Capgemini, HCLTech, and Alten top the list
DALLAS, September 12, 2023 — Everest Group today released the fifth annual edition of “Everest Group Engineering Services Top 50™,” a ranking of the world’s largest third-party providers of engineering services (ES). The ranking is based on revenues and year-on-year growth.
Engineering services include all activities that support the design, development, testing and management of products, both hardware and software.
Topping the 2023 ES Top 50 list are these 10 providers:
- Tata Consultancy Services
- The report identifies the Top 10 companies based on revenue alone. The Top 5 are Capgemini, HCLTech, Tata Consultancy Services, Alten and Akkodis.
- The report also identifies the Top 10 fastest growing ES companies. The Top 5 are Encora, Globant, Endava, GlobalLogic and Softserve.
The Everest Group Engineering Services Top 50 represented 82% (more than US $60 billion) of the estimated US $73 billion in total outsourced spending in 2022. The global ES industry grew 11 to 11.5% between 2021 and 2022.
“ES providers have continued to boost their engineering capabilities and acquire companies to increase scale and gain access to new markets,” said Akshat Vaid, partner at Everest Group. “Outsourcing has increased from 2021, driven by a platformization wave, increased investments in connected and electric cars, and a rise in sustainability and green technology practices toward software and digital engineering.”
Key Updates on the Engineering Services Market
This year’s edition of the Everest Group Engineering Services Top 50 includes numerous additional research findings, including:
- Identification of ES offerings by horizontal and vertical markets for each of the ES Top 50 providers
- A recap of year-on-year market growth since 2020
- Themes contributing to market growth in 2022
- Comparison of market share and growth of broad-based versus pure-play service providers in the ES Top 50 List
- Summary of merger and acquisition (M&A) activity in 2022, including a list of key acquisitions
- Regional comparison of growth rate for ES providers
About the Everest Group Engineering Services Top 50™
The Everest Group Engineering Services Top 50™ is a global list of the 50 largest third-party providers, based on their ES revenues and year-on-year growth. Revenues comprise 75% of the composite score used for ranking. Growth comprises 25% and has two sub-parameters: absolute growth (measured as change in ES revenue in US$ million and accounting for 12.5% of the composite score) and percentage growth (measured as percentage change in ES revenue and accounting for the final 12.5% of the composite score).
About Everest Group
Everest Group is a leading research firm helping business leaders make confident decisions. We guide clients through today’s market challenges and strengthen their strategies by applying contextualized problem-solving to their unique situations. This drives maximized operational and financial performance and transformative experiences. Our deep expertise and tenacious research focused on technology, business processes, and engineering through the lenses of talent, sustainability, and sourcing delivers precise and action-oriented guidance. Find further details and in-depth content at www.everestgrp.com.