US & Canada, Sept. 19, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global engineering professional services market is observing significant growth owing to surge in demand for civil engineering services owing to rapid urbanization and rapid advancement of industrial IoT.
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the engineering professional services market comprises a vast array of type, service type, sector, vertical and geography which are expected to register strength during the coming years.
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Overview of Report Findings:
1. Market Growth: The engineering professional services market was valued at US$ 2275.00 billion in 2023 and is projected to reach US$ 4151.53 billion by 2031; it is expected to register a CAGR of 7.8% during 2023–2031.
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2. By geography, the engineering professional services market is segmented into the Americas, Europe, and Asia Pacific and Middle East & Africa (APMEA). The Americas dominated the engineering professional services market in 2023. The engineering professional services market in the Americas (particularly in the US) is substantial and dynamic, with significant market size and growth potential. The presence of multinational engineering firms in the local market has supported the local engineering services in the Americas, contributing to the growth and demand for more engineers at a global level and boosting the demand for engineering professional services.
3. Europe is the second-largest contributor to the global engineering professional services market, followed by APMEA. The engineering professional services market in APMEA encompasses various verticals, including advanced manufacturing, energy and utilities, infrastructure, and environmental. APMEA is witnessing significant advancements in advanced manufacturing, driven by technological innovations and the adoption of Industry 4.0 principles. This has led to a growing demand for engineering professional services to support the development and implementation of advanced manufacturing processes and technologies.
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Market Segmentation:
- Based on type, the market is bifurcated into consulting and non-consulting. The consulting segment held a larger share of the engineering professional services market in 2023.
- Based on service type, the market is segmented into designing and construction, ESG, program management, and others. The designing and construction segment held a larger share of the engineering professional services market in 2023.
- Based on sector, the market is bifurcated into private and public. The private segment held a larger share of the engineering professional services market in 2023.
- Based on vertical, the market is segmented into advanced manufacturing, infrastructure, energy and utilities, environmental, transportation, and others. The transportation segment held a larger share of the engineering professional services market in 2023.
- The engineering professional services market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
- Key Players: A few major companies operating in the engineering professional services market include Accenture PLC, Capgemini SE, Larsen & Toubro Technology Services, Tata Consultancy Services, and Wipro Ltd.
- Trending Topics: Engineering Software, Engineering Design Development Software, Engineering Information Management [EIM] Solution, and 3D Engineering Animation.
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Global Headlines on Engineering Professional Services Market:
- "Tata Consultancy Services Ltd's subsidiary, Tata Consulting Engineers Limited, revealed its cooperation in the Shri Ram Janmbhoomi Teerth Kshetra Project. The company provides design review, engineering, and project management consultants for the entire project.”
- “Sweco AB led a consortium to develop a new large-scale hospital complex in south Luxembourg. This hospital is expected to be fully operational by 2033, and the company will be responsible for managing the entire spectrum of design phases in the project.”
Conclusion:
Rapid technological advancements, increasing infrastructure development, and the growing demand for sustainable and innovative solutions across various industries present significant opportunities for engineering professional services. Additionally, the global emphasis on smart cities, digital transformation, and renewable energy initiatives expands the market potential. Moreover, the rising complexity of engineering projects, coupled with the need for specialized expertise, creates a demand for tailored engineering solutions, thereby opening avenues for market growth.
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The report from The Insight Partners, therefore, provides several stakeholders—including service providers and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
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