Engineering Services Market Size Projected To Reach $1323.57 Billion By 2034 With A Cagr Of 3.5%

The Engineering Services Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Engineering Services Market?
In recent times, the size of the engineering services market has experienced consistent expansion. The market value is forecasted to expand from $1113.21 billion in 2024, increasing to $1151.36 billion in 2025 with a compound annual growth rate (CAGR) of 3.4%. The historic growth of the sector has been driven by factors such as the rising demand for industrial robots, heightened industrial automation, and the application of industry 4.0.

The market size for engineering services is projected to experience consistent growth in the forthcoming years, reaching $1323.57 billion in 2029 with a compound annual growth rate (CAGR) of 3.5%. Aspects contributing to this growth during the forecast period are the amplifying digitalization, heightened demand for IoT (internet of things) in smart manufacturing, increasing importance of robots in the construction sector, governmental support in the aviation sector, continuous progression of smart cities, and the quick embracement of advanced technologies. Expectations for the forecast period entail a concentration on partnerships and collaborations, the implementation of artificial intelligence, the utilization of blockchain technology, investments geared towards the growth of smart cities, expenditures in low-code development, emphasis on creating eco-friendly building services, and adoption of the Industry 4.0 concept.

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What Are the Different Engineering Services Market Segments?
The engineering services market covered in this report is segmented -

1) By Type: Civil Engineering Services, Electrical Engineering Services, Mechanical Engineering Services, Others Engineering Services
3) By Engineering Disciplines: Civil, Mechanical, Electrical, Piping and Structural Engineering, Other Engineering Disciplines
2) By End-User: Transportation Infrastructure, Other Infrastructure, Automotive, Industrial Manufacturing, Healthcare Sector, Aerospace, Telecommunications, Information Technology, Oil And Gas, Energy And Utilities, Other End-Users

Subsegments:
1) By Civil Engineering Services: Structural Engineering, Geotechnical Engineering, Transportation Engineering, Environmental Engineering, Construction Management
2) By Electrical Engineering Services: Power Systems Engineering, Telecommunications Engineering, Control Systems Engineering, Electronics Design Engineering, Lighting Design
3) By Mechanical Engineering Services: Product Design and Development, HVAC (Heating, Ventilation, and Air Conditioning) Engineering, Robotics and Automation, Thermal Engineering, Manufacturing Engineering
4) By Other Engineering Services: Chemical Engineering Services, Aerospace Engineering Services, Software Engineering Services, Industrial Engineering Services, Marine Engineering Services

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What Are the Primary Drivers Shaping the Engineering Services Market?
The expansion of the engineering services market is predicted to be bolstered by the increasing use of artificial intelligence. These services encompass any creative work or service necessitating engineering training, education, and experience, alongside a special understanding of mathematical, physical, and engineering sciences. The integration of artificial intelligence could boost the productivity, profitability, and efficiency of engineering services while also generating new jobs and opportunities. As indicated by the AI Index Report 2023 from Stanford University, a private research institution based in the US, the rate of companies incorporating AI in 2022 has more than doubled over the last six years, although progress has leveled off recently, fluctuating between 50% and 60%. Consequently, the engineering services market is being led forward by the growing embrace of artificial intelligence.

Which Companies Are Leading in the Engineering Services Market?
Major companies operating in the engineering services market include AECOM, WorleyParsons Limited, Babcock International, Fluor Corporation, Bechtel Corporation, Kiewit Corporation, WSP Global Inc, John Wood Group PLC, NV5 Global Inc, Arup Group, DNV, SGS S.A, ICS Engineering Services, Engineers India Limited, Laserbond, Cyient, Wipro, Samsung Engineering, Porsche Engineering (Shanghai) Co Ltd, Hyundai Engineering (HEC), UGL, Cybage Software Pvt. Ltd, China Overseas Engineering Group, China Engineering Consultants, Inc. (CECI), China International Engineering Consulting Corporation, SMEC, ALTEN Group, JLL engineering services, Dyson UK, Stork, SNC Lavalin, J. Murphy & Sons Limited, Arcadis, Alstom, Areva, Artelia, llc aecon, 10Clouds, Techno Engineering & Associates, GT Ground Engineering & Construction Services, International Business Machines Corporation, Capgemini, AKTIAS tech, Oracle, Deaton Engineering, Inc, Aricent Group, EPAM Systems, Inc, GlobalLogic, Jensen Hughes, Henderson Engineers, Thermal Specialties, MCW Group of Companies, McElhanney, Quasar Consulting Group, accenture* SRL, Globant, Cognizant Technology Solutions Corporation, Saudi Engineering Group International (SEGI), HRS Engineering Ltd, Oiltek Engineering Co. Ltd, Mugesan Engineering & Marine Specialist Co. Inc, Al Mostaqbal Consulting Engineering, Aroma International Building Contracting LLC, Al Baha Engineering Consultants, Smartcities Building Contracting LLC, Thelo DB, Dorman Long Engineering Limited, Decagon, Advanced Engineering Consultants (ACE), CDR Engineering Consultancy Nigeria Limited, ILF Engineers Nigeria Limited, Africa Engineering Consulting Services (AECS), Ingplan Consulting Engineers



What Are the Major Trends Shaping the Engineering Services Market?
Leading organizations in the engineering services sector, such as RICOH, are formulating progressive products like Remote Patient Monitoring (RPM) Enablement to alleviate the current strain on healthcare staffing caused by an unparalleled industry burnout crisis. RPM Enablement from RICOH is a wholly managed service offered to health systems, aimed at enhancing the efficiency and sustainability of remote patient monitoring workflows, ultimately contributing to a better experience for both patients and care delivery teams. In October 2023, Ricoh USA Inc., a software company based in the US, introduced RPM Enablement, which is a comprehensive managed service intended for healthcare providers. This service, which integrates seamlessly into existing virtual care programs, assists the distribution of remote patient monitoring devices, inventory tracking, logistics, and device returns. The launch of this service coincides with a significant challenge faced by healthcare systems, characterized by a drastic shift to virtual care delivery and an unanticipated dearth of healthcare workers.

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What Are the Top Revenue-Generating Geographies in the Engineering Services Market?
North America was the largest region in the engineering services market in 2024. Western Europe was the second largest region in the global engineering services market share. The regions covered in the engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Engineering Services Market?
2. What is the CAGR expected in the Engineering Services Market?
3. What Are the Key Innovations Transforming the Engineering Services Industry?
4. Which Region Is Leading the Engineering Services Market?

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