Global Engineering Services Outsourcing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Engineering Services Outsourcing Market Report offers in-depth insights, revenue details, and other vital information regarding the global engineering services outsourcing market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.
The Engineering Services Outsourcing Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global engineering services outsourcing market report has been segmented on the basis of location, application, and region.
This Engineering Services Outsourcing Market report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources.
Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the Integration Platform as a Service market.
In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global engineering services outsourcing market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Engineering Services Outsourcing Market Overview:
Engineering Services Outsourcing Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.
Engineering services outsourcing provides technical, mechanical, and software application support during product designing, product innovation, formation, life cycle management, plant set-up and many more.
The original equipment manufacturers and independent software vendors together have leveraged engineering services outsourcing primarily to reduce overall operation costs by reducing labor and R&D expenditure.
Engineering Services Outsourcing Market Dynamics:
The increasing need to reduce overall operational cost expenditure among various industries is a major factor supporting the growth of the global market.
Engineering outsourcing help to reduce time to market and helps project execution this support manufacturers to gain high profit and accelerate their product development process.
In addition, rising need for capacity augmentation in various industries is expected to support growth of the target market during the forecast period.
Increasing need for effective outsourcing strategies to enhance business model among various organizations is expected to boost the growth of the global engineering services outsourcing market.
The outsourcing for software or mechanical product development provides features such as performance testing, integration testing, value analysis, design, coding, and prototyping, this is expected to support the growth of the target market.
Rising preference for the outsourcing of engineering services among small and medium-size engineering service providers, these services include new product induction from conceptual design to final product development and validation, process engineering, automation, enterprise asset management, and overall business process enhancement.
This attributes to witness lucrative growth of the global engineering services outsourcing market.
Increasing adoption of cloud computing and the internet of things (IoT) among various organizations is expected to boost the growth of the global engineering services outsourcing market owing to benefits such as cost-efficient maintenance processes, customized and personalized integration interfaces, and improved operations.
In addition, emerging technological innovations for positive revenue impact are expected to support the growth of the target market.
However, increase in concerns about intellectual property confidentiality breach is a major factor expected to restrain the growth of the global market.
In addition, fear of losing control of product quality due to outsourcing is another leading factor expected to hamper growth of the target market.
Furthermore, geo-political barriers such as cultural barriers, distance, time difference, and political instability are other factors that may hamper the growth of the target market to a certain extent.
Engineering Services Outsourcing Market Regional Analysis:
The market in North America is expected to dominate the global market in terms of revenue, owing to the high adoption of cloud services among various industries in countries in the region.
Asia Pacific is expected to witness fastest growth in terms of revenue owing to high penetration of IT solutions in industry verticals in countries in the region.
The Latin America and Middle East and Africa are expected to witness significant growth over the coming years owing to increasing preferences for cloud technology and IT services in the various industries.
Global Engineering Services Outsourcing Market Segmentation:
Global market segmentation, by location:
Global market segmentation, by application:
- Consumer Electronics
Global market segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- EPAM Systems, Inc.
- Accenture plc
- Infosys Limited
- HCL Technologies Limited
- KPIT Technologies Ltd
- Aricent, Inc.
- QuEST Global Services Pvt. Ltd
- Tech Mahindra Limited
- Wipro Limited
- Tata Consultancy Services Limited
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