Major players in the engineering services market are Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc. , and Aricent Group. The global engineering services market is expected to grow from $830.
New York, May 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Engineering Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067884/?utm_source=GNW
48 billion in 2020 to $938 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1167.21 billion in 2025 at a CAGR of 5.6%.
The engineering services market consists of the sale of engineering services.Engineering services’ companies apply physical laws and principles of engineering in the design, development, and utilization of machines, materials, instruments, structures, processes, and systems.
Engineering services include the technical application of engineering in product designing, innovations, and others in industries such as building construction, mining, power and energy, transportation, manufacturing, and others.
The increasing popularity and adoption of the Internet of Things (IoT) across the globe is the latest trend in the engineering services market.Internet of things (IoT) is a system of inter-related devices enabling transmission of data over a wide range of networks.
IoT enables continuous innovations in real-time data analytics, design, and development products and helps businesses grow at a faster pace.Engineering service providers are increasingly using industrial IoT to improve and optimize their production process with better energy usage, resource allocation, and asset management.
For Instance, PureSoftware, an engineering service company, has successfully integrated IoT to engineering services and built a steady IoT platform to improve accuracy and speed to retrieve data. India has a 43% market share in the global IoT market followed by Western Europe and North America with 27% and 23% respectively.
Lack of quality control and safety concerns of engineering firms may hinder the engineering services market growth.Defects or failures in construction activities result in high costs.
These minor defects result in re-construction to make the facility operations impaired.Increased costs and delays are the results of ineffective internal controls and safety measures which hampers the end-to-end quality.
For instance, QuEST, an engineering services company is facing difficulties caused due by a lack of understanding, problems in the execution process, and inconsistency across various business units. Companies in the industry are incurring high maintenance and budgeting costs to develop new and advanced methods to combat issues of safety and control.
The Construction Design and Management Regulation is also known as CDM Regulations/CDM 2015, came into force from 6 April 2015.These are the regulations governing the engineering service providers with respect to construction projects of all sizes and types.
This CDM regulation 2015 was a replaced Construction (Design and Management) Regulation 2007, aiming to improve the overall health, safety, and welfare of the workers and professionals involved in construction. This regulation specifies the general requirement, states safety norms, and minimum welfare facilities required at the construction sites.
In 2020, Wipro, an Indian software services exporter has acquired Eximius Design for $80 million.The acquisition is expected to strengthen Wipro’s market presence in the semiconductor ecosystem.
Eximius Design is a California-based engineering services company focused on ASIC design, systems, and software engineering. Eximius design is founded in the year 2013 and has design centers in the US, India, Malaysia.
The engineering services market is expected to benefit from steady economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019, 2020, and 3.6% from 2021 to 2023. This trend will be mainly driven by regions of Asia and Africa. According to the report, Asia will represent 66% of the global middle-class population by 2030. For instance, the Indian IT-BPM industry grew by 7.7% in FY 2017, with software products and engineering services reaching US$ 25 billion. Going forward, the Asia Pacific and Middle Eastern regions are expected to be the fastest-growing markets in the engineering services, design, animation, and graphic designing industries. Developing countries such as India and China have started attracting foreign investments to improve their infrastructure. This was mainly due to an increase in internet penetration, growth in population, and increasing economic activity.
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