Global Engineering Design and Development Outsourcing Market By Service (Designing, Prototyping and Others), By Application (Hi-Tech/Telecom, Aerospace, Automotive and Others), and By Region - Global Forecast to 2030

Market.Biz announces publication of its most recently generated research report titled, “Global Engineering Design and Development Outsourcing Market by Service (Designing, Prototyping, System Integration, Testing and Other Services), By Application (Hi-Tech/Telecom,  Aerospace, Automotive, Pharmaceuticals, Construction & Industrial Products, Consumer Electronics and Other Applications), and by Region – Global Forecast to 2030”, which offers a holistic view of the global Engineering Design and Development Outsourcing Market through systematic segmentation that covers every aspect of the target market.

The Global Engineering Design and Development Outsourcing Market is projected to be US$ 283.7 Mn in 2020 to reach US$ 1,889.7 Mn by 2030 at a CAGR of 21.4%.

Outsourcing is a contract or agreement between two or more companies in which one company hires another company to perform a set of planned or existing activities. The outsourcing industry has various streams such as Information Technology Outsourcing (ITO), Business Process Outsourcing (BPO), Engineering Services Outsourcing (ESO), etc. Engineering Services Outsourcing (ESO) is developing as a large business platform after the rapid growth of ITO and BPO. In the early days, engineering design and development outsourcing used for non-complex services like architectural drawing two dimensional and three-dimensional drafting, but now engineering design and development outsourcing offers various complex services like high-value analysis & design services, computer-aided designing & engineering, finite element analysis, computational fluid dynamics, noise, vibration and harshness analysis (NVH) & other services.

Among the service segment, the testing segment is estimated to register higher revenue growth during the forecast period due to the growing demand for software testing solutions to reduce manual intervention and overall project turnaround time.  Among the application segment, the hi-tech/telecom segment is anticipated to capture a higher market share owing to the increasing use of smart and AI-based technologies during project development. Among all the regions, Asia Pacific is anticipated to grow at a high CAGR as countries such as India, China, etc. have a large number of engineering services providers that provide quality services at low cost.

The use of computer-aided designing (CAD) software, computer-aided manufacturing (CAM) software, computer-aided engineering (CAE) software & other Internet of things (IoT) during product development has increased. Engineering service provides software and other solutions according to the requirement. This factor is anticipated to bolster the growth of the target market. Moreover, companies are trying to reduce revenue expenses during the product design & development stages. Engineering design and development service provider delivers services from highly skilled professionals at a relatively low cost. This factor is estimated to drive the growth of the engineering design and development outsourcing market. Energy Engineering Services Outsourcing propels innovation in Automotive Transmission Engineering, optimizing efficiency and sustainability.

Global Engineering Design and Development Outsourcing Market Revenue (US$ Mn), 2020–2030

The outsourcing of engineering design and development services started in Western Europe & North America. Initially, companies used to focus on on-shore outsourcing as it was a safe option. After some time, major engineering services providers started setting up their divisions in different countries. Initially, companies used to outsource non-complex services like 2D drawing and drafting from the off-shore engineering service provider. But now companies are outsourcing complex engineering design and development services from off-shore service providers due to the available skilled workforce and lower cost of service. Earlier, only automotive firms used to hire engineering service providers; however, in recent years, it is seen that various industries like Aerospace, Telecom, Energy & Utility, Construction, etc. are hiring an engineering service provider during various stages of product development.

Global Engineering Design and Development Outsourcing Market is segmented based on service, application, and region. Based on Service, the market is segmented into Designing, Prototyping, System Integration, Testing and Other Services. The testing segment accounts for the majority share and is expected to witness significant share in terms of revenue over the forecast period. Based on Application, the market is segmented into Hi-Tech/Telecom, Aerospace, Automotive, Pharmaceuticals, Construction & Industrial Products, Consumer Electronics, and Other Applications. The Automotive segment accounts for significant revenue share in the next coming years.

Global Engineering Design and Development Outsourcing Market Attractiveness Analysis by Service, 2014–2030.

By region, the market is segmented into North America, Europe, APAC, South America, and Middle East Africa. Based on the region, Asia Pacific market is estimated to account for major revenue share and is projected to dominate the global Engineering Design and Development Outsourcing Market in the next coming years.

The research report on the global Engineering Design and Development Outsourcing Market includes profiles of some of the major companies such as Accenture plc, Tata Consultancy Services Ltd., Capgemini SE, Infosys Ltd., HCL Technologies Ltd., Wipro Ltd., Tech Mahindra Ltd., Alten SA, EPAM Systems, Inc., AKKA Technologies SE, Bertrandt AG, and KPIT Technologies Ltd.

Global Engineering Design and Development Outsourcing Market Segmentation:

By Service:

• Designing
• Prototyping
• System Integration
• Testing
• Other Services

By Application:

• Hi-Tech/Telecom
• Aerospace
• Automotive
• Pharmaceuticals
• Construction & Industrial Products
• Consumer Electronics
• Other Applications

By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa