Press release
Engineering Services Outsourcing Market Surpasses Expectations, Projected to Reach USD 6335 Billion by 2033
MARKET OVERVIEW:The global engineering services outsourcing market is poised for significant growth, with the market size reaching USD 1,668.9 billion in 2024. It is projected to grow at a robust CAGR of 15.18% to reach USD 6,335.0 billion by 2033. Key drivers of this expansion include the growing demand for cost-effective engineering solutions, the adoption of automation tools, and the rising need for efficient design and testing services across sectors such as aerospace, automotive, and pharmaceuticals.
STUDY ASSUMPTION YEARS:
• BASE YEAR: 2024
• HISTORICAL YEAR: 2019-2024
• FORECAST YEAR: 2025-2033
ENGINEERING SERVICES OUTSOURCING MARKET KEY TAKEAWAYS:
• The ESO market is valued at USD 1,668.9 billion in 2024 and is expected to reach USD 6,335.0 billion by 2033, growing at a CAGR of 15.18%.
• The increasing adoption of automation tools is significantly driving market expansion.
• Testing services are the dominant segment due to their role in optimizing product designs.
• Onshore services capture the largest market share, as companies prioritize local expertise.
• Demand for ESO is rising across industries such as aerospace, automotive, and telecom, thanks to cost reduction and enhanced productivity.
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MARKET GROWTH FACTORS:
Technological Advancements and Automation Tools:
The fast-growing application of automation tools in engineering services is bringing about changes in the industry. These tools help with higher efficiency, less human error, and make product development life cycles significantly shorter. While trying to maintain competitiveness, companies' thrust for these tools has been ever increasing, especially in the testing and prototyping phases of product development. Decisions to automate gear companies toward focusing on their core activities while reducing operational costs, thereby increasing general ESO market growth.
Rising Demand for Integrated Engineering Solutions:
Industries are steadily moving toward integrated solutions that collide design, engineering, and analytics to optimize product development. In industries such as aerospace, automotive, and consumer electronics, this observable movement is profound. Integrated solutions give optimal workflow, product quality service, and time-to-market roads. Therefore, this rising system integration and end-to-end engineering service demand are forcing firms to go for outsourced engineering services globally.
Market Expansion in Emerging Sectors:
Emerging industries, especially in pharmaceuticals and marine services, create lucrative growth engine avenues for the ESO businesses. In the marine industry, organizations are contracting out engineering services to offset risks posed by vitability conditions and spatial limitations. Meanwhile, growing complexity of product designs in pharmaceuticals and telecommunications is adding to the demand for niche engineering services. They are adopting ESO to ease efficiencies, control costs, and scale better.
MARKET SEGMENTATION:
Breakup by Service:
• Designing: Creating initial blueprints and prototypes for new products or systems.
• Prototyping: Development of early models or releases to test concepts or processes.
• System Integration: Customizing engineering systems to meet specific needs of clients.
• Testing: Involves ensuring products meet quality and performance standards through rigorous evaluations.
• Others: Additional services related to engineering functions.
Breakup by Location:
• Onshore: Services provided locally within the home country of the client.
• Offshore: Services provided by teams located in foreign countries to lower costs.
Breakup by Application:
• Aerospace: Engineering services tailored for aircraft design and production.
• Automotive: Outsourced engineering solutions for vehicle design, development, and manufacturing.
• Construction: Engineering services related to infrastructure and construction projects.
• Consumer Electronics: Design and development of consumer electronics products.
• Semiconductors: Engineering for semiconductor production and design.
• Pharmaceuticals: Outsourced engineering services for drug development and manufacturing processes.
• Telecom: Engineering solutions for the telecommunications industry.
• Others: Services for additional industries not specified above.
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
REGIONAL INSIGHTS:
Asia Pacific is clearly a kingpin in the engineering services outsourcing (ESO) market and has a major share in the world's market. The region's low-cost engineering services, an adequate supply of skilled labor, and a robust manufacturing base in countries such as China and India, are the primary anchoring factors for this top position. The existence of a good base of well-established software outsourcing firms and a growing need for technology innovation also contribute to the very dominance of the region.
RECENT DEVELOPMENTS & NEWS:
Recent demand for automated tools and integrated engineering solutions drives growth in engineering services outsourcing, thereby creating a thriving market for the same. Increasing dependence on outsourcing testing and prototyping has become a cost-savvy and effective solution for companies. Moreover, various other industries are now embracing digital transformations via advanced systems integration and automation in their respective industries.
KEY PLAYERS:
• 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)
• Wipro Limited
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=2682&flag=C
IMARC Group
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Tel No:(D) +91 120 433 0800
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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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