The global engineering services market was valued at almost USD 840 billion in 2016 and is expected to surpass USD 1007 billion by 2021
Procurement market intelligence analysts have announced its latest market research report on engineering services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the engineering services market during the forecast period. Some of the top vendors listed in this industry analysis include Bechtel, Fluor, AECOM, CH2M HILL, and KBR.
In terms of geographical analysis, the Americas was the largest shareholder in the global engineering services market during 2016 with a market share of around 48%.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The global market for engineering services is currently experiencing a surge in sourcing from low-cost countries. Low-cost country sourcing is the process by which organizations source materials/services from countries with low labor costs to reduce their operating expenses. This approach helps suppliers enhance their competitiveness.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Convergence of technical and non-technical verticals
Organizations from non-technical sectors such as banking, automotive, healthcare, and transportation are increasingly utilizing technical tools such as analytics, cloud, and e-commerce to gain insights and expand the purview of their businesses. The adoption of such tools is leading to the adoption of digital platforms and related engineering services across various sectors and industries.
Increased need for engineering services across industries
Smart factories, power grids, energy efficient building and cities, connected healthcare, and transportation and telecom industries are increasingly dependent on engineering services pertaining to their domain owing to complex manufacturing and operational requirements. For instance, firms such as Apple, Nike, IBM, and Cisco Systems outsource manufacturing services to domain specialist.
Increasing access to international talent pool
International players in the market space are increasingly setting up operational bases in untapped markets, which is enabling buyers to access the international talent pool. As the engineering services industry is highly dependent on technical knowledge and expertise, access to the extensive knowledge base of this talent pool is advantageous to buyers.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Engineering Services – Procurement Market Intelligence 2017’.
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