Market Overview

Global Engineering Research and Development Services Market 2018-2022| Need for Technological Innovation to Boost Growth| Technavio


analysts forecast the global engineering research and development (ER&D)
services market to exceed USD 656 billion by 2022, according to their
latest market research report.

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Technavio has published a new market research report on the global engineering research and developm ...

Technavio has published a new market research report on the global engineering research and development services market from 2018-2022. (Graphic: Business Wire)

The advent of industry 4.0 is one of the major trends being witnessed in
the global
engineering research and development services market 2018-2022
Industry 4.0 refers to the use of emerging digital technologies, smart
manufacturing and the automation of business and production processes to
create connected, automated, and smart production systems. The advent of
advanced technologies such as 3D printing, additive manufacturing, AR,
VR, and Big Data analytics is a positive pointer for industry 4.0. The
ongoing digital transformation of industries is increasing the adoption
of innovative technologies to gain a strategic and operational
advantage. Hence the utilization of ER&D services is increasing and
in-turn boosting the growth of the overall global market.

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market snapshot before purchasing

According to Technavio analysts, one of the key factors contributing to
the growth of the global engineering research and development services
market is the need for technological innovation:

Global engineering research and development
services market: need for technological innovation

The advent of technologies such as AI, ML, deep learning, blockchain,
and quantum computing has increased the focus of organizations on
mitigating disruption due to technological innovation to remain
competitive. Moreover, the incorporation of innovation and digitization
of business processes allow organizations to gain a competitive
advantage, and ER&D services help such organizations to overcome their
R&D limitations and develop superior products and services. Therefore,
the increasing need for technological innovation will drive the growth
of the global ER&D services market.

According to a senior analyst at Technavio for research on life science
research tools, "Rising wages in ER&D destinations and optimized
time-to-market strategy are two major factors that are expected to boost
the growth of the market, during the forecast period."

Global engineering research and development
services market: Segmentation analysis

The global engineering research and development services market research
report provides market segmentation by end-user (IT and telecom,
automotive, semiconductor, aerospace, others), and by region (the
Americas, EMEA, and APAC). It provides an in-depth analysis of the
prominent factors influencing the market, including drivers,
opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2017, accounting
for close to 43% share, followed by EMEA and APAC respectively. However,
during the forecast period, the APAC region is expected to show the
highest incremental growth followed by the EMEA region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market sizing
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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