Press release
Engineering Services Outsourcing (ESO) Market Size to Grow at a CAGR of 30.1% in the Forecast Period of 2024-2032
Engineering Services Outsourcing, often referred to as ESO, encompasses the practice where businesses delegate engineering tasks ranging from design and prototyping to testing, production, and aftermarket services to external specialised firms or service providers. This strategy enables companies to remain competitive by tapping into a pool of expertise, thereby ensuring innovation and quality while also achieving significant cost savings.
As per the engineering services outsourcing (OSO) market analysis, the contemporary business landscape has seen a monumental shift towards ESO. As industries strive for efficiency, agility, and enhanced innovation capacities, they are realising the tremendous advantages that come with outsourcing engineering tasks. It allows them to focus on core business processes and strategic areas, while the outsourced teams, often with domain-specific skills, manage the specialised engineering tasks.
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One of the primary drivers for the engineering services outsourcing (OSO) market growth has been the rapid technological advancements across sectors. As technologies evolve, the need for specialised knowledge in fields such as artificial intelligence, machine learning, IoT, and robotics becomes paramount. Here, ESO firms, with their expertise and resources, fill the gap, aiding businesses to keep pace with innovations without heavy investments in in-house training and resources.
Moreover, as businesses expand globally, managing large-scale operations while ensuring consistent quality becomes a challenge. ESO offers a solution, providing companies with standardised services, regardless of geographical boundaries, further propelling the engineering services outsourcing (OSO) market demand. The consistent quality across global operations delivered by ESO partners ensures that products and services adhere to international standards.
Furthermore, industries such as automotive, aerospace, and telecom have shown a heightened inclination towards ESO, largely due to the intricate nature of engineering tasks in these sectors. The demand for state-of-the-art designs, coupled with sustainability measures, has propelled companies to seek out ESO partners with cutting-edge tools and advanced expertise, which also increases the overall value of the engineering services outsourcing (OSO) market size.
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Market Segmentation
The market can be divided based on application, location type, and region.
Market Breakup by Application
• Aerospace
• Automotive
• Designing
• Prototyping
• System Integration
• Testing
• Construction
• Consumer Electronics
• Semiconductors
• Pharmaceuticals
• Telecom
• Others
Market Breakup by Location Type
• Onshore
• Offshore
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global engineering services outsourcing (ESO) market. Some of the major players explored in the report by Expert Market Research are as follows:
• Alten S.A
• Altair Engineering Inc.
• Capgemini SE
• ASAP Holding GmbH
• AVL List GmbH
• International Business Machines Corporation
• Others
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