Advancement in Industrial Internet of Things to Fuel Engineering Professional Services Market Growth During Forecast Period
Industrial IoT systems can monitor equipment performance, predict maintenance needs, and optimize production processes using data from sensors and advanced analytics. This capability is poised to enhance efficiency and productivity in the engineering and manufacturing industries. The advancement of Industrial IoT aligns with the ongoing digital transformation and the preparation for the fourth industrial revolution (Industry 4.0). This entails the digitization of physical production processes toward optimizing and controlling them using advanced technologies such as artificial intelligence (AI) and big data analytics. The shift toward Industry 4.0 drives the adoption of Industrial IoT in engineering and manufacturing industries, thereby influencing the demand for engineering professional services. Thus, the advancement of Industrial IoT fuels the engineering professional services market growth by leveraging technology to improve operational efficiency, boost innovation, and create new opportunities.
Engineering Professional Services Market: Industry Overview
The engineering professional services market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The engineering professional services market report emphasizes the key factors driving the market and showcases the developments of prominent players.
The report includes growth prospects owing to the current engineering professional services market trends and their foreseeable impact during the forecast period. The market is segmented on the basis of type, service type, sector, vertical, and geography. Based on type, the market is divided into consulting and non-consulting. Based on service type, the market is segmented into designing and construction, ESG, program management, and others. Based on sector, the market is bifurcated into private and public. Based on vertical, the market is segmented into advanced manufacturing, infrastructure, energy & utilities, environmental, transportation, and others. The advanced manufacturing segment is further segmented into data center, life sciences, electronics & semiconductor, EV & EV battery, and others. Based on infrastructure, the market is segmented into buildings and cities, health infrastructure, telecommunication infrastructure, and others. The energy & utilities segment is subsegmented into renewables, energy storage, and transmission and distribution. The transportation segment is further categorized into aviation, highways and bridges, ports and maritime, and rail and transit. The water segment is further divided into water and wastewater. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Denmark held the largest engineering professional services market share in Europe. The Denmark engineering professional services market is driven by an increasing focus on software development and services. The healthcare industry in Denmark presents opportunities for the growth of the engineering professional services market, particularly with the construction of new hospital buildings. Denmark is set to build 16 new hospitals, including 8 super hospitals, with a budget of US$ 7 billion, indicating potential investments in medical technology. Additionally, the establishment of a national e-health infrastructure has been vital in providing healthcare professionals with access to electronic health records and patient data. The Denmark engineering professional services market is significantly dependent on the country’s digitalization efforts, playing a key role in supporting healthcare and telecommunication infrastructure developments.
India accounted for the significant engineering professional services market share in 2023. India is home to a few of the fastest-growing engineering professional services companies. These companies provide innovative engineering solutions across various industries, such as aerospace, automotive, energy, and telecommunications. These companies have highly skilled workers with expertise in areas such as design, prototyping, simulation, and testing, offering end-to-end engineering solutions that meet the unique needs of their clients. Companies such as Consulting Engineers Group Ltd and Tata Consulting Engineers Limited are providing engineering professional services. For instance, Consulting Engineers Group Ltd provides design, planning, engineering, consulting, and construction management solutions for highways, bridges, railways, metros, tunnels, airports, buildings, and water resources. Moreover, companies such as Tata Consulting Engineers Limited offer design and engineering, project management, and sustainability solutions.
Engineering Professional Services Market: Competitive Landscape and Key Developments
The engineering professional services market analysis is carried out by identifying and evaluating key players in the market across different regions. Tule Technologies Inc, Precisionhawk Inc, Easytosee Agtech Sl, Deere & Co, Climate LLC, Gamaya Sa, International Business Machines Corp, Microsoft Corp, Prospera Technologies Ltd, and Taranis are among the prominent players profiled in the engineering professional services market report. Several other players have also been studied and analyzed during the study to get a holistic view of the market and its ecosystem. As per the company press releases, below are a few key developments:
- In February 2024, Larsen & Toubro Ltd collaborated with Intel Corporation to develop and provide scalable edge-AI solutions for a range of use cases, including Cellular Vehicle-to-Everything (CV2X) applications. Larsen & Toubro Ltd’s expertise in the domains of connected vehicles and smart transportation systems has been pivotal in the development and implementation of advanced communication technologies such as telematics, ADAS, and C2VX.
- In February 2024, Larsen & Toubro Ltd was recognized Supplier of the Year 2023–2024 by Collins Aerospace Global Engineering & Technology Center (GETC) in India. The award is a recognition of Larsen & Toubro Ltd’s consistent demonstration and expertise in engineering and design, product development, smart manufacturing, and digitalization—areas that are crucial to Collins Aerospace’s success in commercial, regional, corporate, military aircraft, and international space programs.
- In 2023, Larsen & Toubro Ltd partnered with Critical Manufacturing to Support Danfoss’ Smart Manufacturing Journey. The strategic alliance initially focused on the companies working with the multi-national engineering group—Danfoss—to implement a comprehensive digital framework that harnesses cutting-edge technologies and next-gen capabilities. Larsen & Toubro Ltd offers consulting, engineering, and implementation services to drive global digital transformation initiatives across sectors, including semiconductors, electronics, medical devices, and discrete manufacturing.
- In 2023, Sweco AB assisted Ukraine in reconstructing the drinking water system for the City of Kremenchuk. The company contributed its expertise in a project to secure a potable water supply for the 220,000 inhabitants in Kremenchuk. Sweco AB’s specialists will deliver expertise in urban water engineering, process engineering, hydrology and environmental impact analysis in a project financed by Swedfund.