Engineering Services Market Size, Growth Trends & Forecast 2032
- Pallavi Garudkar
- 1 day ago
- 2 min read
According to Fortune Business Insights the global engineering services market size was valued at USD 2.15 trillion in 2024. The market is projected to grow from USD 2.34 trillion in 2025 to USD 4.65 trillion by 2032, exhibiting a CAGR of 10.29% during the forecast period. The global engineering services market is large and rapidly evolving, offering a wide range of solutions including software product engineering, embedded engineering, mechanical, network, and manufacturing engineering. Its steady growth is driven by ongoing technological advancements and increasing demand from key industries such as automotive, aerospace, manufacturing, BFSI, retail, IT, and healthcare.
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Segmentation Analysis:
By Service Type
Software Product Engineering
Embedded Engineering
Mechanical Engineering
Network Engineering
Manufacturing Engineering
By Vendor Category
Broad-based Vendors: Expected to hold around 68% share in 2025 due to full-suite service capabilities.
Pure-play Vendors: Focused specialists projected to grow at ~9% CAGR during the forecast period.
By Industry Vertical
Automotive & Mobility
IT & Telecom (largest segment)
Manufacturing & Mining
Aerospace & Defense
Healthcare & Life Sciences
BFSI
Retail & Consumer Goods
Key Drivers & Trends:
Rising digital transformation and adoption of software-driven engineering.
Growing demand for automation, Industry 4.0, and smart manufacturing solutions.
Increased outsourcing across sectors to reduce costs and accelerate development.
Expanding applications in automotive, aerospace, telecom, healthcare, and electronics.
Demand for advanced engineering expertise for EVs, IoT products, and smart infrastructure.
Market Outlook:
The market is expected to more than double by 2032, reaching USD 4.65 trillion.
Software and embedded engineering will experience the fastest growth due to increased digital product development.
Asia Pacific will continue to lead, driven by cost-efficient engineering capability expansion.
Strong demand expected from automotive (EVs), aerospace, healthcare, telecom, and industrial sectors.
Outsourcing, global delivery models, and vendor consolidation will shape future competition.
Key Players:
Capgemini
Accenture
Tata Consultancy Services (TCS)
HCL Technologies
Cognizant
Wipro
Tech Mahindra
GlobalLogic
Key Industry Development:
December 2024: Tata Consultancy Services extended its partnership with Telenor Denmark to continue providing strategic insights and advanced technology support.
November 2024: C3 AI and Capgemini expanded their collaboration to accelerate Enterprise AI solution delivery, helping clients boost productivity and reduce operational costs.
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