The global engineering services outsourcing market size is anticipated to reach USD 2.47 trillion by the end of 2027, according to a new report by Million Insights. The market is projected to register a CAGR of 29.2% over the forecast duration. Factors such as globalization of research and development activities are increasing the application of IT in different industries attributing to the growth of the market.
There has been significant growth in engineering services outsourcing in the last few years as service providers offered solutions required at each stage of the product development lifecycle. With the emergence of innovative technologies, market players are emphasizing on using technologies such as automation, big data analytics and cloud computing, thereby enhancing their product offering.
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The emergence of innovative technologies such as digital reality augmented reality, IoT, virtual reality and others has helped businesses in maintaining operational efficiency. These technologies have helped in modernizing core service for OEMs and thus, increased the ESO potential.
Asia Pacific was the leading region in 2019 and the region is projected to continue its domination over the forecast duration. Easy and cost-effective availability of skilled workforce in countries such as India and China is attributing to the regional growth. While Latin America is anticipated to witness the highest CAGR of more than 30% over the forecast duration, primarily because of rapid infrastructural development in the region.
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Further key findings from the report suggest:
• In 2019, the automotive segment accounted for the highest CAGR of more than 20% over the forecast duration.
• The designing category is likely to grow at a CAGR of 31.3% over the forecast duration owing to increasing demand for latest technologies for product designing.
• Asia Pacific accounted for the largest share in the market and the region is expected to continue its domination over the forecast period.
• Leading players involved in the engineering services outsourcing market are Infosys Limited, Tata Consultancy Services Limited, Alten GmbH, Altran Technologies, Wipro Limited, Tech Mahindra and others.
Million Insights has segmented the global engineering services outsourcing market on the basis of services, location, application, and region:
ESO Services Outlook (Revenue, USD Billion, 2016 – 2027)
• Designing
• Prototyping
• System Integration
• Testing
• Others
ESO Location Outlook (Revenue, USD Billion, 2016 – 2027)
• Onshore
• Offshore
ESO Application Outlook (Revenue, USD Billion, 2016 – 2027)
• Aerospace
• Automotive
• Construction
• Consumer Electronics
• Semiconductors
• Pharmaceuticals
• Telecom
• Others
ESO Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa
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