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Research And Development Outsourcing Services Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Research And Development Outsourcing Services
How Large Will the Research And Development Outsourcing Services Market Size By 2025?
Significant growth has been observed in the research and development outsourcing services market size over the past few years. It is projected to expand from $8.89 billion in 2024 to $9.64 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.4%. Various factors contributing to this growth in the historical period include the rising complexity of R&D activities, the emerging need for cost optimization, heightened competition in the market, increasing demand for specialized expertise, and the requirement for a quicker time-to-market.
How Big Is the Research And Development Outsourcing Services Market Size Expected to Grow by 2029?
The market size of research and development outsourcing services is forecasted to experience significant expansion in the upcoming years, escalating to $13.95 billion by 2029 with a compound annual growth rate (CAGR) of 9.7%. The surge during the projected period can be linked to factors such as the growing embrace of cloud-based services, rising need for bespoke R&D services, escalating demand for R&D services in budding economies, and a strategic focus on principal abilities by outsourcing secondary R&D functions. Significant trends projected to influence the market include the incorporation of artificial intelligence and machine learning, broadening of outsourcing services beyond the conventional industries, augmented utilization of data analytics for research insights, an increase in demand for comprehensive R&D outsourcing solutions, and collaborations between minor and major enterprises.
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Which Key Market Drivers Powering Research And Development Outsourcing Services Market Expansion and Growth?
Expansion in access to worldwide talent outsourcing service is projected to fuel the growth of the research and development outsourcing services market. Companies are sourcing talent globally to satisfy their needs and expectations. The inclusion of global talent amplifies the variety and range of experience amongst existing staff, thereby enhancing organisational agility. This enables interaction with employees from various cultures through an international talent pool. The 2022 Global Software Outsourcing Trends and Rates Guide report by Accelerance, an advisor for outsourcing who offers software development resources, reveals that 64% of firms delegate their application development to other businesses, seeking advanced proficiency from external associates such as IT outsourcing companies. Hence, the growing access to global outsourcing services is anticipated to stimulate the research and development outsourcing services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Research And Development Outsourcing Services Market?
A significant trend emerging in the research and development outsourcing market is the formation of partnerships and collaborations. To further their advancements in this market, major technology providers are joining forces with various companies. Take for example, in January 2022, the U.S.-based pharmaceutical firm, Eli Lilly and Company, entered into a partnership with Germany's drug discovery and development corporation, Evotec SE, for the discovery of metabolic disease drugs. This collaboration will leverage Evotec's extensive knowledge and successful history in the field of metabolic diseases, as well as its large and comprehensive patient database for kidney disease. Evotec will assume the responsibility of finding potential drug candidates for treating diabetes and chronic kidney diseases, using targets either identified by Lilly or Evotec itself.
What Are the Emerging Segments in the Research And Development Outsourcing Services Market?
The research and development outsourcing services market covered in this report is segmented -
1) By Type: On Shore, Off Shore
2) By Size: Small And Medium Enterprises, Large Enterprises
3) By End User: Automotive, Consumer Electronics, Telecommunications, Semiconductor, Aerospace, Healthcare, Construction
Subsegments:
1) By On Shore: Domestic R&D Services, Localized R&D Partnerships, In-House R&D Teams
2) By Off Shore: International R&D Services, Remote R&D Partnerships, Outsourced R&D Teams In Foreign Locations
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Who Are the Global Leaders in the Research And Development Outsourcing Services Market?
Major companies operating in the research and development outsourcing services market include Cyient Limited, GlobalLogic Inc., HCL Technologies Ltd., Tech Mahindra Ltd., Mindtree Ltd., accen*ture plc, Altair Engineering Inc., Capgemini Service SAS, Cisco Systems Inc., DXC Technology Company, Hitachi Ltd., Kistler Holding AG, KPIT Technologies Ltd., QuEST Global Services Pte. Ltd., Sonata Software Ltd., Tata Consultancy Services Ltd., Wipro Ltd., Aricent Inc., Cognizant Technology Solutions Corp., EPAM Systems Inc., Luxoft Holding Inc., Synechron Inc., WNS Global Services Pvt. Ltd., Infosys BPM Ltd., Aspire Systems Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Beyondsoft Corporation, Blue Star Infotech Ltd., Asahi Kasei Corporation, L&T Technology Services Limited
Which are the Top Profitable Regional Markets for the Research And Development Outsourcing Services Industry?
North America was the largest region in the research and development outsourcing services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the research and development outsourcing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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