Tag: 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.

ACES Automotive Engineering Services PEAK Matrix® Assessment 2023: Navigating the Future of Automotive Landscape

ACES Automotive Engineering Services: Navigating the Future of Automotive Landscape

The automotive industry is at an inflection point, where global sustainability concerns, increasing consumer demands, and rapid technological advancements have coalesced to propel rapid growth. In this dynamic landscape, the focus is shifting from conventional mobility solutions to a more captivating and immersive automotive experience. Automotive enterprises are now eagerly hopping on to this transformative paradigm, embracing the idea of enhancing customer experience and redefining the future of mobility. Some of the major areas of investment include:

  • Autonomy Advancements: Investments in L3 to L5 autonomous technologies, intelligent adaptive cruise controls, safety systems, and sensor fusion tech to transform driving experiences
  • Connected Ecosystems: Connectivity and data management are forging powerful collaborations between automotive players and players from diverse verticals such as fintech, insurance, technology, and telecommunication to bring in several after-sales services
  • Software-Centricity: With the emergence of software-defined vehicles, there is an increased level of investments in software development and partnerships with technology players
  • Electrification Imperative: The need to address environmental concerns and stringent governmental regulations has accelerated the investments in electric, hybrid, and fuel cell technologies

ACES

What is in this PEAK Matrix® Report

This research, the fourth edition of Everest Group’s ACES Automotive Engineering Services PEAK Matrix® Assessment, evaluates 26 engineering service providers, features them on the PEAK Matrix®, and shares insights into enterprise sourcing considerations. The study is based on RFI responses from service providers, interactions with their automotive engineering leadership, client reference checks, and ongoing analysis of the engineering services market.
 

This report maps and covers the:

  • ACES Automotive Engineering Services PEAK Matrix® 2023
  • Key characteristics of Leaders, Major Contenders, and Aspirants
  • Summary dashboard capturing the relative assessment of each service provider’s vision & capability and market impact
  • Providers’ strengths and limitations vis-à-vis enterprise sourcing considerations

Scope:

  • This research studies the following service providers associated with automotive engineering services: Alten, Capgemini, HCLTech, KPIT, LTTS, TCS, Wipro, Akkodis, AVL, Bertrandt, Cognizant, Cyient, DXC Technologies, FEV, FPT, IAV, Infosys, NTT DATA, Tata Elxsi, Tata Technologies, Onward Technologies, Sasken, Semcon, Sigma Software Tech Mahindra, and T-Systems.
  • Industry: Automotive
  • Geography: Global

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

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.

Methodology

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

Everest Group Announces Winners of 2023 Engineering Services PEAK Matrix Provider of the Year Awards

HCL Technologies and TCS tie for No.1 on ranking of top engineering services providers; Mphasis named as Top Challenger

 

DALLAS, August 10, 2023 — Everest Group today released the second annual edition of its Engineering Services PEAK Matrix Provider of the Year™ Awards. These awards recognize the engineering services providers that have consistently ranked as top performers across Everest Group’s PEAK Matrix® assessments in the preceding year.

Everest Group PEAK Matrix evaluations are a valuable resource for engineering services buyers to evaluate, compare and contrast key providers in the global services space. In 2022, Everest Group published five engineering services PEAK Matrix® reports across 10 assessment areas, featuring 55 providers across all evaluations. Key services segments evaluated included digital products, digital twins, connected medical devices, Industry 4.0 and software products.

 

The Engineering Services Top 15:

  1. (Tie) HCL Technologies and TCS
  2. Accenture
  3. Cognizant
  4. (Tie) Capgemini and Wipro
  5. Infosys
  6. Mindtree
  7. GlobalLogic
  8. Tech Mahindra
  9. HARMAN
  10. EPAM
  11. LTTS
  12. Globant
  13. Persistent Systems

 

Top 5 Engineering Services Challengers

  1. Mphasis
  2. Infogain
  3. Happiest Minds
  4. Softserve
  5. Cyient

 

*** Download a complimentary copy of the 2023 Engineering Services PEAK Matrix Provider of the Year Awards ***

 

“The Engineering Services PEAK Matrix Provider of the Year™ Awards recognize an elite group of engineering services providers who set themselves apart by exhibiting consistent leadership and top performance across many different categories,” said Akshat Vaid, partner at Everest Group. “More importantly, as today’s enterprises navigate the complex landscape of next-generation and legacy technologies, a global business footprint and a complex provider portfolio, the PEAK Matrix Provider of the Year Awards help them to identify the best of the best — providers with strong capabilities and successful services strategies that align well with the evolving enterprise engineering services demand.”

