According to the new market research report by IMARC Group, The global engineering services outsourcing market size reached US$ 1,030 Billion in 2021. Looking forward, expected the market to reach US$ 2,793 Billion by 2027, exhibiting a CAGR of 18.8% during 2022-2027.
What is Engineering Services Outsourcing Market ?
Engineering services outsourcing (ESO) is the process of outsourcing non-physical engineering functions, such as designing, prototyping, system integration, and testing, from an external source. These services are required at the early stages of product designing and development processes. ESO services assist companies to continuously upgrade the product and develop new products to stay competitive. For instance, in the network and communication sector, ESO is used for hiring network design services, geospatial data analytics, and inventory management. Apart from this, it is also utilized for diverse applications, including industrial automation, supply chain, product cycle management, and remote monitoring devices.
Engineering Services Outsourcing Market Trends
The emergence of Industry 4.0, along with the increasing penetration of industrial automation trends is augmenting the demand for an integrated solution to analyze and design engineering systems. Furthermore, increasing utilization of advanced tools and systems to gain competitive advantages by enhancing visual, architectural, graphical, and industrial designs is also driving the demand for EOS. Moreover, the growing digitization has pushed OEMs towards the integration of smart manufacturing systems, robotics, and AI-based solutions, which is also creating numerous growth opportunities for the EOS market.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Engineering Services Outsourcing Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being Accenture Plc, Altair Engineering Inc., ALTEN, Cybage Software Pvt. Ltd., EPAM Systems Inc., HCL Technologies Limited, Infosys Ltd., QuEST Global Services Pte. Ltd., Sonata Software Limited, Tata Consultancy Services Limited, Tech Mahindra Limited (Mahindra Group) and Wipro Limited.
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The report has segmented the market on the basis of Service, Location, Application and Region.
Market Breakup by Service:
Designing
Prototyping
System Integration
Testing
Others
Market Breakup by Location:
Onshore
Offshore
Market Breakup by Application:
Aerospace
Automotive
Construction
Consumer Electronics
Semiconductors
Pharmaceuticals
Telecom
Others
Market Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
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