Engineering Services Outsourcing Market Future Trends, Business Demand and Growth Forecast 2029

Engineering Services Outsourcing Market size is expected to grow at 22.5% throughout the forecast period, reaching nearly USD 423.33 Bn. by 2029.

Engineering Services Outsourcing Market Report Scope and Research Methodology

Report Scope:

This comprehensive report examines the global Engineering Services Outsourcing market, delving into market dynamics, research methodology, drivers, restraints, and regional insights.

Research Methodology:

Our research methodology encompasses a meticulous analysis of market dynamics, incorporating the impact of COVID-19 lockdowns on market leaders, followers, and disrupters. The report explores how varying lockdown measures across regions have affected the industry and segments, providing decision-makers with valuable insights for short-term and long-term strategic planning.

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What are Engineering Services Outsourcing Market Dynamics?

Market Drivers:

The growth of the ESO market is driven by several key factors, including substantial cost savings resulting from lower labor wages. The continuous pursuit of cost reduction and a growing demand for the rapid delivery of products and services contribute to the market's expansion. The heightened global competition has heightened the need for cost reduction across various industries. Additionally, the trend of outsourcing engineering services is on the rise, especially in offshore locations like India, supporting cost-cutting initiatives. Factors such as improved efficiency and process enhancements are further fueling market growth. However, challenges exist, including a lack of domain expertise among workers or companies, insufficient infrastructure development, and limited regulatory support.

Engineering Services Outsourcing Market Segmentation?

by Application

Aerospace
Automotive
Construction
Consumer Electronics
Semiconductors
Pharmaceuticals
Telecom
Others

Application: The telecom ESO segment is expected to witness significant growth in the forecast period. The consumer electronics ESO segment is poised for rapid growth, with a CAGR exceeding 30%. These changes are primarily driven by the concept of convergence.

by Location

Offshore
Onshore

Location: Offshore outsourcing dominates the market, with a larger revenue share in 2022 compared to onshore outsourcing. The availability of skilled and cost-effective labor in offshore destinations makes them attractive choices for outsourcing.

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Who are Engineering Services Outsourcing Market Key Players?

1. Infosys Limited
2. Mindfire Solutions
3. Sonata Software Limited
4. Tata Consultancy Services Limited
5. EPAM Systems Inc.
6. KPricent Inc.
8. ALTEN Calsoft Labs
9. RLE International, Inc.,
10. Altair Engineering, Inc.
11. PM Group
12. Fareva
13. Deaton Engineering, Inc.
14. Aricent Group
15. Cybage Software Pvt. Ltd.
16. EPAM Systems, Inc.
17. GlobalLogic
18. Cyient
19. Pactera Technology International LtIT Technologies Ltd.

Table of content for the Engineering Services Outsourcing Market includes:

Part 01: Executive Summary

Part 02: Scope of the Engineering Services Outsourcing Market Report

Part 03: Global Engineering Services Outsourcing Market Landscape

Part 04: Global Engineering Services Outsourcing Market Sizing

Part 05: Global Engineering Services Outsourcing Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

The Asia Pacific region led the global ESO market in 2022, with a significant share of total revenue. The growth in this region is attributed to the increasing demand for local outsourcing, a strong manufacturing base, and cost advantages in developing countries such as China and India.

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This release was published on openPR.