Engineering services provide a broad range of technical services, including mechanical, electrical, mechatronics, software, information technology (IT), business process management, and more. This is essential for the development of product concepts; product and industrial design; automation of plants; mechanical, electrical, and embedded system designs; maintenance of products and plants; asset management; product lifecycle-related services; detailed engineering; testing; and prototyping. In many organizations, engineering services are usually key activities among all engineering companies, startups, and IT providers.
ARC groups engineering services into four major categories: product engineering, process engineering, automation-related services, and asset management-related services.
IoT and Digital Transformation Will Drive Engineering Services Market
Engineering services refer to the development of an altogether new product, process, or service. These services include design elements of the product or service itself, infrastructure, and equipment and processes involved in manufacturing them, maintaining them, or delivering them.
In recent years, global service providers have been considered for more strategic roles like co-innovation and joint development projects, which are based on a risk-sharing model.
Due to the maturity of services, especially the Internet of Things (IoT) services, the service industry is poised for transformation. Many suppliers have built specific capabilities around IoT and digital transformation, which are being received well by the end user community. The major growth drivers include new technology trends such as IoT, digital twins, cloud-enabled platforms, analytics, connected enterprises, simulation and advanced modeling, artificial intelligence, robotics, AR/VR and 3D printing, and smart products and services.
Engineering Services Strategic Issues
In addition to providing a five-year market forecast, the Engineering Services Market Research provides current detailed quantitative market data and addresses key strategic issues as follows.
Strategic Issue for Users: Challenges of Working with Engineering Service Providers
On the flip side, there are challenges to working with a Global Service Provider. Project management often becomes more intensive to account for the geographically distributed resources being applied. Project budget overruns are biggest causes of customer concern. Customers sometimes feel like they are losing control over their engineering infrastructure and IP. The engineering services market is very sensitive to IP, requiring superior IP management skills and processes.
Strategic Issue for Suppliers: Value-based Offerings at Every Stage of Lifecycle
The changing macroeconomic dynamics have put pressure on companies. Owing to this pressure, end users are looking for technologies that can enable faster go-to-market, enable shorten product development time, and imbibe next-generation features, such as product localization, miniaturization, and sustainability (energy efficiency) at every stage of the lifecycle of a product.
Strategic Issue for All Market Participants: Economic Decline Due to COVID-19
The COVID-19 pandemic has caused disruptions to global supply chains and business operations. While the pandemic did not impact the 2019 demand for engineering services, the market projections reflect ARC’s best estimates for how the pandemic will impact the engineering services market over the forecast period of the research.
Engineering Services Market Study Formats and Editions Available
This market study may be purchased as an Excel Workbook and/or as a PDF File. The Workbook has some unique features such as the ability to view data in local currency. Regional studies include country and industry market data. Country studies include market trends and industry data. Studies and formats available are listed below:
|MIRA Workbook||PDF File|
|Worldwide (includes regional data)||Yes||Yes|
|North America (includes country data)||Yes||No|
|Latin America (includes country data)||Yes||No|
|Europe, Middle East, Africa (includes country data)||Yes||No|
|Asia (includes country data)||Yes||No|
|Country Profiles (includes country data)||No||Yes|
Table of contents for these studies is shown in the following paragraphs.
Worldwide Research Focus Areas
Regional Research Focus Areas
- Leading Suppliers in Region
- Industry Shares in Region
- Country Shares in Region
- Leading Suppliers by Industry
Market History & Forecast Analysis
- Market History & Forecast by Country
- Market History & Forecast by Industry
List of countries & currencies included in each region:MIRA-Country.pdf
Country Research Focus Areas
For More Information
For more information or to purchase the Engineering Services by Indian Global Service Providers market study, please contact us.