The global engineering services outsourcing market size is expected to reach USD 5.50 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 22.9% from 2021 to 2028. The globalization of Research and Development (R&D), easy availability of low-cost labor and skilled professionals, and increasing adoption of information technology and smart technologies in various end-use industries are some of the factors that are expected to drive the growth of the market for engineering services outsourcing (ESO) over the forecast period.
The
market has been evolving continuously in line with the advances in sensing,
connected computing, artificial intelligence, and the internet of
things (IoT), among other technologies. The intensifying competition to
provide state-of-the-art solutions is prompting service providers to invest
aggressively in R&D. Key ESO players are also putting a strong emphasis on
Mergers and Acquisitions (M&A) and strengthening the existing tie-ups with
their clients to tap new business opportunities. For instance, in November
2020, Tata Consultancy Services Limited, global IT services, and business
solutions provider based in India announced an agreement to acquire 100% of the
shares of Postbank Systems AG, one of the prominent IT service providers based
in Germany, from Deutsche Bank AG. Tata Consultancy Services Limited already
happens to be Deutsche Bank AG’s trusted IT service partner and the acquisition
would deepen the partnership further while allowing the company to strengthen
its operations in Germany.
The
outbreak of the COVID-19 pandemic and the subsequent lockdowns implemented in
various countries across the world at the beginning of 2020 to arrest the
spread of the disease had a varying impact on the ESO market depending on the
end-use industry. For instance, industries and industry verticals, such as
automotive, and aerospace, among others, were adversely affected owing to the
temporary shutdown of industrial facilities, production units, public
transportation, and logistics operations. On the contrary, the pharmaceutical
and healthcare industry was relatively unaffected as healthcare companies
focused on the development of advanced personal protective equipment (PPE)
and testing kits, while pharmaceutical companies embarked upon the development
of COVID-19 vaccines.
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Engineering
Services Outsourcing Market Report Highlights
- The designing
segment is anticipated to register the highest CAGR of around 25.0% over
the forecast period
- The
industrial segment accounted for the largest revenue share in 2020 and is
anticipated to continue dominating the market over the forecast period
- The Asia
Pacific ESO market is expected to account for the largest revenue share of
over 40.0% in 2020 owing to the easy availability of relatively low-cost
and skilled resources in countries, such as India, China, the Philippines,
and other East Asian countries
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Engineering
Services Outsourcing Market Segmentation
Grand View Research has
segmented the global engineering services outsourcing market based on services,
location, application, and region:
Engineering
Services Outsourcing Services Outlook (Revenue, USD Billion, 2016 - 2028)
- Designing
- Prototyping
- System Integration
- Testing
- Others
Engineering
Services Outsourcing Location Outlook (Revenue, USD Billion, 2016 - 2028)
- Onshore
- Offshore
Engineering
Services Outsourcing Application Outlook (Revenue, USD Billion, 2016 - 2028)
- Aerospace
- Automotive
- Industrial
- Consumer Electronics
- Semiconductors
- Healthcare
- Telecom
- Others
Engineering
Services Outsourcing Region Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- South America
- Brazil
- Middle East & Africa
List of Key
Players of Engineering Services Outsourcing Market
- Infosys Limited
- Tata Consultancy Services Limited
- ALTEN Group
- Altair Engineering, Inc.
- Boston Engineering Corporation
- Altran
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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