Press release
Engineering Research And Development (ER&D) Outsourcing Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Engineering Research And Development (ER&D) Outsourcing
The Business Research Company offers in-depth market insights through Engineering Research And Development (ER&D) Outsourcing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The engineering research and development (ER&D) outsourcing market size has grown exponentially in recent years. It will grow from $433.91 billion in 2023 to $537.67 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to need for niche skills and expertise, increase in globalization, emergence of startups, rise of multi-national corporations, shifts in global economic conditions.
The engineering research and development (ER&D) outsourcing market size is expected to see exponential growth in the next few years. It will grow to $1288.8 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to global talent shortages, increased regulatory complexity, need for flexibility, growing emphasis on sustainability, increased adoption of 5G. Major trends in the forecast period include artificial intelligence (AI) and machine learning (ML) integration, proliferation of IoT technologies, augmented reality (AR) and virtual reality (VR) implementation, remote collaboration tools.
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Market Segmentation:
The engineering research and development (ER&D) outsourcing market covered in this report is segmented -
1) By Type: Mechanic, Embedded IT, Software
2) By Location: Onsite, Offshore
3) By End User: Automotive, Consumer Electronics, Telecom, Heavy Machinery, Semiconductor, Computing System, Aerospace, Energy, Medical Devices, Other End Users
Major Driver - The Surge In Outsourcing Demand Propelling Growth In The Engineering Research And Development (ER&D) Outsourcing Market
Rising outsourcing demand is expected to propel the growth of the engineering research and development (ER&D) outsourcing market going forward. Outsourcing refers to the process of contracting out the research project to a development company that specializes in cutting-edge technology and employs knowledgeable engineers, skilled at creating profitable outsourcing partnerships. Outsourcing engineering services allow businesses to reduce work cost and reduce the costs associated with extra office space, labor, infrastructure, and operations. For instance, according to NASSCOM, an India-based National Association of Software and Service Companies, it is estimated that the global spending on engineering R&D (ER&D) to cross the $1.5 trillion mark by 2025-2026, of which $200 billion will be in the form of outsourced services. Therefore, the increase in rising outsourcing demand is driving the growth of the engineering research and development (ER&D) outsourcing market.
Competitive Landscape:
Major companies operating in the engineering research and development (ER&D) outsourcing market report are International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Harman International Industries, Wipro LTD., Tech Mahindra Limited, EPAM Systems lnc., Alten Group, HCL Technologies Limited, Altran Technologies SA, Horiba Ltd., Akka Technologies Group, Mindtree Limited, Bertrandt AG, L&T Technology Services Limited, GlobalLogic Inc., IAV Gmbh, Cyient Limited, Tata Technologies Limited, Assystem, Kistler Group, KPIT Technologies Limited, FEV Europe GmbH, Infosys Limited, Vikram Solar Pvt. Ltd., QuEST Global Services Pte. Ltd., Luxoft lnc., Wabtec Corporation, Siemens AG, Robert Bosch GmbH, ABB Ltd., Honeywell International Inc., NEC Corporation
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Top Trend - Facility Expansion Trends In Engineering Research And Development Outsourcing
Major companies in this market are focusing on expanding their facilities to drive the development of the mining sector and meet market demand. A facility expansion refers to the process of increasing the capacity or capabilities of an existing facility. For instance, in May 2023, Applied Materials Inc., a US-based provider of engineering solutions, announced a facility expansion for collaborative research and development (R&D) in semiconductor process technology and manufacturing equipment. The extensive facility, with a multibillion-dollar investment, is strategically crafted to offer a unique combination of capabilities within the industry. It boasts over 180,000 square feet of cutting-edge cleanroom space-equivalent to more than three American football fields-dedicated to collaborative innovation with chipmakers, universities, and ecosystem partners. Purpose-built to expedite the introduction of new manufacturing advancements, the EPIC Center is anticipated to significantly shorten the industry's timeline for transitioning technologies from concept to commercialization, thereby enhancing the success rate of new innovations and maximizing the return on R&D investments across the semiconductor ecosystem.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Engineering Research And Development (ER&D) Outsourcing Market Characteristics
3. Engineering Research And Development (ER&D) Outsourcing Market Trends And Strategies
4. Engineering Research And Development (ER&D) Outsourcing Market - Macro Economic Scenario
5. Engineering Research And Development (ER&D) Outsourcing Market Size And Growth
…..
27. Engineering Research And Development (ER&D) Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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