Engineering services refer to the development of an altogether new product, process, or service. These services include design elements of the product or service itself, infrastructure, and equipment and processes involved in manufacturing them, maintaining them, or delivering them.
ARC groups engineering services into four major categories: product engineering, process engineering, automation-related services, and asset management-related services.
In recent years, global service providers have been considered for more strategic roles like co-innovation and joint development projects, which are based on a risk-sharing model.
Due to the maturity of services, especially the Internet of Things (IoT) services, the service industry is poised for transformation. Many suppliers have built specific capabilities around IoT and digital transformation, which are being received well by the end user community.
The engineering services market witnessed strong growth in 2018 with a majority of suppliers reporting an increase in their sales. ARC believes that the engineering services market will continue to grow at a good pace during the forecast period. The major growth drivers include new technology trends such as IoT, digital twins, cloud-enabled platforms, analytics, connected enterprises, simulation and advanced modeling, artificial intelligence, robotics, AR/VR and 3D printing, and smart products and services.
The Engineering Services by Indian Global Service Providers market research study delivers current market analysis plus a five year market and technology forecast. The study is available in multiple editions including worldwide, all regions, and most major countries.
About ARC Advisory Group (www.arcweb.com): Founded in 1986, ARC Advisory Group is a Boston based leading technology research and advisory firm for industry and infrastructure.
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About the Author:
Rajkumar’s expertise is in automation technologies, including sensors (photoelectric, proximity, vibration, force), collaborative robots, AGVs, industrial UPS, soft starters, AC drives, PLCs, operator panels, EMS, GIS, and engineering services. He also has experience with conducting, analyzing, and interpreting customer, competitor, and market intelligence across the marketing spectrum on customer segmentations and product categories.