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Surging Investments in Infrastructure Development to Create Tremendous Growth Opportunities for Engineering Service Providers, Predicts Fact.MR

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Rockville, Oct. 03, 2022 (GLOBE NEWSWIRE) — The global engineering services market is worth US$ 707.5 billion in 2022 and is predicted to expand at a CAGR of 5.6% from 2022 to 2032, according to Fact.MR, a market research and competitive intelligence provider. Global demand for engineering services is projected to grow along with rising infrastructure development worldwide.

Engineering service providers offer designing, planning, and consulting services regarding infrastructure development, which includes buildings, highways, tunnels, and others. Economies such as China and the United States spend around 15% and 2.3% of their GDP on infrastructure development, respectively. This factor drives the demand for engineering consulting services. Moreover, the global trend of the development of smart cities is creating lucrative opportunities for companies providing engineering services.

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As per the International Transport Forum, investments in inland infrastructure as a percentage of GDP varied from 0.2% to 5.8%. China accounts for a leading percentage of 5.8%, and Mexico with the least percentage of 0.2%. Market share analysis of engineering services based on service and region. Under the service segment, construction management services dominate with 23% market share in 2022.

Smart city development is a trend in both developed and developing economies. The growing development of smart cities worldwide is a major factor stimulating the demand for engineering services.

Key Takeaways from Market Study

  • The global engineering services market is projected to expand at a CAGR of 5.6% and be valued at US$ 1,220 billion by 2032.
  • The market evolved at 5.2% CAGR over the 2017-2021 historical period.
  • Under the service segment, construction management services lead with a valuation of US$ 154.1 billion in 2022.
  • North America accounted for 38% share of the global market in 2021.
  • Revenue from engineering services is set to increase at CAGRs of 5.5% and 6.1%, respectively, in Europe and South Asia & Oceania.

Rapid Adoption of Advanced Technologies

Modern construction, design, and engineering projects have become extremely complex these days and require engineers for essential inputs from vivid backgrounds along with advanced technologies like artificial intelligence, the internet of things, and IT solutions such as engineering analytics.

These technologies are beneficial in solving complex design issues and addressing the right solutions adequately to offer increased productivity and help in smart decision-making. Owing to such factors, demand for engineering services is expected to see significant growth in managing the complex connected infrastructure. Moreover, these technologies minimize the errors associated with the development of products and infrastructure and enhance business efficiency.

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Segmentation of Engineering Services Industry Survey

  • By Service :
    • Construction Management Services
    • Transportation and Traffic Engineering
    • Municipal Engineering/Land Development
    • Bridge Inspections and Engineering
    • Enterprise Architecture
    • Aircraft Modification & Certification
    • Manufacturing Engineering
  • By Functional Area :
    • System Engineering and Process Engineering Support
    • Modelling, Simulation
    • Prototyping, Pre-Production, Model-Making, and Fabrication Support
    • System Design Documentation and Technical Data Support
    • Software Engineering, Development, Programming, and Network Support
    • Reliability, Maintainability, and Availability (RM&A) Support
    • Human Factors, Performance, and Usability Engineering Support
    • System Safety Engineering Support
    • Configuration Management (CM) Support
    • Quality Assurance (QA) Support
    • Information System (IS) Development, Information Assurance (IA), and Information Technology (IT) Support
    • Interoperability, Test and Evaluation, Trials Support
    • Measurement Facilities, Range, and Instrumentation Support
    • Supply and Provisioning Support
    • Training Support
    • In-Service Engineering, Fleet Introduction, Installation Support
  • By End-use Industry :
    • Industrial
    • Aerospace & Defense
    • Automotive
    • Energy & Power
    • Healthcare
    • Oil & Gas
    • Construction
    • Government & Public
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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Competitive Landscape

Prominent engineering service providers are

  • AECOM
  • Affiliated Engineers Inc
  • AKF Group LLC
  • Arcadis
  • Arora Engineers
  • Arup
  • Burns & McDonnell
  • CJL Engineering
  • Coffman Engineers
  • ESD
  • IMEG Corp.

The competitive intensity in the global engineering consortium consulting market is high with the presence of various new and established players in the market. Strategic moves by these market players, such as acquisitions, mergers, and partnerships are being implemented to upscale their presence among end users.

  • In November 2021, Ardurra Group, a consulting and engineering services firm, acquired and merged with Ritoch-Powell & Associates, which is a civil engineering firm. The aim behind this initiative was to enhance the company’s service offerings and global footprint.
  • In October 2021, Ransom Consulting, an environmental & engineering firm, acquired Civalier Engineering & Surveying, Inc. Through this acquisition, Ranson expanded to six new offices across the New England and Atlantic region.

