Engineering Services Outsourcing (ESO) Market Latest, Volume and Value 2022-2030 | CAGR of 21.0%

New York , United States- Report Ocean published the latest research report on the Engineering Services Outsourcing (ESO) market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Engineering Services Outsourcing (ESO) market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The global engineering services outsourcing (ESO) market size was estimated to be at 402.4 billion in 2018 and is anticipated to grow at a CAGR of 21.0% from 2019 to 2026 according to a new report published by Report Ocean.

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The report "Engineering Services Outsourcing Market Size, Share, Trends & Industry Analysis Report By Location Outlook (Onsite, Offshore);

By Application Outlook (Automotive, Energy, Network & Communications, Industrial Automation, Medical Technology, Industrial Electronics and Automated Embedded Engineering Services, Consumer Electronics, Semiconductors, Construction, Aerospace);

By Regions; Segment Forecast, 2019 - 2026" provides insights on the current market scenario and the future trends in this market.

The major factors which are driving this market is the access to low cost highly skilled resources which can work towards complex tasks of not only designing and testing but also on validation, simulation and execution. Companies are moving from business process outsourcing to knowledge process outsourcing and major industry verticals such as automotive, consumer electronics, semiconductors, aerospace and telecom are providing huge opportunities to the consulting companies.

The traction of offshore outsourcing can be seen owing to the low cost and added capabilities from the service providers. There are pureplay ESO 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 ESO services to expand 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 engineering services outsourcing market has been evolved from outsourcing of simple low-cost engineering services to capacity augmentation. These days companies are focusing more on reduced timelines, increased productivity and quality of outsourcing services. Countries such as India, China are the biggest market for ESO providers. Growing number of engineering professionals every year coupled with low cost of service have pushed the market for ESO in this region.

Companies in North America and Europe are considered to spend more on these services however, Asia Pacific is the largest market for the ESO service providers. Countries such as India and China have pushed the market for ESO and are estimated to continue the trend over the forecast period. ESO applications in the automotive, telecom, consumer electronics and aerospace segments is considered to have large market share in 2018.

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.

In 2020, the COVID-19 epidemic had a negative impact on ICT investment. The traditional hardware market took a hit as a result of the COVID-19 outbreak. On the other hand, traditional software is a huge contributor to productivity and is a big benefactor of ICT spending. Cloud computing and mobile devices are emerging as new platforms for delivering the most up-to-date software tools and applications.

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Major players which are profiled in the study include 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, among others.

Report Ocean has segmented the global engineering services outsourcing market on the basis of Application, Location and Region:

ESO Application Outlook (Revenue, USD Million, 2015 - 2026)

Automotive

Designing

Prototyping

System Integration

Testing

Energy

R&D and Designing

Setup (Structuring and Layout)

Implementation

Network & Communications

Network Design Services

GIS Integration & Geospatial Data Analytics

Network Inventory Management

Industrial Automation

Product Development

Process Automation

Factory Automation

Supply Chain Management

Medical Technology

Product Lifecycle Management

Remote Monitoring and Diagnostics

Unique Device Identification

Industrial Electronics and Automated Embedded Engineering Services

Product Engineering Designing

Development of Prototypes

Production Support

Consumer Electronics

Semiconductors

Construction

Aerospace

ESO Location Outlook (Revenue, USD Million, 2015 - 2026)

Off-Shore

On-Shore

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ESO Regional Outlook (Revenue, USD Million, 2015 - 2026)

North America

U.S.

Canada

Europe

Germany

France

UK

Asia Pacific

China

India

Japan

South America

Brazil

Mexico

Middle East & Africa

What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.