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 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.
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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 utilities.
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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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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