Engineering services refer to the development of an altogether new product, process, or a 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 maturity of services, especially the Internet of Things (IoT) services, the service industry in India is poised for transformation. Many suppliers have built specific capabilities around IoT, which is being received well by the end user community.
The Engineering Services Market witnessed good growth in 2016 but slightly lesser than in 2015, with a majority of the 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, cloud-enabled platforms, analytics, connected enterprises, intelligent hardware, and emergence of systems of systems.
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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:
Vidya currently handles and works on enterprise and discrete industry projects. She has worked on projects related to the enterprise industry for a year and also has six years of research experience. Prior to joining ARC, Vidya was responsible for conducting research and analysis across a wide range of projects including market assessment and sizing, competitive analysis and benchmarking, industry/sector analysis, vendor/joint venture partner identification, and business process transformation.