Category: Engineering Services

Everest Group Unveils 2023 Top 50 Engineering Services Providers List | Blog

The Everest Group Engineering Services Top 50 is a valuable resource for enterprise decision-making and provider benchmarking. Discover traits shared by the leaders, the industry outlook and hottest market segments, and other compelling insights from our research in this blog.

The highly anticipated fifth annual edition of the Everest Group Engineering Services Top 50 reveals a myriad of shifts in service provider rankings and the debut of some newcomers, making this year’s report especially intriguing.

But before we dive into the report details, let’s understand the value of the Engineering Services Top 50 list.

Unraveling the Top 50 Engineering Services Providers list

The list ranks the top 50 engineering services providers based on revenue and growth in 2022 compared to the prior year. Additionally, the report delves into the various vertical and horizontal segments where these engineering services providers operate.

Engineering Services Top 50 is a valuable tool for both enterprises seeking an overview of the provider landscape and for engineering services providers looking to compare themselves against peers.

Now, let’s explore three key highlights from this year’s list of top engineering services providers.

  1. Resilience amid economic challenges

One striking observation from this year’s report is the engineering services market’s resilience in the face of economic challenges. Despite the onset of an economic slowdown in the last half of 2022, the market managed to maintain growth rates of around 11-11.5%. This reaffirms the attractiveness of the engineering services sector as a stable and lucrative industry to be a part of.

Moreover, it was heartening to witness a recovery in some core Engineering Research and Development (ER&D) verticals. Providers heavily involved in automotive, aerospace, industrial products, and manufacturing experienced significant growth. This marked a departure from previous years, where providers with a primary focus on software product engineering held the growth spotlight.

  1. Absence of major Mergers and Acquisitions (M&As)

Unlike previous years, 2022 stood out for its unusual absence of major M&As within the top 50 list. In past years, witnessing at least one entity from the list being acquired by another had become a noticeable trend. However, no large deals grabbed the headlines. Instead, the year was marked by numerous smaller, strategic acquisitions across the industry.

  1. Dominance of broad-based providers

The report also highlights the continued influence of broad-based service providers in the engineering services market that maintain a presence across multiple verticals, giving them flexibility and resilience. The focus on digital engineering, coupled with substantial investments in acquisitions to enhance their capabilities, has allowed these providers to effectively scale in this highly competitive market.

Please contact Nishant Udupa and Nandita Pandey for questions about the list or specific providers and assistance navigating the dynamic world of engineering services.

Everest Group’s PEAK Matrix® Awards Recognize the Top Engineering Service Providers for 2023 | Blog

Engineering service providers who demonstrated critical capabilities to enterprises over the past year are now being recognized for their leadership with the 2023 PEAK Matrix Service Provider of the Year™ awards in engineering services (ES). Read on to find out who’s providing the top engineering services based on Everest Group research.   

Activity in the Engineering R&D (ER&D) sector remained largely resilient during 2022, with service providers witnessing significant growth across themes such as platformization, digital engineering, and Industry 4.0. Amid this landscape, a few engineering service providers distinguished themselves by showcasing significant capabilities and market impact across all these leading investment themes.

We have identified the top 15 ES service providers and five leading ES challengers for the 2023 PEAK Matrix Service Provider of the Year awards in engineering services.

See the Top Engineering Service Providers

State of the ER&D industry

ER&D spending and outsourcing remained resilient in 2022, though there was some growth deacceleration as compared with 2021 on account of uncertainty around the Ukraine-Russia conflict, talent shortages and rising wage inflation, and bleak global economic forecast.

Enterprises remained committed to enhancing their products, services, and processes on the back of digital technologies. Service providers, by means of their scaled talent availability, domain know-how, and IP investments, supported these enterprises in realizing faster time-to-market and cost efficiencies for their engineering initiatives.


The PEAK Matrix Provider of the Year awards helps enterprises identify leading service providers who have demonstrated strong capabilities and market success across multiple engineering domains.

This year’s results are based on assessments from five PEAK Matrix® reports published by Everest Group in the calendar year of 2022 that looked at the following key themes influencing ER&D over that period:

  • Industry 4.0 services
  • Software products engineering
  • Digital products engineering
  • Digital twins
  • Connected medical devices

The Engineering Services PEAK Matrix Provider of the Year awards were determined by consolidating tiered scores for Leader, Major Contender, Aspirant, and Star Performer positions across each of the individual evaluations mentioned above. The two award categories are:

  • ES Top 15: Engineering service providers with the highest consolidated scores based on the evaluation
  • ES Top 5 Challengers: The next five top engineering services providers who are credible partners for enterprises and are positioning themselves as rivals to leading players

To learn more about the 2023 engineering service providers of the year, reach out to analysts Ankur Jain, [email protected], Mayank Maria, [email protected], or Akshat Vaid, [email protected].

See the Top Engineering Service Providers

Changing Dynamics In The IT And Engineering Services Market | Blog

Looking at the market for IT and engineering services right now reveals that companies are in a spending dilemma. They face high demand for these services, yet they look to cut back on spending because they are concerned about a possible recession. The strategies large companies are already putting in place to address this dilemma are changing the marketplace dynamics. Here is an overview of what your company needs to understand about these strategies.

Read more in my blog on Forbes

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