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Global Engineering Services Market 2023-2027: Engineering Services Market Thrives as Companies Embrace AI and Automation
Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Engineering Services Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Engineering Services Market is projected to experience substantial growth, with an expected increase of USD 365.9 billion during the period 2022-2027. The market's growth is predicted to accelerate at a CAGR of 4.2% over the forecast period. The comprehensive report on the engineering services market provides a comprehensive analysis, encompassing market size, trends, growth drivers, challenges, and vendor analysis.
Driving Factors and Market Segmentation
The growth of the engineering services market is driven by various factors, including the cost-saving benefits of deploying engineering services, the rise of industrial automation, and the delegation of ancillary tasks that allows companies to focus on their core competencies. The market is segmented by end-user (automotive, healthcare, telecommunication, and others), by sourcing (offshore and onshore), and by geographical landscape (North America, Europe, APAC, South America, Middle East, and Africa).
Proliferation of Advanced Technologies and AI Adoption
One of the primary drivers of the engineering services market is the proliferation of advanced technologies. As businesses increasingly adopt cutting-edge solutions, the demand for engineering services is expected to grow significantly. Additionally, the market is benefiting from the adoption of artificial intelligence, which is playing a vital role in various sectors.
Leading Players and Industry Insights
The report provides a robust vendor analysis to assist companies in enhancing their market position. Key engineering services market vendors include 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.
Trends and Analyst Commentary
An analyst from the research team highlighted that a significant trend in the market is the proliferation of advanced technologies. This trend aligns with the broader global movement towards technological innovation and adoption.
Conclusion and Future Growth
The engineering services market is poised for substantial growth, driven by factors such as cost-saving strategies, industrial automation, and technological advancement. Through a combination of primary and secondary research, the report offers a comprehensive view of the market landscape, vendor analysis, and growth projections. This study aims to help companies strategize and capitalize on forthcoming growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/rckktw
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