Engineering Services Market Trends (2020-2023): How Companies are Adapting to a Changing Industry

The engineering services market has seen notable shifts in market share from 2020 to 2023, as companies adapt to new technological and economic realities. Indian ESPs have expanded their global reach by offering cost-effective and high-quality engineering solutions. Global MNCs remain dominant by integrating AI and automation into their services, while European Pureplays maintain their position through specialization. The rise of smart engineering, sustainability initiatives, and digital twins has significantly influenced the competitive landscape. This report analyzes the key market trends, exploring how different companies have adjusted their strategies to remain competitive. It provides insights into growth drivers, industry disruptions, and emerging opportunities in the engineering services sector.