Key Takeaways

• The market size for the global engineering service industry was estimated at $830.48 billion in 2020.
• The market is forecasted to reach $1,167.21 billion by 2025, with a CAGR of 5.6%.
• Tata Consulting Services, Capgemini, and Infosys are among the top players in the engineering service industry. They boast of a market share of 2.71%, 2.61%, and 1.66%, respectively.

Introduction

Global Engineering Service Industry — Market Size

• According to PRNewswire and The Business Research Company, the global engineering service industry was estimated at $830.48 billion in 2020.
• The market was projected to reach $938 billion in 2021, with a CAGR of 12.9%.
• Furthermore, the market is forecasted to reach $1,167.21 billion by 2025, with a CAGR of 5.6%.
• However, IBIS World estimates the market at $1.4 trillion for 2021, growing with an annual growth rate of 1.8%.
• The International Monetary Fund (IMF) believes that the market will experience a 3.7% growth in GDP over 2019 and 2020. Also, 3.6% growth from 2021 to 2023.

Growth Drivers and Restraints

• The impact of the Covid-19 pandemic restricted growth in the industry. Different factors such as remote working, social distancing, and restriction of commercial activities impacted the sector negatively.
• Other restricting factors include inadequate quality control measures and safety concerns; this translates to delays in the execution of projects and an increment in cost.
• However, restructuring of operations and activities in the market is the primary driver of growth for the global engineering service industry.
• Additionally, steady economic growth in developed and developing countries can benefit the sector positively.

Major Players

• Key players in the global engineering service industry include:
•  Tata Consulting Services (TCS).
•  Infosys.
•  WorleyParsons.
•  Deaton Engineering, Inc.
•  Aricent Group.
•  AECOM.
•  AKKA Technologies SE.
•  Altran Technologies.

Top Players in the Global Engineering Service Industry

Tata Consulting Services

• The link to the company's website is provided herein.
• Revenue: 1,67,311 crore rupees. (1 crore is equivalent to 10,000,000). 1,67,311 crore = 167311 * 10,000,000 = 1,673,110,000,000 rupees. This equivalent value in USD is $22,539,582,721.
• Market share: 2.71%. [(Revenue/market size) * 100] = [($22,539,582,721/$830,480,000,000) * 100] = [(0.02714) * 100] = 2.71%.

Capgemini

• The link to the company's website is provided herein.

• Revenue: 15,848 million euros. This is equivalent to $18,391,983,327.
• Market share: 2.21%. [(Revenue/market size) * 100] = [($18,391,983,327/$830,480,000,000) * 100] = [(0.022146) * 100] = 2.21%

Infosys

• The link to the company's website is provided herein.

• Revenue: 102,673 crore rupees. (1 crore is equivalent to 10,000,000). 102,673 crore rupees = 102,673 * 10,000,000 = 1,026,730,000,000 rupees. This is equivalent to $13,828,804,419.
• Market share: 1.665%. [(Revenue/market size) * 100] = [($13,828,804,419/$830,480,000,000) * 100] = [(0.016651) * 100] = 1.665%.

WorleyParsons

• The link to the company's website is provided herein.
• Revenue: $11,249 million.
• Market share: 1.35%. [(Revenue/market size) * 100] = [($11,249,000,000/$830,480,000,000) * 100] = [(0.013545) * 100] = 1.35%

HCL Technologies

• The link to the company's website is provided herein.
• Revenue: $10.17 billion.
• Market share: 1.22%. [(Revenue/market size) * 100] = [($10,170,000,000/$830,480,000,000) * 100] = [(0.0122459) * 100] = 1.22%.

Research Strategy