Engineering Services Market - APAC & Middle East Regions are Expected to Grow Faster
LONDON, Oct. 18, 2019 /PRNewswire/ -- The Business Research Company (TBRC) in its new report, predicts Internet of Things will be the latest trend in the engineering services market.
The increasing popularity and adoption of the Internet of Things (IoT) across the globe is the latest trend in the global engineering services market. Internet of things (IoT) is a system of inter-related devices enabling transmission of data over a wide range of network. IoT enables continuous innovations in real-time data analytics, design and develop products and help businesses grow at a faster pace. Engineering service providers are increasingly using industrial IoT to improve and optimize their production process with better energy usage, resource allocation, and assets management. For instance, PureSoftware, an engineering service company, has successfully integrated IOT with their engineering services and built a steady IOT platform to improve accuracy and speed to retrieve data. In 2017, India had a 43% market share in the global IoT market followed by Western Europe and North America with 27% and 23% respectively. View Complete Report @ https://www.thebusinessresearchcompany.com/report/engineering-services-global-market-report .
Engineering services' companies apply physical laws and principles of engineering in the design, development, and utilization of machines, materials, instruments, structures, processes, and systems. Engineering services include technical applications of engineering in product designing, innovations and others in industries such as building construction, mining, power and energy, transportation, manufacturing and others. The global engineering services market was valued at about $1024 billion in 2018 and is expected to grow to $1515.66 billion at an annual growth rate of more than 10% through 2022.
Global Economic Growth Will Drive The Engineering Services Market
The engineering services market is expected to benefit from steady economic growth in developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. This trend will be mainly driven by the regions Asia and Africa. According to the report, Asia will represent 66% of the global middle-class population by 2030. For instance, the Indian IT-BPM industry grew by 7.7% in FY 2017, with software products and engineering services reaching US$ 25 billion. Going forward, the Asia Pacific and Middle Eastern regions are expected to be the fastest growing markets in the engineering services, design, animation and graphic designing industries. Developing countries such as India and China have started attracting foreign investments to improve their infrastructure. This was mainly due to increase in internet penetration, growth in population and increasing economic activity.
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Competitive Landscape Of The Engineering Services Market
Major players in the global engineering services market include Tata Consulting Services (TCS), Infosys, WorleyParsons, Deaton Engineering, Inc., and Aricent Group. Companies in this market have been investing in merger and acquisition activity to strengthen and expand their businesses. In 2018, Schneider Electric acquired Larsen & Toubro's electrical & automation (E&A) division for $1.9 billion. This acquisition would strengthen and innovate Schneider`s low voltage and industrial automation products business and create an efficient and enhanced Energy Management and Industrial Automation company. L&T Electrical & Automation offers electricity distribution and control solutions, services and products for various sectors such as industries, utilities, buildings, residences, marine and agriculture. L&T was established in 1946 and is headquartered in Mumbai, India.
Regulatory Landscape Of The Engineering Services Market
The Construction Design and Management Regulation also known as CDM Regulations/CDM 2015, came into force from 6th April, 2015. These are the regulations governing the engineering service providers with respect to construction projects of all sizes and types. This CDM regulation 2015 had replaced Construction (Design and Management) Regulation 2007, aiming to improve the overall health, safety and welfare of the workers and professionals involved in construction. This regulation specifies the general requirement, states safety norms and minimum welfare facilities required at the construction sites.
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View Similar Reports By The Business Research Company:
Architectural, Engineering Consultants And Related Services Global Market Report 2019 @ https://www.thebusinessresearchcompany.com/report/architectural-engineering-consultants-and-related-services-global-market-report .
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