Global Engineering Research and Development Services Market 2018-2022| Need for Technological Innovation to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Aug 31, 2018-- 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 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 . 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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market sizing Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 08/31/2018 01:47 PM/DISC: 08/31/2018 01:47 PM