April 15, 2024


Technology and Age

Global Engineering Services Market 2018-2022 | Proliferation of Advanced Technologies to Boost Growth | Technavio

analysts forecast the global engineering services market to post a CAGR
of close to 4% during the period 2018-2022, in their latest market
research report.

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Technavio has published a new market research report on the global engineering services market from  ...

Technavio has published a new market research report on the global engineering services market from 2018-2022. (Graphic: Business Wire)

The proliferation of advanced technologies is a key trend, which is
expected to impact the growth of the global
engineering services market
. The extensive proliferation of
advanced technologies across the world is one of the significant trends
in the global engineering services market. Increased acceptance of
innovations and technological advances such as predictive analytics and
IIoT is expected to pave the way for the adoption of engineering
services throughout industries and verticals.

This report is available at a USD 1,000 discount for a limited time
market snapshot before purchasing

In this report, Technavio researchers identify the inherent
cost-reduction with the deployment of engineering services as one of the
key factors contributing to the growth of the global engineering
services market:

Global engineering services market:
Cost-reduction with the deployment of engineering services

Reduced overhead cost for industries is one of the primary benefits
associated with employing engineering services. The efficiency of these
solutions helps end-users in increasing the possibility of cost
reduction and improvement of product value. A few of the most commonly
used engineering services are in information technology, designing,
simulation, analysis and consulting. These services are effectively
applicable in various applications from automotive to energy and

According to a senior analyst at Technavio for IT professional services
research, “Engineering services help end-user companies in leveraging
technical expertise for quality improvement, building new products, and
improving process efficiency to enhance product value and minimize
overhead cost. The services enable end-users to deploy multiple projects
at various locations and manage rigid budgets and timelines.”

Global engineering services market:
Segmentation and analysis

This market research report segments the global engineering services
market by end-user (others, telecom, automotive, and healthcare) and key
regions (the Americas, APAC, and EMEA).

The others segment which includes manufacturing, aerospace and defense,
semiconductor, and consumer electronics industries, dominated the market
in 2017 with a market share of close to 49%. This segment was followed
by the telecom, automotive and healthcare segments respectively. The
market shares of all the segments remain steady over the forecast period
with very marginal variations.

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