Market Development

The competitive rivalry in the engineering services market is high with the presence of various established and new market players entering this space. Industry players are resorting to various organic & non-organic strategies to stay competitive in the market, such as Ritoch-Powell & Associates was acquired by Ardurra Group and Civalier Engineering & Surveying, Inc was acquired by Ransom Consulting.

Market players are taking rigorous action to expand their consumer base by focusing on multiple industry verticals. They are also focusing on increasing their global footprint and service offerings.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global engineering services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of service (construction management service, transportation & traffic engineering, municipal engineering/land development, bridge inspections & engineering, enterprise architecture, aircraft modification & certification, manufacturing engineering, others) and end-use industry (industrial, aerospace & defense, automotive, energy & power, healthcare, oil & gas, construction, government & public), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Check out more related studies published by Fact.MR Research: 

Advertising Services Market: The global advertising services market is estimated at US$ 665 billion in 2022 and is further projected to expand at a CAGR of 7.2% to turn into a trillion-dollar market by the end of 2032. The United States advertising agency services market is estimated to evolve at a CAGR of 6.9% over the decade.

Security Services Market: The global security services market is predicted to expand at a CAGR of 4.3% and reach a valuation of US$ 136.6 billion by the end of 2032, up from US$ 89.7 billion in 2022. Security services accounted for around 3% share of the global administration, facility management, and business support services market in 2021, and are likely to increase this share by 200 BPS over the next ten years.

Office Relocation Services Market: The global office relocation services market is worth US$ 10.6 billion in 2022 and is anticipated to expand steadily at a CAGR of 3.3% to reach US$ 14.6 billion by 2032. Office relocation accounted for nearly 15% of the global relocation services market at the end of 2021 and is likely to maintain this share in the near future as well.

Language Services Market: The global language services market is valued at US$ 60.68 billion in 2022 and is predicted to reach US$ 96.21 billion by the end of 2032, expanding at a CAGR of 5.94% over the said period. The U.S. federal government, one of the largest spenders on language services, spends around US$ 700-800 million annually on outsourced language services.

Surveying & Mapping Services Market:The global surveying and mapping services market reached a valuation of US$ 9 billion in 2021 and is expected to further evolve at a CAGR of 3.4% to end up at US$ 13 billion in 2032. Revenue from surveying and mapping services accounted for nearly 4% of total spending on geospatial services at the end of 2021.

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Artificial Intelligence

Appian Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms Report

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LONDON, May 3, 2024 /PRNewswire/ — Appian (Nasdaq: APPN) today announced it has been named a Leader by Gartner in its 2024 Magic Quadrant for Process Mining Platforms report. The report evaluated 18 vendors and their product offerings. For more information, download a complimentary copy of the Gartner Process Mining 2024 report. 

Gartner defines Process Mining platforms as tools that deliver visibility and insights to technology innovation leaders that enable smart decision making and strong performance on an organisation’s critical priorities. Features that make Appian a leader in Process Mining, include:
Faster data prep that eliminates complex transformation with always-ready data from multiple sources.Automated process analysis and intelligent recommendations for where and how to take action.A low-code experience for measuring, monitoring, and optimising process performance—all within one platform.”We believe that Appian’s recognition in the Gartner Process Mining Platforms Magic Quadrant underscores our dedication to process excellence. Through Process HQ, we integrate data fabric, process mining, machine learning, and generative AI to streamline manual data prep, enabling businesses to gain insights swiftly and implement improvements easily,” said Michael Beckley, CTO and Founder of Appian. “Our unified approach merges Process Mining with AI-driven process automation, setting a new standard for efficiency and intelligence.”
Business users need greater visibility into the full breadth of their enterprise data and processes in order to maximise operational efficiency and strategic decision-making. By combining the latest technologies in data fabric, process mining, machine learning, and generative AI, Process HQ helps monitor and improve every business process built on Appian. Process HQ makes it easy to reduce costs, risks, and delays, improve compliance, and drive better business outcomes, without the need for costly and time-consuming data collection efforts.
Appian is now an industry leader across its value proposition to Design, Automate, and Optimise the most complex business processes. In addition to today’s announcement, Appian was named a Leader in the 2023 Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms report, and was ranked #1 for the Business Workflow Automation with Integration Use Case in the 2023 Gartner® Critical Capabilities for Enterprise Low-Code Application Platforms (LCAP) report.
To access the report and to learn more about Appian’s positioning, visit https://ap.pn/3y2ClZy. Register for our upcoming webinar Process Intelligence Made Easy: The Key to Better Business Decisions on June 20, 2024 at 12pm EST to discover how Process HQ can improve business processes.
Gartner disclaimerGartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimise even the most complex processes, from start to finish. The world’s most innovative organisations trust Appian to improve their workflows, unify data, and optimise operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
Follow Appian: LinkedIn, X, and X (UK).
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Artificial Intelligence

Innodisk Introduces iCAP Air: Advancing Air Quality Management through Autonomous Decision-Making

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TAIPEI, May 3, 2024 /PRNewswire/ — Innodisk, a global leader in AI solutions, has taken a pivotal step forward in environmental sustainability with the launch of its latest innovation, the “iCAP Air” air quality management solution. This solution empowers businesses worldwide to enhance air quality, sustainability, and human health. Additionally, business can benefit from monthly AI-generated air quality data report, providing valuable insights for informed decision-making.

