Engineering Research and Development Services Market to record USD 513.86 Bn growth; North America to have the largest market share -- Technavio

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Oct 06, 2022, 21:30 ET

NEW YORK, Oct. 6, 2022 /PRNewswire/ -- The "Engineering Research and Development Services Market by End-user and Geography - Forecast and Analysis 202 2-2026" report has been added to Technavio's offering. The report expects the market size to grow by USD 513.86 billion and accelerate at a CAGR of 12.75% during the forecast period. According to the report, the market will observe substantial growth in North America. The high demand for short product lifecycles and technological innovations in industries are creating significant growth opportunities for vendors operating in the region.

Technavio has announced its latest market research report titled Global Engineering Research and Development Services Market 2022-2026

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The global engineering research and development services market is fragmented due to the presence of several local, regional, and global vendors, which offer a gamut of undifferentiated services. The competition consists of large MNCs, off-shore service providers, captive vendors, regional vendors, and the in-house R&D departments of organizations. Large vendors cater to a diversified portfolio of industries, and small vendors concentrate on niche markets. The low barriers to entry encourage several SMEs and startups to enter the market by offering niche services, which will intensify competition and force the established vendors to focus on product development and innovation.

The need for technological innovation has been instrumental in driving the growth of the market. However, the lack of quality control might hamper the market growth. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The report identifies ABB Ltd., Accenture Plc, AECOM, ALTEN Group, Cognizant Technology Solutions Corp., Happiest Minds Technologies Ltd., HCL Technologies Ltd., iNCAETEK Solutions Pvt. Ltd., Infosys Ltd., Magnasoft Consulting India Pvt. Ltd., QuEST Global Services Pte. Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Virtusa Corp., Wipro Ltd., Capgemini Service SAS, and Tata Sons Pvt. Ltd. as major market participants. Request Sample Report Here

Engineering Research and Development Services Market 2022-2026: Segmentation

The global engineering research and development services market is segmented as below:

End-user

IT and Telecom
Automotive
Semiconductor
Aerospace
Others

The IT and telecom industry is the prime end-user in the market. The growing demand for the deployment of secure software solutions that can accommodate modern heterogeneous IT infrastructure is driving the growth of the segment. The market growth in the segment will be significant over the forecast period.

Geography

North America
APAC
Europe
South America
The Middle East and Africa

42% of the market growth will come from North America. Favorable macroeconomic conditions and the rising adoption of RPA are expected to drive the growth of the engineering research and development services market in North America during the forecast period. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The engineering research and development services market report covers the following areas:

Engineering Research and Development Services Market 2022-2026: Key Highlights

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will assist engineering research and development services market growth during the next five years
Estimation of the engineering research and development services market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the engineering research and development services market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of engineering research and development services market vendors

Related Reports:

Engineering Research and Development Services Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 12.75%
Market growth 2022-2026	USD 513.86 billion
Market structure	Fragmented
YoY growth (%)	11.67
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 42%
Key consumer countries	US, India, China, Germany, and UK
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	ABB Ltd., Accenture Plc, AECOM, ALTEN Group, Cognizant Technology Solutions Corp., Happiest Minds Technologies Ltd., HCL Technologies Ltd., iNCAETEK Solutions Pvt. Ltd., Infosys Ltd., Magnasoft Consulting India Pvt. Ltd., QuEST Global Services Pte. Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., Virtusa Corp., Wipro Ltd., Capgemini Service SAS, and Tata Sons Pvt. Ltd.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

5.1 Market segments

Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

5.2 Comparison by End-user

Exhibit 26: Chart on Comparison by End-user
Exhibit 27: Data Table on Comparison by End-user

5.3 IT and telecom - Market size and forecast 2021-2026

Exhibit 28: Chart on IT and telecom - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on IT and telecom - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on IT and telecom - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on IT and telecom - Year-over-year growth 2021-2026 (%)

5.4 Automotive - Market size and forecast 2021-2026

Exhibit 32: Chart on Automotive - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on Automotive - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on Automotive - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Automotive - Year-over-year growth 2021-2026 (%)

5.5 Semiconductor - Market size and forecast 2021-2026

Exhibit 36: Chart on Semiconductor - Market size and forecast 2021-2026 ($ billion)
Exhibit 37: Data Table on Semiconductor - Market size and forecast 2021-2026 ($ billion)
Exhibit 38: Chart on Semiconductor - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Semiconductor - Year-over-year growth 2021-2026 (%)

5.6 Aerospace - Market size and forecast 2021-2026

Exhibit 40: Chart on Aerospace - Market size and forecast 2021-2026 ($ billion)
Exhibit 41: Data Table on Aerospace - Market size and forecast 2021-2026 ($ billion)
Exhibit 42: Chart on Aerospace - Year-over-year growth 2021-2026 (%)
Exhibit 43: Data Table on Aerospace - Year-over-year growth 2021-2026 (%)

