deploying engineering services reduces overhead costs is driving the Engineering Services Market
Technavio analyzes that the Engineering Services Market is expected to grow at a CAGR of 4.39% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 397.82 million.There are various factors that contribute to the growth of the market. Engaging engineering services can significantly decrease a company's overhead costs. By outsourcing engineering tasks, businesses can avoid the expense of maintaining an in-house engineering team and their associated salaries, benefits, and training costs. Additionally, engineering service providers often have access to advanced technology and specialized expertise, which can lead to more efficient and cost-effective solutions for their clients.
The engineering services market is experiencing significant growth due to the disruptive trends in the automotive industry, including the rise of carpooling services like Uber, Ola, and Lyft, and emerging technologies such as connected cars and automatic driving systems. These factors, coupled with increasing consumer demand for car safety, reliability, and performance, are driving extensive product development and research and development (R&D) efforts among automotive manufacturers. As a result, there is a heightened need for engineering services, including computer-aided design (CAD), paint services, assembly, and other manufacturing services. Furthermore, the global automotive market's shift towards electric vehicles is also contributing to the growth of the engineering services market, as the design, development, and manufacturing of electric cars require specialized engineering expertise.
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Engineering Services Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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Engineering services encompass various disciplines including design, planning, consulting, and specialized services for the automotive, aircraft, building, and infrastructure sectors. These services cover highway, bridge, tunnel, water source projects, as well as product and process engineering. Additionally, automation-related services, AI, IoT, cloud computing, architectural design, energy-efficient buildings, and engineering projects for infrastructure are part of the offerings. Civil engineering services are provided through both offsite and onsite models.
The Engineering Services Market is a significant segment of the global IT Consulting and Other Services Market, which falls under the larger IT Services Market. This market encompasses businesses offering services in Design, Planning, Consulting, Infrastructure Development for Highways, Bridges, Tunnels, Water Sources, Automotive Sector, and Aircraft Sector. Technavio calculates the size of the IT Consulting and Other Services Market based on the consolidated revenue of companies providing various IT Consulting and Information Management Services in domains such as IT Consulting, Business Process Outsourcing, Infrastructure Services, and Application Services, for industries including Automotive, Aerospace, and Construction.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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