According to the latest report by IMARC Group, titled, “Global Engineering Services Outsourcing Market Research Report and Forecast 2021-2026“, the global engineering services outsourcing market size exhibited strong growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 22% during 2021-2026.
Engineering services outsourcing (ESO) is the process of outsourcing 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 product designing and development processes. ESO services assist companies to continuously upgrade the product and develop new products to stay competitive.
For instance, in the network and communication sector, ESO is used for hiring network design services, geospatial data analytics, and inventory management. Apart from this, it is also utilized for diverse applications, including industrial automation, supply chain, product cycle management, and remote monitoring devices.
Engineering Services Outsourcing Market Trends
The emergence of Industry 4.0, along with the increasing penetration of industrial automation trends is augmenting the demand for an integrated solution to analyze and design engineering systems. Furthermore, increasing utilization of advanced tools and systems to gain competitive advantages by enhancing visual, architectural, graphical, and industrial designs is also driving the demand for EOS.
Moreover, the growing digitization has pushed OEMs towards the integration of smart manufacturing systems, robotics, and AI-based solutions, which is also creating numerous growth opportunities for the EOS market.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Engineering Services Outsourcing Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Altair Engineering Inc.
Cybage Software Pvt. Ltd.
EPAM Systems Inc.
HCL Technologies Limited
QuEST Global Services Pte. Ltd.
Sonata Software Limited
Tata Consultancy Services Limited
Tech Mahindra Limited (Mahindra Group)
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The report has segmented the market on the basis of Service, Location, Application and Region.
Breakup by Service:
- System Integration
Breakup by Location:
Breakup by Application:
- Consumer Electronics
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
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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