Market analysts predict that global spend on engineering services market would increase from USD 930 billion in 2012 to more than USD 1.4 trillion by 2020. This amounts to almost about 50% growth in less than a decade. The engineering services include the design services for building and infrastructure projects, industrial equipment, environmental projects, and construction management of projects, asset management and operation of industrial processes. These services also sustain end-users activities like the funding of the projects, asset management, feasibility studies, process management, procurement of contractors and suppliers, project design and management, and quality management assessment and accreditation. Of the engineering services market size, the biggest vertical is the automotive sector that accounts for more than a quarter of the global spend.
There has been a notable shift in the spending from the mature markets to the emerging ones. Currently, United States, Europe and Japan account for more than 85% of the total spend but are predicted to see a share drop by 5% wherein emerging markets of Asia are expected to gain the most.
Currently the customers are seeking markets that address their requirements of cost reduction, faster deployment market responsiveness, which caters to the changing market preferences, and has a vast talent pool. Until now, India had been dominant in the offshoring market but her importance has been gradually decreasing with China, and other markets of Brazil, Mexico, Hungary, Czech Republic, Turkey, Ireland, Philippines, Malaysia, and South Africa rapidly growing as the prospective engineering services market.
For further insights,
Visit: Global Engineering Services Market 2014-2018
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