Engineering Services Outsourcing (ESO) Market Size Projected to Reach US$ 2,793 Billion by 2027

The global engineering services outsourcing market size reached US$ 1,030 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,793 Billion by 2027, exhibiting a CAGR of 18.8% during 2022-2027.

Engineering services outsourcing (ESO) is the process of outsourcing non-physical engineering functions, such as designing, prototyping, system integration, and testing, from an external source. These services are required at the early stages of product designing and development processes.

ESO services assist companies to continuously upgrade the product and develop new products to stay competitive. For instance, in the network and communication sector, ESO is used for hiring network design services, geospatial data analytics, and inventory management. Apart from this, it is also utilized for diverse applications, including industrial automation, supply chain, product cycle management, and remote monitoring devices.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Engineering Services Outsourcing Market Trends

The emergence of Industry 4.0, along with the increasing penetration of industrial automation trends is augmenting the demand for an integrated solution to analyze and design engineering systems. Furthermore, increasing utilization of advanced tools and systems to gain competitive advantages by enhancing visual, architectural, graphical, and industrial designs is also driving the demand for EOS.

Moreover, the growing digitization has pushed OEMs towards the integration of smart manufacturing systems, robotics, and AI-based solutions, which is also creating numerous growth opportunities for the EOS market.

List of Major Key Players:

The major players in the market are Altair Engineering Inc., ALTEN, Cybage Software Pvt. Ltd., EPAM Systems Inc., HCL Technologies Limited, Infosys Ltd., QuEST Global Services Pte. Ltd., Sonata Software Limited, Tata Consultancy Services Limited, Tech Mahindra Limited (Mahindra Group) and Wipro Limited.

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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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