Keywords: Engineering Service, Global Service Providers, Global Market Research Report, India, Leading Suppliers, Market Shares, Market Growth, Market Forecast
Global Service Providers (GSP) in India have emerged as leading providers of engineering services to global companies. The global engineering services market is driven by the adoption of new technologies like Internet of Things (IoT), smart manufacturing, and sustainable business opportunities.
According to a new ARC Advisory Group study, the market for engineering services by global service providers in India experienced double-digit year-over-year growth compared to BY13. ARC forecasts continued robust growth through 2019, with much of the business continuing to come from North America and EMEA.
“A key driver of growth in this market is the increasing need for specialized expertise created by new technology trends like digital manufacturing, simulation, mobility, Big Data, the Internet of Things, analytics, and shifting business models from cost arbitrage to risk-sharing," according to Senior Analyst Neelam Singh, the author of ARC Advisory Group’s latest study “Engineering Services by Global Service Providers in India”.
Engineering Services Providers Become Partners in Innovation
Engineering Services (ES) are about creating innovative products with increased value and shorter time-to-market. Engineering services are expected to provide concept development, product and industrial design, automation enablement, mechanical, electrical, embedded software, maintenance, asset management, product lifecycle related services, detailed engineering, testing, and prototyping.
In response to the growing demand for engineering services in the manufacturing sector, the major Indian GSPs have developed dedicated engineering services business units. Today, GSPs are recognized as value engineering partners that assist in problem solving. Customers today expect service providers to take more responsibility as partners in their innovation efforts.
IoT Opens New Avenues
Internet of Things (IoT), digital manufacturing and digital platforms, engineering analytics, and mobility are areas which will witness high growth in the near-term. These technologies will in turn fuel the growth of engineering services. Investments in new technologies such as 3D printing, connected plants, etc., in the manufacturing engineering space is increasing.
Service Providers May Get Opportunities Back Home
The majority of Indian GSPs work for the overseas market. But ARC expects a boost in the engineering services space by GSPs in their home country owing to the “Make in India” initiative. With the opening of many new manufacturing setups, India will offer a plethora of opportunities for engineering services providers.
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