Engineering Services Market Is Projected To Develop At A CAGR Of 6.7%, Reaching USD 6,779.70 Million By 2034 | PMR

(MENAFN- GlobeNewsWire - Nasdaq) The market for engineering services is expanding due to expanding alliances between original equipment manufacturers and engineering service providers.

New York, USA, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Market Overview

In 2024, the engineering services market is projected to be valued at USD 3,595.99 million. The market is anticipated to develop from USD 3,782.98 million in 2025 to USD 6,779.70 million in 2034 at a CAGR of 6.7%.

Market Introduction

The use of engineering concepts and skills to offer assistance and solutions in a variety of businesses is known as engineering services. They are expert services that adhere to predetermined designs by utilizing engineering training and expertise. Three categories can be used to classify engineering services: analyses, investigations, and consultations. Project-based firms that offer specialized consulting services to assist clients in bringing technology or goods to market are known as engineering services companies. Typical engineering services include design and development, among others. Advanced manufacturing, technical documentation, simulation and testing, and reverse engineering, automation and robotics, and design and development of products.

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Report Scope and Attributes

Report Attribute	Details
Market Value in 2025	USD 3,782.98 million
Market value by 2034	USD 6,779.70 million
CAGR	6.7 %
Base Year	2024
Historical Data	2020–2023
Forecast Period	2025–2034

Major Players in Engineering Services Market

The engineering services market is known for being notoriously competitive, with both industry titans and recent entrants striving for market dominance.

Among the key participants impacting the market's expansion are:

• AKKA
• Alten Group
• Capgemini Engineering
• Entelect
• HCL Technologies Limited
• Infosys Limited
• Jacobs Engineering
• Tata Consultancy Services Limited
• Tata Elxsi
• Tech Mahindra Limited
• Wipro Limited
• WSP Global

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Market Drivers and Opportunities

Expanding Development of Infrastructure

The expanding infrastructure development is propelling the engineering services industry. As cities and economies grow, so does the demand for new infrastructure, such as transportation networks, energy facilities, and smart cities. Engineering services are required for planning, developing, and executing these large-scale projects, ensuring that they are safe, efficient, and compatible with regulations. Hence, the need for engineering services is increasing. As a result, the value of the engineering services market has increased.

Developments in Technology for Engineering Services

The market for engineering services is expanding significantly due to technological developments. New technologies that are improving productivity and accuracy in design, modeling, and analysis processes include automation, artificial intelligence (AI), the Internet of Things (IoT), and machine learning. Furthermore, technologies like digital twins, augmented reality (AR), and virtual reality (VR) are changing the way projects are planned and carried out in order to provide more accurate and engaging engineering solutions. The expansion of the engineering services market is being fueled by the growing usage of these technologies across industries.

Regional Overview
The report provides market insights for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Asia Pacific led the engineering services market in 2024 due to a number of factors that fueled its significant expansion and sway. The Asia Pacific engineering services market is growing as a result of the region's rapid economic expansion, which has led to significant expenditures in infrastructure development across industries including energy, telecommunications, urban planning, and transportation. This has increased demand for engineering services for planning, consulting, and technology.

The engineering services market is expanding at the quickest CAGR in North America. The region's effort to modernize its infrastructure, technological advancements, and a growing emphasis on sustainability are some of the causes driving this expansion. The industry is expanding as a result of initiatives pertaining to sustainable urban planning, renewable energy, and green buildings. The region's growth trajectory is also being aided by North America's strong industrial foundation and the existence of public-private partnerships.

Recent Developments in Engineering Services Market

In July 2024, Capgemini expanded its automotive systems engineering skills in Germany by acquiring Lösch & Partner, a Munich-based company known for its proficiency in systems engineering and application lifecycle management for the automobile industry. This calculated action enhances Capgemini's standing as a leader in intelligent industry solutions for multinational automakers.

In June 2024, Tata Consultancy Capabilities (TCS) introduced AI Wisdom NextTM. This platform integrates various Generative AI (GenAI) services. It seeks to simplify the development of business solutions, guarantee regulatory compliance, and hasten the widespread deployment of AI. TCS has already effectively deployed this platform in sectors including banking, insurance, and outdoor advertising, improving customer experiences and operational effectiveness with cutting-edge AI applications.

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Engineering Services Market Segmentation

By Engineering Services Type Outlook

• Design and Development

• Consulting
• Construction and Project Management
• Maintenance and Support
• Specialized Engineering Services
• Technology Integration

By Engineering Discipline Outlook

• Civil

• Mechanical
• Electrical
• Piping and Structural

By Application Outlook

• Infrastructure Development
• Industrial Projects
• Technology Implementation
• Environmental Projects
• Others

By End Use Outlook

• Construction
• Manufacturing
• Energy and Utilities
• Transportation
• Healthcare
• Telecommunications
• Others

By Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

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