Press release
Engineering R&D Services Outsourcing Market to show significant growth| Key Players: Wipro Limited, Tata Consultancy Services Limited, Infosys Ltd, IAV Gmbh, P+Z Engineering GmbH
The worldwide market size for engineering R&D (ER&D) services outsourcing was estimated to be at more than USD 100 billion in 2017 and is expected to grow at a CAGR of 26% during the forecast period.
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Top Key Player:-
- HCL Technologies Limited
- IAV GmbH
- P+Z Engineering GmbH
- Tata Consulting Services Limited
- Wipro Limited
- EDAG Engineering GmbH
- ASAP Holdings GmbH
- FEV Group
- Cybage software
- Kistler Instruments AG
- Infosys Ltd.
The traction of offshore outsourcing can be seen owing to the low cost and added capabilities from the service providers. There are dedicated ER&D service providers which are not only providing basic services but also, they are jointly investing with the companies to expand their businesses in growing markets and geographies. Companies are also focusing on expanding their market reach along with faster turnaround times from these providers. These are some of the major advantages for the companies to outsource their services.
The market for ER&D services has evolved from outsourcing of simple low-cost engineering services to capacity augmentation. At present companies are focusing more on reduced timelines, increased productivity and quality of outsourcing services. Countries such as India, China are among the biggest markets for ER&D service providers. Growing number of engineering professionals every year coupled with low cost of service have pushed the market for ER&D Outsourcing in this region.
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Snapshot – Table Of Content
1. Overview and Scope
2. Executive Summary
3. Engineering R&D services outsourcing Market Insights
4. Engineering R&D services outsourcing Market Size and Forecast by Location, 2017-2025
5. Engineering R&D services outsourcing Market Size and Forecast by Application, 2017-2025
6. Engineering R&D Services Outsourcing: Insourcing vs Outsourcing
7. Engineering services outsourcing Market Size and Forecast by Regions, 2017-2025
8. Company Profiles.
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Companies in North America and Europe are considered to spend more on these services however, Asia Pacific is the largest market for the ER&D service providers. Countries such as India and China have pushed the market for ER&D and are estimated to continue the trend over the forecast period. Applications in the automotive, telecom, consumer electronics and aerospace segments is considered to have large market share in 2017. There has been an increase in adoption in the offshore services as compared to onsite service due to low costs and highly skilled professionals on the offshore locations.
The offshore outsourcing type would grow at a higher rate during the forecast period as compared to its counterpart. The major restrains this market is facing is the intellectual property theft specifically during the offshore outsourcing. This is the major problem faced by many companies, which eventually generates a loss for these companies. However due to strict laws and changing regulations, this challenge is expected to overcome during the forecast period.
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