Engineering Services Market

Engineering Services Market Overview

Engineering services refer to the development of an altogether new product, process, or service.  These services include design elements of the product or service itself, infrastructure, and equipment and processes involved in manufacturing them, maintaining them, or delivering them.

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Major Engineering Services Market Drivers

The rising collaboration between Engineering Service Providers (ESPs) and Original Equipment Manufacturers (OEMs) is expected to appear as one of the vital factors contributing to the growth in the adoption of Engineering Services  (ESO). The globalization of R&D activities, the increasing demand for integrating the latest technologies in the product offerings, and the rising need to shorten the product lifecycles and cut expenses are also expected to influence the growth of the market. Moreover, the ESO market has been evolving consistently in line with the strong emphasis of the clients on outsourcing multiple services as part of the efforts to cut down costs. The implementation of Industry 4.0 is supporting smart manufacturing and driving the demand for the latest industrial systems based on robotics, AI, and machine learning, thereby creating growth opportunities for IT integration in the service offerings of ESPs. In addition to that, end-use industries and industry verticals, particularly automotive and aerospace, among others, which need dedicated hardware manufacturing capabilities, are emerging as potential clients for providers of digital transformation services.

Restraint in the Engineering Services  Market

However, increasing cybersecurity issues due to digitalization is a major restraining factor that is hampering the Engineering Services Market growth.

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Services – Segment Analysis

Based on the Services, the Testing segment is expected to grow at a higher CAGR during the forecast period. Also, the need to develop and redesign product models with higher consistency and bug-free operations has been driving the growth of this segment for the past few years. OEMs are especially hiring software testing services from ESPs for installing bug-free and user-friendly software. Furthermore, the rising demand for outsourcing testing services to minimize manual intervention and turnaround time is also expected to propel the growth of the testing segment.

Location – Segment Analysis

Based on the Location, the Onshore segment is expected to grow at a higher CAGR during the forecast period. Onshore services are expected to deliver the services to an OEM based in the country where the ESP is located. The political, geopolitical, barriers, time zone, and language barriers are some of the barriers that encourage OEMs to choose onshore outsourcing of engineering services. This particularly avoids language barriers and helps in improving communication between OEMs and service providers, which further improves the effectiveness of the delivery of products and services.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is projected to dominate the market during the forecast period. This region happens to be a hub for industrial goods manufacturing and for hiring economical services delivered by highly skilled engineering professionals. The region also caters to as an epicenter of prominent software outsourcing service providers. Moreover, the growing need for technological developments and the continued integration of embedded software into the existing models is anticipated to drive the growth of the Asia-Pacific regional market.

Top Market Players

Various notable players operating in the market include Tata Consultancy Services Limited, Infosys Limited, Wipro Limited, Balfour Beatty, AECOM, Deaton Engineering, Inc., Cybage Software Pvt. Ltd., EPAM Systems, Inc., Cyient, L&T Technology Services Limited, among others. 

Key Developments:

• • In 2020, Wipro Limited procured Eximius Design for $80 million. The acquisition is anticipated to strengthen Wipro’s footprint in the semiconductor ecosystem.
  • In 2019, Balfour Beatty collaborated with the North Carolina Department of Transportation (NCDOT) to enhance traffic on a 5.1 mile stretch of U.S. 70 in James City, Craven County. The project is designed to upgrade access to local community services and improve economic development in the area.
  • In 2019, AECOM received a multi-million-pound contract with Heathrow Airport as lead designer for its Future Terminal 2 (T2) Programme. This project is expected to result in offering timely and efficient baggage handling by enhancing the passenger experience and expanding capacity for future transactions.

Segments covered in the Report:

The global Engineering Services Market has been segmented on the basis of Services, Location, Application, and regions. Based on Services, the market is segmented into Designing, Prototyping, System Integration, Testing and Others. Based on Location, the market is segmented into Onshore and Offshore. Based on Application, the market is segmented into Aerospace, Automotive, Industrial, Consumer Electronics, Semiconductors, Healthcare, Telecom and Others. 

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Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Services, By Location, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Tata Consultancy Services Limited, Infosys Limited, Wipro Limited, Balfour Beatty, AECOM, Deaton Engineering, Inc., Cybage Software Pvt. Ltd., EPAM Systems, Inc., Cyient, L&T Technology Services Limited, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Engineering Services Market by Services

• • Designing
  • Prototyping
  • System Integration
  • Testing
  • Others

Global Engineering Services Market by Location

• • Onshore
  • Offshore

Global Engineering Services Market by Application

• • Aerospace
  • Automotive
  • Industrial
  • Consumer Electronics
  • Semiconductors
  • Healthcare
  • Telecom
  • Others

Global Engineering Services Market by Region

• • North America Engineering Services Market (Option 1: As a part of the free 25% customization)

    • North America Engineering Services Market by Services
    • North America Engineering Services Market by Location
    • North America Engineering Services Market by Application
    • US Engineering Services Market All-Up
    • Canada Engineering Services Market All-Up

  • Europe Engineering Services Market (Option 2: As a part of the free 25% customization)

    • Europe Engineering Services Market by Services
    • Europe Engineering Services Market by Location
    • Europe Engineering Services Market by Application
    • UK Engineering Services Market All-Up
    • Germany Engineering Services Market All-Up
    • France Engineering Services Market All-Up
    • Spain Engineering Services Market All-Up
    • Rest of Europe Engineering Services Market All-Up

  • Asia-Pacific Engineering Services Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Engineering Services Market by Services
    • Asia-Pacific Engineering Services Market by Location
    • Asia-Pacific Engineering Services Market by Application
    • China Engineering Services Market All-Up
    • India Engineering Services Market All-Up
    • Japan Engineering Services Market All-Up
    • Rest of APAC Engineering Services Market All-Up

  • RoW Engineering Services Market (Option 4: As a part of the free 25% customization)

    • RoW Engineering Services Market by Services
    • RoW Engineering Services Market by Location
    • RoW Engineering Services Market by Application
    • Brazil Engineering Services Market All-Up
    • South Africa Engineering Services Market All-Up
    • Saudi Arabia Engineering Services Market All-Up
    • UAE Engineering Services Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Engineering Services Market All-Up

Major Players Operating in the Engineering Services  (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Tata Consultancy Services Limited
  • Infosys Limited
  • Wipro Limited
  • Balfour Beatty
  • AECOM
  • Deaton Engineering, Inc.
  • Cybage Software Pvt. Ltd.
  • EPAM Systems, Inc.
  • Cyient
  • L&T Technology Services Limited