Today, Everest Group, a global consulting and research firm, released its highly anticipated fifth annual “Everest Group Engineering Services Top 50” report. This comprehensive ranking spotlights the world’s leading third-party providers of engineering services (ES), with the rankings based on revenues and year-on-year growth.
Engineering services encompass a wide array of activities crucial for supporting the design, development, testing, and management of products, encompassing both hardware and software solutions.
Topping the prestigious 2023 ES Top 50 list are the following formidable providers:
Tata Consultancy Services
Additional Key Highlights:
Top 10 by Revenue: The report identifies the top 10 companies solely based on revenue. The elite five in this category are Capgemini, HCLTech, Tata Consultancy Services, Alten, and Akkodis.
Top 10 Fastest Growing ES Companies: Notably, the report also pinpoints the top 10 ES companies that have exhibited the most rapid growth. The leading five in this category are Encora, Globant, Endava, GlobalLogic, and Softserve.
The Everest Group Engineering Services Top 50 represents a substantial portion of the global outsourced spending in this sector, accounting for a significant 82 percent (equivalent to over US $60 billion) of the estimated US $73 billion in total outsourced spending in 2022. Furthermore, the ES industry globally demonstrated substantial growth, expanding by an impressive 11 percent to 11.5 percent between 2021 and 2022.
Akshat Vaid, Partner at Everest Group, highlighted the ongoing growth and evolution in the ES sector, stating, “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.”