Global engineering services market outlook
The world wide engineering services market size is expected to grow from US$ 830 billion in 2020 to US$ 938 billion in 2021 with an annual growth rate of 12.9%.
This observed growth is mostly due to the companies which are recovering from the COVID-19 impact and it is expected to reach $1167.21 billion at a CAGR of 5.6% over the five years. In 2025 the Engineering Services industry is expected to experience steady demand because of the rising levels of private investment in large-scale projects and recovery in oil and natural gas prices, which will likely increase demand from industrial customers. Moreover, as consumer spending increases, the industry operators must exhibit an uptick for the demand of manufacturing and industrial customers as they tend to expand to meet growing production needs.
In the last 3 years, the global engineering services industry has increased with an annual rate of 0.5%. Also, the Asia Pacific and the Middle Eastern regions are expected to be the fastest growing in the engineering services, design, animation, and graphic designing industries.
Developing countries such as India and China also have started attracting foreign investments for improving their infrastructure caused due to the increase in internet penetration, population, and economic activity.
