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Increase in internet penetration, a growth in the population, and increasing economic activity are expected to drive innovation in engineering services manufacturing, thus driving the market during the forecast period.

The global engineering services market is expected to grow from $1,110.21 billion in 2022 to $1,156.5 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The global engineering services market size is expected to grow to $1,316.06 billion in 2027 at a CAGR of 3.3%.

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Global engineering services Market Segments Include:

• By Type: Civil Engineering Services, Environmental Engineering Services, Construction Engineering Services, Mechanical Engineering Services, Other Engineering Services
• By End User: Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Energy & Utilities, Other End Users
• By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering
• By Delivery Model: Offshore, Onsite
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global engineering services market in 2021.

Major Market Players in the engineering services market include Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., Aricent Group, Cybage Software Pvt. Ltd.

The increasing popularity and adoption of the Internet of Things (IoT) across the globe is the latest trend in the engineering services market. The Internet of Things (IoT) is a system of inter-related devices enabling the 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 optimise their production processes with better energy usage, resource allocation, and asset management. For instance, PureSoftware, an engineering service company, has successfully integrated IoT into engineering services and built a steady IoT platform to improve accuracy and speed of retrieving data. India’s IoT industry is expected to reach USD 15 billion by 2020, accounting for approximately 5% of the global market.

The Engineering Services Global Market Report 2023 provides a engineering services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The engineering services market forecast analyzes engineering services market size, engineering services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Engineering services can provide extensive consultation to a company needing expert advice and solutions. Engineering services firms can accept the project and work on evaluating, designing, simulating, and testing the product.

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