growth during the forecast period. Added features and benefits associated with engineering services is most likely to propel the market growth during the forecast period. However, rise in complex designs and compatibility issues is most likely to create market challenges in the near future.
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Geographically, engineering services market is segmented as North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America market is likely to grow at a significant CAGR during the forecast period owing to presence of startups and expansion of IT industry. In addition, increase in outsourcing of data works in APAC regions is another factor for market growth.
Asia-Pacific regions are expected to grow at a significant rate due to rise in outsourcing activities and rise of data processing activities in this region. India, Philippines and China witness a robust growth in the engineering services domain thanks to massive wave of digitization and data procurement activities.
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The key players profiled in engineering services market are Infosys Ltd, HCL Technologies, Wipro Ltd, RLE International, Altair Engineering, Alten GmbH, PM Group, Fareva, Deaton Engineering Inc, Aricent Group, Cybage Software Pvt Ltd, GlobaLogic, Pactera Technology International Ltd and Cyient.
The market is divided into the following segments based on geography:
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Global Engineering Services Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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