WASHINGTON, Nov. 14, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Engineering Services Outsourcing Market is estimated to be valued at USD 7971 Billion by 2030 at an exponential growth of 22.5% in the next seven years.
Globalization of R&D operations, increasing use of industry 4.0 technologies, growing requirements for short product lifecycles, and low operation costs are the crucial factors driving the Engineering Services Outsourcing market growth.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players,
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets,
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments,
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation,
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players,
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The growth of the ESO industry and the rising adoption of outsourcing in engineering services can largely be attributed to the shrinking lifecycles of products. Many business solutions and services are now only available for a limited period, leading to the need for resubscription or repurchasing. For example, when a consumer’s contract expires, they may be required to upgrade and modify their IT infrastructure system. Similarly, automobile manufacturers may require new engines for their upcoming vehicles, leading to the continuous need for technical upgrades.
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Factors Affecting the Growth of the Engineering Services Outsourcing Industry
- Many of the engineering sector companies are expanding their presence by expanding R&D operations to different countries; as a result, there is a significant rise in outsourcing such services to reduce operational costs.
- Due to technological advancement and rising competition, companies are in continuous efforts to develop and improve products and services. Some of them need more in-house expertise to do so, driving the demand for the ESO industry.
- Companies are continuously looking for timely completion of projects with up-to-the-mark quality, and low-cost ESO companies are helping the engineering industry with both.
- ESO providers are increasingly adopting various digital technologies like the Internet of Things (IoT), which are shaping the engineering industry and driving the Engineering Services Outsourcing Industry.
- By Service, the Designing segment is anticipated to dominate the industry with the largest market share.
- By Location, the On-shore segment dominated the market with the largest share of 58.0% in 2022 as it improves timely product delivery and quality.
- The market was ruled by North America in 2022 with a revenue share of 42%.
- The Asia Pacific region is expected to witness maximum market growth during the forecast period.
- Increasing use of industry 4.0 technologies is the most crucial trend in the Engineering Services Outsourcing Market. The 4.0 technologies, such as Artificial Intelligence (AI) and Machine learning (ML), revolve around the engineering industry. By adapting these new techniques, ESO companies are gaining consumer traction by offering the best services.
- As engineering projects become more complex with time, companies are outsourcing services requiring high skills and expertise, driving another noteworthy trend.
- Companies nowadays focus on their core experiences and want to provide better and more innovative products; therefore, there is a rise in a shift towards outsourcing nontraditional engineering tasks.
Prominent Players in The Global Engineering Services Outsourcing Market Report Scope:
- AKKA Technologies (Belgium)
- Alten Group (France)
- Capgemini Engineering (France)
- Entelect Engineering (South Africa)
- HCL Technologies Limited (India)
- Infosys Limited (India)
- Tata Elxsi (India)
- Tata Consultancy Services Limited (India)
- Tech Mahindra Limited (India)
- Wipro Limited (India)
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Key Strategies in the Engineering Services Outsourcing Market
- Increase global presence by expanding services to different regions to improve the quality of the services.
- Keep updated with industry tools and the latest technologies to gain a competitive edge.
- Keep a client-centric approach by upgrading services, customization according to their needs, and regular feedback.
- Companies should have specific engineering expertise and niche and unique services to serve client needs.
- Collaborations and partnerships with other service providers, industry giants, and other players in the industry ecosystem to improve service offerings and broader market reach
Recent Development of the Global Engineering Services Outsourcing Market
- In April 2023, Marks and Spencer PLC (M&S) and Tata Consultancy Services (TCS) have extended their partnership in order to modify M&S’s fundamental technology stack, boost resilience and speed of innovation, and foster sustainable growth. The modernization program will improve M&S’s speed to market, reduce its technology debt, and increase the efficacy and efficiency of its operating model. The shift to a simple, agile, data-led organization will accelerate M&S’s strategic goals of improving customer experience, accelerating online growth, leading in oBnichannel and sustainability, updating its supply chain, and expanding its global reach.
- In February 2023, Tech Mahindra and the Saudi Arabian Ministry of Communication and Information Technology (MCIT) have inked a Memorandum of Understanding (MoU) to construct a Data & AI and a Cloud Center of Excellence (CoE) in Riyadh. Tech Mahindra is a prominent supplier of business re-engineering, consulting, and digital transformation services and solutions. The CoE will integrate socioeconomic and academic goals to support small and medium-sized enterprises, increase the country’s ability to produce high-tech skills and generate high-caliber employment.
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- System Integration
- Other Services
- Consumer Electronics
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights From Segments
- Among the segmentation Service, the Designing segment is anticipated to dominate the industry with the largest market share in the forecast period of 2023-2030.
- By Outsourcing Design, the company saves operational time and money as it does not require to invest money and time in hiring a design team.
- As design complexity is rising with outsourcing design needs, companies have found it easy to improve their delivery time and quality.
- An On-shore market segment accounted for a maximum market share of 58.0% in 2022.
- On-shore outsourcing helps to improve timely product delivery with up-to-the-mark quality as it improves communication and language difficulties.
- Based on Application, the industrial market segment dominated the Engineering Services Outsourcing market, which is anticipated to continue during the forecast period.
- The high demand for cost-effective engineering solutions and expertise in implementing complex industrial projects is responsible for its rapid rise.
Browse market data Tables and Figures spread through 210 Pages and in-depth TOC on Engineering Services Outsourcing Market Forecast Report (2023-2030).
- North America held a significant market share in 2022 of 42% and is likely to be the most gainful market.
- The region has continuous requirements for technological innovations, and its supportive government policies are responsible for its growth.
Scope of the Report:
|Market Size in 2022||USD 1571.9 Billion|
|Revenue Forecast by 2030||USD 7971 Billion|
|CAGR||22.5% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||AKKA Technologies, Alten Group, Capgemini Engineering, Entelect Engineering, HCL Technologies Limited, Infosys Limited, Tata Elxsi, Tata Consultancy Services Limited, Tech Mahindra Limited, Wipro Limited|
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