“Digital engineering is transforming businesses and helping efforts to create a sustainable world,” said Vijay Anand Guntur, president, Engineering and R&D Services (ERS), at HCLTech. “With over 45 years of engineering heritage and experience working with top R&D players across 10-plus verticals, HCLTech is uniquely positioned to partner with enterprises in their endeavor to leverage digital technologies to transform their business. We are glad to be recognized as the No. 1 player in Everest Group’s 2023 PEAK Matrix Provider of the Year award. This achievement is a testament to HCLTech’s record of being a preferred engineering services partner of Global 2000 companies in building innovative products and platforms.”

“We are benefiting immensely from our engagements with conventional businesses aspiring to transform themselves digitally to become software companies, software vendors seeking to modernize and rearchitect their products using cloud native technologies, and product companies embarking on product and business model innovation,” said Regu Ayyaswamy, global head, Internet of Things & Digital Engineering, at TCS. “Our deep domain expertise, industry leading portfolio of IP and design labs are helping clients launch new products faster and optimize their sustenance. Our investments in IoT and Digital Engineering, including the Bringing Life to Things framework, are helping product companies scale up innovation, leverage IoT, AI and machine learning to make those products more intelligent, software-defined and connected, and to embrace as-a-Service business models. The emergence of newer technologies is only accelerating this trend, so we are very excited about the opportunities ahead.”

 

About the PEAK Matrix®

The Everest Group PEAK Matrix® is a proprietary framework for assessing the relative market success and overall capability of service providers based on Performance, Experiences, Ability and Knowledge. Each service provider is comparatively assessed on two dimensions: market success and delivery capabilities. Market success is measured by revenue, number of clients and year-over-year growth. Delivery capability is measured by scale of operations, scope, technology and innovation, delivery footprint and buyer satisfaction. The resulting matrix categorizes service providers as Leaders, Major Contenders, and Aspirants. Companies that demonstrate strong upward movement in successive reports are recognized as Star Performers.

 

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 http://www.everestgrp.com.

Navigating the Automotive Engineering Landscape: Key Priorities for Planning and Investment in the SDV and ACES Market | Webinar

on-demand Webinar

Navigating the Automotive Engineering Landscape: Key Priorities for Planning and Investment in the SDV and ACES Market

Automotive original equipment manufacturers (OEMs), classified as Tier 1, 2, and 3, are experiencing a substantial and permanent change in customer preferences due to the widespread adoption of Software Defined Vehicles (SDVs) and Autonomous, Connected, Electric, and Shared (ACES) technologies – dramatically impacting engineering priorities in these markets.

Watch this on-demand webinar as our experts explore the latest key engineering priorities and why the automotive engineering landscape has evolved. They will also provide practical recommendations for engineering spend and examine the challenges that enterprises currently face.

Our experts will also share the latest impacts on automotive outsourcing and provide insights on how enterprises can effectively realign talent, technology, and ecosystem engagement strategies to scale SDVs and ACES initiatives.

What questions does the on-demand webinar answer for the participants?

  • What are the key themes of engineering spending in the SDV and ACES market?
  • What challenges do enterprises face while transforming to SDV and ACES vehicle production?
  • How do you strategize for talent, technology, and ecosystem leverage to mitigate challenges?

Who should attend?

  • CTO, CPO, COO, CEO
  • Chief supply chain officer
  • Vice president of innovation, automotive
  • Managing director – engineering
  • Head of information systems R&D
  • Vice president – purchasing, engineering
  • Vice president – operations
  • Global sourcing managers
  • Vendor managers
  • Head of outsourcing
  • Head of engineering
Devisetty Susmitha
Senior Analyst
Maria Mayank Refresh gray square
Vice President
Vaid Akshat
Partner

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5G Engineering Services PEAK Matrix® Assessment 2023: The Next Frontier in the Hyperconnected Era

5G Engineering Services PEAK Matrix® Assessment

5G’s lower latency and higher bandwidth have unlocked newer uses for enterprises to explore. Additionally, 5G adoption is allowing the transformation of network infrastructure to make it quickly scalable, driving higher levels of customization and lower operating costs.

Enterprises are exploring the decoupling of hardware and software in the form of network function virtualization, automation of network operations, adoption of open-source components (hardware and software), and monetization opportunities. However, the market’s nascency is creating uncertainty and increasing complexities for enterprises.

Therefore, they are looking to partner with providers to share development risks, reduce operational costs, implement system integration measures, bring in a larger talent pool, and leverage the expertise of their partner ecosystem to engineer solutions faster.

