Engineering Services Outsourcing Market Prediction To 2027 By Region, Type And Technology

 The global engineering services outsourcing market size is anticipated to reach USD 2.47 trillion by the end of 2027. The market is projected to register a CAGR of 29.2% over the forecast duration. Factors such as globalization of research and development activities are increasing the application of IT in different industries attributing to the growth of the market.

There has been significant growth in engineering services outsourcing in the last few years as service providers offered solutions required at each stage of the product development lifecycle. With the emergence of innovative technologies, market players are emphasizing on using technologies such as automation, big data analytics and cloud computing, thereby enhancing their product offering.

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Key Questions Answered in this report :-

• What are the sales or revenue produced by Engineering Services Outsourcing products beyond all sectors during the forecast period?

• What are the key trends in the Engineering Services Outsourcing market?

• What are the leading drivers, limitations, and probabilities in the industry?

• Which segment will gain the highest revenue worldwide and which product segment will expand at the fastest CAGR during the forecast period?

• In which region the Engineering Services Outsourcing market to project lucrative CAGR during the forecast period?

The emergence of innovative technologies such as digital reality augmented reality, IoT, virtual reality and others has helped businesses in maintaining operational efficiency. These technologies have helped in modernizing core service for OEMs and thus, increased the ESO potential.

Asia Pacific was the leading region in 2019 and the region is projected to continue its domination over the forecast duration. Easy and cost-effective availability of skilled workforce in countries such as India and China is attributing to the regional growth. While Latin America is anticipated to witness the highest CAGR of more than 30% over the forecast duration, primarily because of rapid infrastructural development in the region.

Further key findings from the report suggest:

• In 2019, the automotive segment accounted for the highest CAGR of more than 20% over the forecast duration.

• The designing category is likely to grow at a CAGR of 31.3% over the forecast duration owing to increasing demand for latest technologies for product designing.

• Asia Pacific accounted for the largest share in the market and the region is expected to continue its domination over the forecast period.

Impact of COVID-19

The outbreak of COVID-19 has stalled various projects including construction, manufacturing and automotive, thereby, severely affecting the engineering outsourcing service market. Various governments across the globe announced the lockdown that led to an abrupt decline in construction projects and delays in ongoing projects. Additionally, COVID-19 has led to the economic downfall, which, in turn, affected consumers’ purchasing pattern. Low spending by people on non-essential commodities led to the downfall of the manufacturing industry. Low demand resulted in low production, which, in turn, adversely affected the engineering services growth. However, few countries have been able to slow the spread of the coronavirus and this is expected to fuel the demand for onshore engineering outsourcing services.

Global Engineering Services Outsourcing Market: Key Players

Infosys Limited, Tata Consultancy Services Limited, Alten GmbH, Altran Technologies, Wipro Limited, Tech Mahindra

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