With market sources estimating a 50 percent increase in global spending on engineering services from $930 billion in 2012 to $1.4 trillion by 2020, service providers are increasingly reducing their development costs and enhancing capacity cycles to take advantage of the opportunity.
But the dearth of experienced engineers within the industry makes the problem of pushing out new products to meet emerging market demands that much more difficult for engineering service providers.
CIO Review magazine in its April edition evaluated the issue to identify the top “10 Most Promising Engineering Service Providers 2014,” who were “at the forefront of tackling challenges” faced by the industry among hundreds of engineering service providers.
The top companies demonstrated a capability to fulfill client needs through end-to-end design and engineering solutions. Promising companies who proved an ability to gain repeat business by maximizing customer opportunity across the relationship life cycle also made the CIO Review list.
Ingenicomm, a Chantilly, Va.-based engineering, implementation, and integration services small business, ranked third on the list for its ability to build collaborative IT solutions for critical space programs.
The company will also be one of five finalist companies to receive the Government Project of the Year Award by the Small and Emerging Contractors Advisory Forum (SECAF) at an awards gala set for May 1.
Hi-Tech Outsourcing Services took the silver spot for its specialized-engineering services offering to a niche industry segment. The company is headquartered in Ahmedabad, India but has offices in California and New York.
Creative Synergies Group, a global engineering services company based in Michigan, was the magazine’s “Most Promising” among engineering service providers for “powering product designers and manufacturers worldwide.”
The April issue also identified the “10 Most Promising Engineering Design Solution Providers” of 2014 ranking Jabez Technologies at the top for its robotics offering.
The full issue issue is available here.