According to the latest report by IMARC Group, titled, “Engineering Services Outsourcing Market Size Global Industry Trends, Size, Growth, Opportunity and Forecast 2021-2026“, The global engineering services outsourcing market exhibited strong growth during 2015-2020. Looking forward, the global engineering services outsourcing market is expected to grow at a CAGR of around 22% during the forecast period (2021-2026).
Engineering services outsourcing (ESO) refers to the process of hiring non-physical engineering functions from an external source. It is needed from the initial stages of the product design and development process and utilizes several information-technology (IT)-based databases and tools. It finds extensive application in the network and communications, industrial automation, remote device monitoring, and supply chain and product cycle management worldwide.
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Market Trends
The rising prevalence of industrial automation, coupled with the increasing adoption of integrated solutions for designing and analyzing engineering systems, represents one of the significant factors bolstering the growth of the engineering services outsourcing market. Moreover, various technological advancements are resulting in improved detailing and modeling of the ESO, which is propelling the market further. Besides this, lockdown restrictions imposed by governing agencies of numerous countries due to the outbreak of the coronavirus disease (COVID-19) has resulted in the increasing adoption of the work from home model. This is further anticipated to strengthen the market growth.
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 with Key Player:
- 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)
- Wipro Limited.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry 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.
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