Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • September 2021 •
  • 146 pages •
  • Report ID: 5997536 •
  • Format: PDF
The global engineering services outsourcing market exhibited strong growth during 2015-2020.

Looking forward, the market is expected 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.

Engineering Services Outsourcing Market Trends:
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.

Key Market Segmentation:
the analyst 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 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.