Engineering Professional Services Market is expected to reach US$ 4,151.53 billion by 2031

Growing Infrastructure Developments to Fuel Engineering Professional Services Market Growth

According to our latest study on “Engineering Professional Services Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis — “by Type, Service Type, Sector, Vertical, and Geography,” the market was valued at US$ 2,275.00 billion in 2023 and is expected to reach US$ 4,151.53 billion by 2031; it is estimated to record a CAGR of 7.8% from 2023 to 2031.

The report includes growth prospects in light of current engineering professional services market trends and driving factors influencing market development. Rapid urbanization is majorly affecting the overall business of civil engineering services as it fuels the need for infrastructure development, real estate growth, and overall economic expansion. According to the World Bank, as of April 2023, approximately 56% of the global populace, totaling 4.4 billion individuals, resides in urban areas. Projections indicate that this trend will persist, leading to a more than twofold increase in the urban population by 2050, with nearly 7 out of 10 people expected to settle in cities. As over 80% of the world’s GDP is generated in urban centers, effective management of urbanization has the potential to foster sustainable growth by enhancing productivity and fostering innovation. Thus, the surge in demand for civil engineering services owing to rapid urbanization boosts the engineering professional services market growth.

Engineering Professional Services Market – by Region, 2023 and 2031

Source: The Insight Partners Analysis

The adoption of advanced technologies such as robotic process automation (RPA), AI, IoT, big data, 5G, and blockchain is rapidly increasing across the globe. The integration of AI and machine learning with engineering professional services holds significant potential for transforming operational procedures and client interactions. These advancements can automate internal processes, allowing employees to focus on high-value tasks, ultimately leading to reduced operational costs and increased profitability. Furthermore, the implementation of these technologies enables the efficient delivery of digital services and facilitates the transition to outcome-based business models. AI-driven analytics play a crucial role in guiding organizations toward profitable decision-making and enhancing the overall spectrum of offerings. The evolving technological landscape has also reshaped the relationship between professional service providers and their clientele, empowering customers with a deeper understanding of their markets. As a result, clients expect accelerated service delivery, competitive pricing, and insights that surpass conventional standards. Thus, the adoption of advanced technologies is poised to redefine the engineering professional services market, empowering providers with innovative tools and methodologies in order to boost efficiency, sustainability, and excellence in their projects. The engineering professional services market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases.

Based on geography, the engineering professional services market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is segmented into the US, Canada, and Mexico. The US accounts for the largest engineering professional services market share in 2023. Rising industrial automation, deployment of engineering services to reduce overhead costs, and delegation of ancillary tasks enabling companies to focus on core competencies are driving the engineering professional services market in the US. Engineering professional services play a vital role in advanced manufacturing by providing expertise in product development, design, testing, and manufacturing engineering. The engineering professional services market in the US not only supports traditional engineering disciplines but also plays a crucial role in driving innovation and technological advancement in manufacturing. Further, companies operating in the US are undertaking several strategic initiatives, such as mergers and acquisitions, to provide better consulting services related to engineering professional services. For instance, in November 2023, Accenture completed the acquisition of Ocelot Consulting. The acquisition of Ocelot Consulting broadens Accenture’s capabilities in Amazon Web Services (AWS) engineering in the Midwest of the country. It will also enable the company to assist clients in North America in expediting cloud transformation, which encompasses establishing the cloud as the foundational data infrastructure of the enterprise and the driving force behind AI-powered business operations. Thus, all these factors boost the adoption of engineering professional services in the US.

Engineering Professional Services Market Report Segmentation and Scope:

The “engineering professional services market analysis” has been carried out by considering the following segments: type, service type, sector, vertical, advanced manufacturing, infrastructure, energy & utilities, transportation, water and geography. By sector, the market is divided into public and private. The private segment held a larger engineering professional services market share in 2023. The private sector of the engineering professional services market contributes significantly to innovation, economic growth, and infrastructure development. This group includes private enterprises and organizations that need engineering knowledge to support their operations and achieve their commercial goals. The private sector is critical to infrastructure development, which includes the construction of buildings, transportation systems, energy facilities, and communications networks. Private corporations use engineering professionals to design, plan, and carry out these projects, ensuring that they are efficient, sustainable, and satisfy the needs of a growing population. The private sector segment is growing with a surge in investment in essential infrastructure projects.

Accenture plc, Capgemini SE, COWI AS, Db Engineering & Consulting GmbH, Deloitte Touche Tohmatsu Limited, L&T Technology Services, McKinsey and Company, Sweco Group, Tata Consulting Services, and Wipro Ltd are among the prominent players profiled in the engineering professional services market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Engineering Professional Services Market Recent Developments: 

Companies operating in the engineering professional services market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per the company press releases, below are a few recent key developments:

• In 2024, Capgemini SE collaborated with Euroclear to launch digital financial market infrastructure (D-FMI). Capgemini SE acted as the lead system integrator on the D-FMI program, providing a comprehensive range of services, including consulting, design, implementation, and testing. Capgemini SE is also involved in the overall integration and orchestration of the new D-FMI platform within Euroclear’s existing systems and infrastructure.
• In 2024, Capgemini SE partnered with Mistral AI to support their customers in the implementation of cost-effective generative AI at scale. This new partnership helps Capgemini’s clients with benefit data and AI, breadth of generative AI services, and deep industry expertise.

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