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.
- 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.
- 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.
- 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.
- For more insights, read the full 2023 report
- View the Everest Group Engineering Services Top 50™ 2023 video
- Explore the 2022 report