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The global engineering services outsourcing market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 22% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Engineering services outsourcing (ESO) refers to the process of hiring various non-physical engineering functions, such as designing, prototyping, system integration and testing, from an external source. These services are required at the early stages of the product design and development process and utilize various information-technology (IT)-based tools and databases. For instance, in the network and communications sector, ESO is used for hiring network design services, geospatial data analytics and inventory management. Apart from this, it also finds extensive applications in industrial automation, supply chain and product cycle management and remote monitoring of the devices.
Increasing industrial automation, along with the rising adoption of integrated solutions for analyzing and designing engineering systems, represents one of the key factors driving the growth of the market. Furthermore, widespread utilization of engineering systems, such as computer-aided design (CAD), computer-aided engineering (CAE), computer-aided manufacturing (CAM) and electronic design automation (EDA) software, is also driving the market growth. These software aid in enhancing the overall efficiencies of the production processes and can be operated by the user over smartphones, laptops and tablets. Various technological advancements and the incorporation of digital transformational services are acting as other growth-inducing factors. Original Equipment Manufacturers (OEMs) are integrating smart manufacturing systems, robotics and artificial intelligence (AI)-based solutions for improved modeling and detailing of the products, which is also creating a positive outlook for the market. Other factors, including the increasing utilization of strategic outsourcing services by the automotive, marine and offshore sectors, along with the development of 3D printing solutions, are expected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global engineering services outsourcing market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on service, location and application.
Breakup by Service:
Breakup by Location:
Breakup by Application:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Accenture Plc, 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) and Wipro Limited.
|Base Year of the Analysis||2020|
|Segment Coverage||Service, Location, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Accenture Plc, 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) and Wipro Limited|
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According to the estimates by IMARC Group, the global engineering services outsourcing market is expected to witness a CAGR of 22% from 2021 to 2026.
The increasing penetration of Industry 4.0 trends, along with the rising adoption of integrated solutions for analyzing and design engineering, represent some of the key drivers for the global engineering services outsourcing market.
The introduction of smart manufacturing systems, robotics and artificial intelligence (AI)-based solutions for improved modeling and detailing of the products represents one of the key trends in the global engineering services outsourcing market.
Sudden outbreak of the COVID-19 pandemic had led to introduction of remote working models, thereby increasing the demand for numerous virtual outsourcing services to maintain the workflow across several organizations.
On the basis of the service, the market has been bifurcated into designing, prototyping, system integration, testing and others. Currently, testing holds the majority of the total market share.
On the basis of the location, the market has been segmented into onshore and offshore. At present, onshore exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global engineering services outsourcing market are Accenture Plc, 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) and Wipro Limited.
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