5G services PEAK

What is in this PEAK Matrix® Report

This research, the second edition of Everest Group’s 5G Engineering PEAK Matrix® Assessment, evaluates 20 engineering service providers, features them on the PEAK Matrix® framework, and provides sourcing considerations for enterprises.

In this PEAK Matrix® report, we provide:

  • Everest Group’s 5G Engineering Services PEAK Matrix® 2023
  • Key characteristics of Leaders, Major Contenders, and Aspirants
  • A summary dashboard assessing each provider’s vision & capability and market impact
  • Providers’ strengths and limitations vis-à-vis enterprise sourcing considerations

Scope:

  • Providers assessed: Accenture, BICS, Brillio, Capgemini, Cyient, DXC Luxoft, GS Lab I GAVS, HARMAN DTS, HCLTech, IBM, Infosys, LTTS, NTT DATA, Sasken, Tata Elxsi, TCS, Tech Mahindra, Tietoevry, VVDN Technologies, and Wipro
  • Services: 5G engineering services
  • Geography: global
The study is based on RFI responses from providers, interactions with their 5G engineering leadership, client reference checks, and an ongoing analysis of the engineering services market.
 

DOWNLOAD THE 5G ENGINEERING SERVICES PEAK MATRIX® ASSESSMENT 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

MNC Captives Woo Talent and Biz from Domestic IT Services Companies | In the News

Over the past few years, about 30% of outsourcing work has moved to GCCs.

The share of GCCs versus IT service providers in India was approximately 75% in favor of service providers about a decade ago, during 2012-13, according to Nitish Mittal, Partner at Everest Group. “Now it has gone down to approximately 65%, but the overall market has grown at 8-10% CAGR (Compound Annual Growth Rate) to become almost 2.5 times in that time period. So, the share of GCCs has grown faster, but the overall spend on both third-party IT, business process, and engineering services have increased significantly from a volume and value standpoint,” he said.

Read more in Business Standard.

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

Acing the Art of Platform-driven Growth: Software Product Engineering Services PEAK Matrix® Assessment 2023

Top Software Product Engineering Services

Software, the largest spending segment in product engineering, continues to grow in relevance as platform-based business models take center stage for enterprises in both product- and services-centric verticals.

This shift toward platforms is leading to the emergence of new dynamics, including:

  • Increased intimacy between business and technology/engineering functions
  • Lower tolerance for technical debt; the need to manage/retire platform-related legacy systems rapidly and effectively is more pronounced
  • The build and maintain mindset is giving way to a focus on ongoing platform evolution

While the new dynamics have exponentially increased the demand for engineering talent, the geopolitical situation in Eastern Europe is worsening the already supply-constrained talent market. Engineering service providers are playing a vital role in this situation and helping their clients with scaled, persistent, and diversified engineering teams.

This research, the fourth edition of Everest Group’s Software Product Engineering PEAK Matrix® assessment, evaluates 33 engineering service providers on the PEAK Matrix® framework for their overall and vertical-specific software product engineering capabilities and market impact and shares insights on enterprise sourcing considerations.

DOWNLOAD THE FULL REPORT Acing the Art of Platform-driven Growth: Software Product Engineering Services PEAK Matrix® Assessment 2023

What is in this PEAK Matrix® Report

In this PEAK Matrix® assessment, we share:

  • Everest Group’s services PEAK Matrix® evaluation of engineering service providers associated with software product engineering services
  • Categorization and characteristics of Leaders, Major Contenders, and Aspirants
  • Evaluation of service providers across five verticals – Banking, Financial Services and Insurance (BFSI), healthcare, Independent Software Vendors (ISVs), media and entertainment, and retail
  • A summary dashboard assessing market impact and vision and capability of each service provider
  • The key strengths and limitations of each of the 33 software product engineering service providers featured in the assessment

Scope:

  • Services: software product engineering services
  • Geography: global
  • The study is based on RFI responses from service providers, interactions with their software product engineering services leadership, client reference checks, and an ongoing analysis of the engineering services market.

LEARN MORE ABOUT Acing the Art of Platform-driven Growth: Software Product Engineering Services PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Alert on Engineering and IT Hiring Dilemmas for 2023 | Blog

The most dangerous words regarding investing are, “This time, it will be different.” The same words often occur when planning for a recession. But, quite possibly, this time, it will be different. Why do we at Everest Group believe it may be different for the looming recession we now face? Because there is a confluence of trends that are different from past recessions.

Read more in my blog on Forbes

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