Engineering Services Outsourcing Industry Overview
The global engineering services outsourcing market size was estimated at USD 1.3 trillion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 24.6% from 2022 to 2030. The growing alliance between Engineering Service Providers (ESP) and Original Equipment Manufacturers (OEM) is predicted to be one of the direct factors propelled by the increase in the acceptance of engineering services outsourcing (ESO). The global R&D developments, the rising demand for incorporating the most delinquent technologies in the product offerings, and the increasing need to trim the product lifecycles, and trim costs are also anticipated to contribute to the market growth. The ESO market has constantly been growing in line with the substantial passion for the customers to outsource different services as part of the measures to cut costs.
The ESO model has also been developed subsequently to deliver smart solutions to customers. The ESO industry has noticed a paradigm transformation from core-engineering services to embedded engineering solutions, combining automation, analytics, and the internet of things (IoT), among others. Furthermore, technological advancements have opened the way for Platform-as-a-Service (PaaS) plans with combined IT solutions.
Gather more insights about the market drivers, restraints, and growth of the Global Engineering Services Outsourcing Market
The global R&D activities have made the major ESO industry players include global systems of delivery in their business strategies. The market has witnessed a remarkable shift in engineering service requirements from mechanical and non-core needs to center competencies in place markets. The change in approach toward product lifecycle development focuses on the position of ESPs in the OEMs’ supply chains.
As the ESO delivers and continues to evolve, ESPs are making service delivery standards, which combine much more comprehensive engagement portfolios and a licensing framework that encourages innovation and accelerates both bottom-line and top-line growth. Furthermore, the rapid digitalization among various industries to increase their productivity is also impacting the market growth significantly.
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PaaS Market - The global PaaS market size was valued at USD 60.12 billion in 2021 and is anticipated to register a compound annual growth rate (CAGR) of 19.3% from 2022 to 2028.
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Engineering Services Outsourcing Industry Segmentation
Grand View Research has segmented the automotive engineering services outsourcing market based on services, location, application, and region:
Engineering Services Outsourcing Services Outlook (Revenue, USD Billion, 2018 - 2030)
- Designing
- Prototyping
- System Integration
- Testing
- Others
Engineering Services Outsourcing Location Outlook (Revenue, USD Billion, 2018 - 2030)
- Onshore
- Offshore
Engineering Services Outsourcing Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Aerospace
- Automotive
- Industrial
- Consumer Electronics
- Semiconductors
- Healthcare
- Telecom
- Others
Engineering Services Outsourcing Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA (Middle East & Africa)
Market Share Insights:
April 2022: The Kansas Department of Labor, a state agency for economic growth, chose Tata Consultancy Services Limited, an enterprise solutions provider, to build and run an advanced unemployment insurance system.
August 2021: Symphony Health and PRA Health Sciences' data solutions division extended its data assistance across the globe by striking a pact with international sales audits and medical prescription providers.
Key Companies profiled:
Some prominent players in the global Engineering Services Outsourcing Industry include
- AKKA
- Alten Group
- Capgemini Engineering
- Entelect
- HCL Technologies Limited
- Infosys Limited
- Tata Elxsi
- Tata Consultancy Services Limited.
- Tech Mahindra Limited
- Wipro Limited
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