Here’s some good news for all engineers out there! A recent report by Insider Monkey’s Noor Ul Ain Rehman sheds light on the robust growth of the global engineering services industry. Citing data from Mordor Intelligence, Rehman notes that the market size is projected to reach $2.04 trillion by 2029, growing at a compound annual growth rate (CAGR) of 4.20% from 2024 to 2029.
What’s going on actually? Well, thanks to a few factors—most notably the increasing demand for infrastructure development worldwide and the corresponding need for specialized engineering skills. While the Asia Pacific region currently holds the largest market share, the Middle East and Africa are experiencing the most rapid expansion.
Rehman emphasizes the crucial role of emerging digital technologies, such as Artificial Intelligence, cloud computing, and the Internet of Things (IoT), in driving this growth. These technologies are revolutionizing engineering practices, leading to increased efficiency and innovation across the industry.
Data from the US Census Bureau also reinforces the escalating demand for engineering services, showing a significant increase in infrastructure building value in the US between October 2022 and February 2023. This surge underscores the industry’s vital role in supporting economic development and improving quality of life globally.
