Dublin, May 17, 2021 (GLOBE NEWSWIRE) -- The "Engineering Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global engineering services market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest growing market for the engineering services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Engineering Services Market Global Report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The Market Characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
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 $830.48 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.
Key Topics Covered:
1. Executive Summary
2. Engineering Services Market Characteristics
3. Engineering Services Market Trends And Strategies
4. Impact Of COVID-19 on Engineering Services
5. Engineering Services Market Size And Growth
5.1. Global Engineering Services Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Engineering Services Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Engineering Services Market Segmentation
6.1. Global Engineering Services Market, Segmentation By Type
6.2. Global Engineering Services Market, Segmentation By End User
6.3. Global Engineering Services Market, Segmentation By Engineering Disciplines
6.4. Global Engineering Services Market, Segmentation By Delivery Model
7. Engineering Services Market Regional And Country Analysis
7.1. Global Engineering Services Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Engineering Services Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Engineering Services Market
9. China Engineering Services Market
10. India Engineering Services Market
11. Japan Engineering Services Market
12. Australia Engineering Services Market
13. Indonesia Engineering Services Market
14. South Korea Engineering Services Market
15. Western Europe Engineering Services Market
16. UK Engineering Services Market
17. Germany Engineering Services Market
18. France Engineering Services Market
19. Eastern Europe Engineering Services Market
20. Russia Engineering Services Market
21. North America Engineering Services Market
22. USA Engineering Services Market
23. South America Engineering Services Market
24. Brazil Engineering Services Market
25. Middle East Engineering Services Market
26. Africa Engineering Services Market
27. Engineering Services Market Competitive Landscape And Company Profiles
27.1. Engineering Services Market Competitive Landscape
27.2. Engineering Services Market Company Profiles
27.2.1. Tata Consulting Services (TCS)
184.108.40.206. Products and Services
220.127.116.11. Financial Performance
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
126.96.36.199. Products and Services
188.8.131.52. Financial Performance
27.2.4. Deaton Engineering, Inc.
184.108.40.206. Products and Services
220.127.116.11. Financial Performance
27.2.5. Aricent Group
18.104.22.168. Products and Services
22.214.171.124. Financial Performance
28. Key Mergers And Acquisitions In The Engineering Services Market
29. Engineering Services Market Future Outlook and Potential Analysis
30.3. Research Inquiries
30.4. About the Publisher
30.5. Copyright And Disclaimer
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