Latest News- Engineering Services Market: Automotive is expected to lead the End-user segment during 2025-2029
The Engineering Services Market is being driven by Deploying engineering services reduces overhead costs
The Engineering Services Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 421.1 billion. The engineering services market is experiencing robust growth due to the increasing adoption of advanced technologies such as predictive analytics, IIoT, blockchain, cloud computing, virtual assistants, autonomous vehicles, and augmented/virtual reality. According to recent market research, the IoT analytics market alone is projected to expand from USD13 billion in 2020 to USD18.8 billion by 2024. Key technologies fueling this growth include data analytics, cloud computing, and electronics (sensors). The electricity and manufacturing sectors are anticipated to be the primary consumers of IoT and engineering services associated with these technologies.
Get more information on Engineering Services Market by requesting a sample report
Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Automotive, Healthcare, Telecommunication, Others) Deployment (Outsourcing, Onsite) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
Key Features in Engineering Services Market Research Report
Find out which segment is leading the market by accessing the free PDF report
Engineering services encompass various disciplines including design, planning, consulting, and specialized services in highways, bridges, tunnels, water sources, automotive, aircraft, building sectors, and more. Product and process engineering, automation, infrastructure projects, AI, IoT, cloud computing, architectural design, energy-efficient buildings, and civil engineering services are all part of this dynamic industry. Offsite and onsite models are utilized to deliver engineering solutions effectively.
The global engineering services market encompasses businesses specializing in non-residential construction, including engineering consultancies and Engineering, Procurement, and Construction (EPC) contractors. This market excludes entities involved in residential construction. According to Technavio, the market size is determined by the consolidated revenue generated by engineering service providers and EPC contractors within the non-residential sector. Key growth drivers for the engineering services market include escalating investments in urban infrastructure, particularly in the areas of highways, bridges, tunnels, water sources, automotive, and aircraft sectors, as urban populations expand and the demand for advanced transportation and communication services, as well as essential utilities like water and electricity, continues to rise.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
