Engineering Services Outsourcing Market

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Market Overview:

The global engineering services outsourcing market grew at a CAGR of around 20% during 2014-2019. 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. Looking forward, IMARC Group expects the global engineering services outsourcing market to continue its strong growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global engineering services outsourcing market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, service, location and application.

Breakup by Service:

Designing
Prototyping
System Integration
Testing
Others

Breakup by Location:

Onshore
Offshore

Breakup by Application:

Aerospace
Automotive
Construction
Consumer Electronics
Semiconductors
Pharmaceuticals
Telecom
Others

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

Competitive Landscape:

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.

Key Questions Answered in This Report:

How has the global engineering services outsourcing market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global engineering services outsourcing market?
What are the key regional markets?
What is the breakup of the market based on the service?
What is the breakup of the market based on the location?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global engineering services outsourcing market and who are the key players?
What is the degree of competition in the industry?