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.

Subscribe to our monthly newsletter to get the latest expert insights and research.

How can we engage?

Please let us know how we can help you on your journey.

Contact Us

"*" indicates required fields

Please review our Privacy Notice and check the box below to consent to the use of Personal Data that you provide.