According to our latest study on "Engineering Professional Services Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Type, Service Type, Sector, and Vertical," the Engineering Professional Services market size was valued at US$ 2,275.00 billion in 2023 and is expected to reach US$ 4,151.53 billion by 2031; it is estimated to record a CAGR of 7.8% from 2023 to 2031.
Rise in Infrastructure Investments to Provide Lucrative Opportunities for Engineering Professional Services Market Growth During Forecast Period
Economies such as China and the US are allocating a significant percentage of their GDP to infrastructure development, which, in turn, fuels the demand for engineering professional services. For instance, on November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (IIJA), also known as the Bipartisan Infrastructure Law (BIL). This legislation allocates US$ 1.2 trillion for transportation and infrastructure expenditures, with US$ 550 billion of this amount designated for "new" investments and initiatives. The funding provided by the IIJA encompasses a wide range of areas, including energy and power infrastructure, expansion of broadband internet access, and improvements to water infrastructure, among others. Several newly funded programs under this law have the potential to supply the necessary resources for addressing various infrastructure requirements at the local level. Thus, the rise in infrastructure investments is expected to create lucrative opportunities for the engineering professional services market players in the coming years.
Key Findings of Engineering Professional Services Market Study:
Based on component, the engineering professional services market is segmented into hardware, software, and services. The software segment held significant engineering professional services market share in 2023.
The report includes engineering professional services market forecast by Type/Service Type/Sector/Vertical/ and regions/countries from 2021 to 2031. The geographic scope of the engineering professional services market report focuses encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Further, the engineering professional services market report includes company positioning and concentration to evaluate the performance of competitors/players in the market.
Germany held significant engineering professional services market share in 2023. Engineering service firms in Germany play a crucial role in infrastructure development, offering expertise in the design, planning, and consulting of various infrastructure projects. This includes the development of transportation infrastructure, water management systems, and other critical infrastructure components. The private sector, including construction contractors, transport infrastructure developers, and real estate developers, are major customers of engineering professional services in Germany. The private segment is expected to register substantial growth, driven by investments in the construction, maintenance, and operation of social infrastructure.