Future of the Engineering Services Market: Trends, Innovations, and Key Forecasts Through 2034

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What Will the Engineering Services Industry Market Size Be by 2025?
The substantiality of the engineering services market has consistently amplified over the previous years. From $1113.21 billion in 2024, it's projected to scale up to $1151.36 billion in 2025, scoring a compound annual growth rate (CAGR) of 3.4%. This significant growth in the historic period is mainly credited to the amplified demand for industrial robots, a surge in industrial automation, and the application of industry 4.0.

What's the Long-Term Growth Forecast for the Engineering Services Market Size Through 2029?
The market size for engineering services is predicted to experience consistent expansion in the upcoming years, growing to $1323.57 billion by 2029 with a compound annual growth rate (CAGR) of 3.5%. Various factors contributing to this growth within the forecast period include the surge in digitalization, the increasing need for smart manufacturing through IoT (internet of things) solutions, the growing prevalence of robotics in the construction sector, state-led investment into the aviation sector, the continuous evolution of smart cities, and rapid implementation of cutting-edge technologies. Key trends that are expected to shape this growth period are the emphasis on partnerships and collaborations, the incorporation of artificial intelligence, the application of blockchain technology, further investment into smart city development, the interest in low-code development, prioritizing eco-friendly building services, and the utilization of Industry 4.0.

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What Are the Key Growth Drivers Fueling the Engineering Services Market Expansion?
The engineering services sector, which involves any creative task dependent on engineering education, training, and experience in the use of special mathematical, physical, and engineering science knowledge, is poised for growth with the rising acceptance of artificial intelligence. The integration of AI promises enhanced efficiency, productivity, and profitability in engineering services, as well as the formation of new job positions and opportunities. A striking example is provided by a 2023 AI Index Report from Stanford University, a renowned research institution in the USA. It discloses that the percentage of businesses that have incorporated AI in 2022 has more than doubled in the last six years, albeit having stabilized in recent years between 50% and 60%. Hence, the escalating uptake of artificial intelligence is fuelling the advancement of the engineering services market.

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What Are the Key Trends Driving Engineering Services Market Growth?
Leading corporations within the engineering services sector, such as RICOH, are creating unique offerings, like the Remote Patient Monitoring (RPM) Enablement, as a solution to heightened challenges in healthcare staffing due to a current major burnout crisis in the industry. The RICOH Remote Patient Monitoring (RPM) Enablement, a fully managed services offering for health system operations, is designed to foster more streamlined and long-lasting RPM operations that could potentially enhance both patient and care delivery team experiences. Ricoh USA Inc., a prominent software firm based in the US, launched this innovative service in October 2023. The service integrates seamlessly with current virtual care programs, assisting in the deployment of remote patient monitor devices, logistics, inventory tracking, and device returns. This launch comes as health systems struggle to deal with an enormous shift to virtual care provision alongside an extreme lack of healthcare professionals.

How Is the Engineering Services Market Segmented?
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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Which Companies Are Leading the Charge in Engineering Services Market Innovation?
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



Which Regions Are Leading the Global Engineering Services Market in Revenue?
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

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