Engineering Services Outsourcing Market Size by Application, Location, Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Engineering Services Outsourcing Market size is expected to grow at 22.5% throughout the forecast period, reaching nearly USD 518.55 Bn. by 2030.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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Engineering Services Outsourcing Market Dynamics
A key factor driving the growth of the market is cost savings from lower labor wages. The constant rise in cost reduction and rising demand for the fast delivery of products and services are also some of the factors driving the growth of the global market. The increased global competition has increased the need for cost reduction, among companies across several industries.
The market trend of companies outsourcing engineering services is expected to grow in the upcoming years, as offshore options are rising particularly in India for supporting cost-cutting efforts. Several factors, such as enhancement in efficiency and improvement in processes are further driving the growth of the global market. However, the major challenges in the global engineering service outsourcing market include lack of domain expertise among workers or companies, poor infrastructure development, and poor regulatory support.
Engineering Services Outsourcing Market Segment Analysis
Based on the application, the telecom ESO segment is expected to witness substantial growth over the forecast period. The consumer electronics ESO segment is expected to grow at a rapid CAGR of over 30% over the forecast period. The industry is undergoing rapid changes, primarily driven by the concept of convergence.
On the basis of location, the offshore segment accounted for a larger revenue share in 2023 as compared to the onshore segment. Offshore outsourcing is estimated to gain prominence, because of the availability of skilled and cheap labor in offshore countries which makes them attractive outsourcing destinations.
Regional Insights
Region-wise, the Asia Pacific region accounted for the highest revenue share of the global ESO market in 2023. The developing local outsourcing demand, strong manufacturing base, and cost arbitrage in developing countries, such as China and India are the major growth drivers of the Asia-Pacific market.
The objective of the report is to present a comprehensive analysis of the Global Market (ESO) including all the stakeholders of the industry.
The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Application. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Application on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Market (ESO) dynamics, structure by analyzing the market segments and project the Global Market (ESO) size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Market (ESO) make the report investor’s guide.
Engineering Services Outsourcing Market Scope: Inquire before buying
| Engineering Services Outsourcing Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 125.26 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 22.5% | Market Size in 2030: | US $ 518.55 Bn. |
| Segments Covered: | by Application | Aerospace Automotive Construction Consumer Electronics Semiconductors Pharmaceuticals Telecom Others |
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| by Location | Offshore Onshore |
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Engineering Services Outsourcing Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Infosys Limited
2. Mindfire Solutions
3. Sonata Software Limited
4. Tata Consultancy Services Limited
5. EPAM Systems Inc.
6. KPricent Inc.
8. ALTEN Calsoft Labs
9. RLE International, Inc.,
10. Altair Engineering, Inc.
11. PM Group
12. Fareva
13. Deaton Engineering, Inc.
14. Aricent Group
15. Cybage Software Pvt. Ltd.
16. EPAM Systems, Inc.
17. GlobalLogic
18. Cyient
19. Pactera Technology International LtIT Technologies Ltd.
Frequently Asked Questions:
1. Which region has the largest share in Engineering Services Outsourcing Market?
Ans: Asia Pacific region holds the highest share in 2023.
2. What is the growth rate of Engineering Services Outsourcing Market?
Ans: The Engineering Services Outsourcing Market is growing at a CAGR of 22.5% during forecasting period 2024-2030.
3. What is scope of the Engineering Services Outsourcing market report?
Ans: Engineering Services Outsourcing Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Engineering Services Outsourcing market?
Ans: The important key players in the Engineering Services Outsourcing Market are – Infosys Limited, Mindfire Solutions, Sonata Software Limited, Tata Consultancy Services Limited, EPAM Systems Inc., KPIT Technologies Ltd.,
5. What is the study period of this market?
Ans: The Engineering Services Outsourcing Market is studied from 2023 to 2030.