5.7 Others - Market size and forecast 2021-2026

Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ billion)
Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)

5.8 Market opportunity by End-user

Exhibit 48: Market opportunity by End-user ($ billion)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 50: Chart on Market share by geography 2021-2026 (%)
Exhibit 51: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 52: Chart on Geographic comparison
Exhibit 53: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 APAC - Market size and forecast 2021-2026

Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.5 Europe - Market size and forecast 2021-2026

Exhibit 62: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026

Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 70: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 India - Market size and forecast 2021-2026

Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)

7.10 China - Market size and forecast 2021-2026

Exhibit 82: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 83: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 84: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on China - Year-over-year growth 2021-2026 (%)

7.11 Germany - Market size and forecast 2021-2026

Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.12 UK - Market size and forecast 2021-2026

Exhibit 90: Chart on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 91: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
Exhibit 92: Chart on UK - Year-over-year growth 2021-2026 (%)
Exhibit 93: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 94: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 95: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 97: Overview on factors of disruption

9.4 Industry risks

Exhibit 98: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 99: Vendors covered

10.2 Market positioning of vendors

Exhibit 100: Matrix on vendor position and classification

10.3 Accenture Plc

Exhibit 101: Accenture Plc - Overview
Exhibit 102: Accenture Plc - Business segments
Exhibit 103: Accenture Plc - Key news
Exhibit 104: Accenture Plc - Key offerings
Exhibit 105: Accenture Plc - Segment focus

10.4 ALTEN Group

Exhibit 106: ALTEN Group - Overview
Exhibit 107: ALTEN Group - Product / Service
Exhibit 108: ALTEN Group - Key news
Exhibit 109: ALTEN Group - Key offerings

10.5 Capgemini Service SAS

Exhibit 110: Capgemini Service SAS - Overview
Exhibit 111: Capgemini Service SAS - Business segments
Exhibit 112: Capgemini Service SAS - Key news
Exhibit 113: Capgemini Service SAS - Key offerings
Exhibit 114: Capgemini Service SAS - Segment focus

10.6 Cognizant Technology Solutions Corp.

Exhibit 115: Cognizant Technology Solutions Corp. - Overview
Exhibit 116: Cognizant Technology Solutions Corp. - Business segments
Exhibit 117: Cognizant Technology Solutions Corp. - Key news
Exhibit 118: Cognizant Technology Solutions Corp. - Key offerings
Exhibit 119: Cognizant Technology Solutions Corp. - Segment focus

10.7 HCL Technologies Ltd.

Exhibit 120: HCL Technologies Ltd. - Overview
Exhibit 121: HCL Technologies Ltd. - Business segments
Exhibit 122: HCL Technologies Ltd. - Key news
Exhibit 123: HCL Technologies Ltd. - Key offerings
Exhibit 124: HCL Technologies Ltd. - Segment focus

10.8 Infosys Ltd.

Exhibit 125: Infosys Ltd. - Overview
Exhibit 126: Infosys Ltd. - Business segments
Exhibit 127: Infosys Ltd. - Key news
Exhibit 128: Infosys Ltd. - Key offerings
Exhibit 129: Infosys Ltd. - Segment focus

10.9 QuEST Global Services Pte. Ltd.

Exhibit 130: QuEST Global Services Pte. Ltd. - Overview
Exhibit 131: QuEST Global Services Pte. Ltd. - Key offerings

10.10 Tata Consultancy Services Ltd.

Exhibit 132: Tata Consultancy Services Ltd. - Overview
Exhibit 133: Tata Consultancy Services Ltd. - Business segments
Exhibit 134: Tata Consultancy Services Ltd. - Key news
Exhibit 135: Tata Consultancy Services Ltd. - Key offerings
Exhibit 136: Tata Consultancy Services Ltd. - Segment focus

10.11 Tech Mahindra Ltd.

Exhibit 137: Tech Mahindra Ltd. - Overview
Exhibit 138: Tech Mahindra Ltd. - Business segments
Exhibit 139: Tech Mahindra Ltd. - Key offerings
Exhibit 140: Tech Mahindra Ltd. - Segment focus

10.12 Wipro Ltd.

Exhibit 141: Wipro Ltd. - Overview
Exhibit 142: Wipro Ltd. - Business segments
Exhibit 143: Wipro Ltd. - Key news
Exhibit 144: Wipro Ltd. - Key offerings
Exhibit 145: Wipro Ltd. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 146: Inclusions checklist
Exhibit 147: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 148: Currency conversion rates for US$

11.4 Research methodology

Exhibit 149: Research methodology
Exhibit 150: Validation techniques employed for market sizing
Exhibit 151: Information sources

11.5 List of abbreviations

Exhibit 152: List of abbreviations

Engineering and Research and Development Services

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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