Leveraging its expertise in edge computing and software and hardware integration, along with the expertise of its subsidiary Sysinno in air quality detection, Innodisk has achieved the development of the “iCAP Air” air quality management solution. This solution integrates advanced technology, including the innovative “iAeris7” air quality detector from Sysinno, to deliver accuracy in detecting temperature, humidity, fine suspended particles (PM2.5), suspended particles (PM10), carbon dioxide (CO2), formaldehyde and total volatile organic compounds (TVOC). It can also be customized to detect NO2, SO2, CO, NH3, and other air factors. At the same time, the iAeris7 device is known for its reliability, patented technology, and various international certifications, including those from SGS and FCC/CE/RoHS/NCC/BSMI.
The solution also includes the “iCAP Air Server,” designed to manage large-scale deployment and data from up to 100 air quality detectors, ensuring seamless integration and efficient operation, even in complex environments. Additionally, iCAP Air provides a user-friendly air quality management platform, enabling organizations to monitor air quality in real-time via a mobile app or internet browser, receive automatic alerts, and optimize air purification or exhaust ventilation system.
iCAP Air is a comprehensive solution that simplifies air quality management for users. It is tailored for medium to large-sized sites or densely populated, enclosed spaces such as medical institutions, smart manufacturing facilities, public transportation hubs, indoor parking facilities, and department stores. Innodisk’s “iCAP Air” air quality management solution represents a milestone for all businesses committed to leveraging technology for the greater good of air quality and society.
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Artificial Intelligence

Bitrue expands Bitcoin Runes Offerings with GPTV Listing and Staking Options

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VICTORIA, Seychelles, May 3, 2024 /PRNewswire/ — Leading digital asset exchange Bitrue continues its community-driven approach with the listing of a new Bitcoin Runes token, GPTV•AI•PEPE•KING (GPTV). This follows the recent addition of several other Bitcoin Runes tokens to the platform, including SATOSHI•NAKAMOTO (SATOSHI), LOBO•THE•WOLF•PUP (LOBO), RSIC•GENESIS•RUNE (RSIC), and DOG•GO•TO•THE•MOON (DOG). Trading for the GPTV/USDT pair commenced on April 30th, 2024.

What is GPTV?
GPTV is the native token of AI PEPE KING, a project claiming to be the “largest AI Meme Community” with a presence on both the Polygon (AIPEPE) and Bitcoin Runes (GPTV) blockchains. Notably, AI PEPE KING secured a $10 million investment to develop AI-powered customer service tools leveraging the ChatGPT technology. Additionally, they are building a “Dream Lottery” system. Revenue generated from these products is earmarked for buybacks and burns of both AIPEPE and GPTV tokens, potentially influencing their long-term value.
Staking Opportunities with Attractive Yields
Bitrue is also offering users staking opportunities for those holding BTR, AIPEPE, RSIC, or DOG tokens. By staking their holdings, users can earn rewards in GPTV, with estimated annual percentage yield (APY) varying on the staked token, with BTR offering 22.15%, AIPEPE at 23.18%, RSIC boasting a higher 31.37%, and DOG coming in at 23.62%. These yields present a potentially lucrative opportunity for users to grow their cryptocurrency holdings, but also come with financial risk and the potential for investment to return much lower yields.
Bitrue’s Focus on Community Engagement
The listing of these Bitcoin Runes tokens is a testament to Bitrue’s commitment to its user base. The decision to add these tokens stemmed from a community poll conducted through an X poll on Bitrue’s X account. This highlights the exchange’s dedication to incorporating community feedback into its decision-making process, fostering a sense of collaboration and shared interest.
With the addition of GPTV and the introduction of staking opportunities, Bitrue continues to expand its offerings for users interested in the burgeoning world of Bitcoin Runes tokens. The exchange’s focus on community engagement further strengthens its position as a platform that prioritizes user input and satisfaction.
About Bitrue
Launched in July 2018, Bitrue is a diversified digital asset exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. With offices in Asia and Europe, the business continues to develop new features at a rapid speed to fully service the new wave of the digital economy. More information is available at Bitrue’s website.
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