Global Engineering Services Outsourcing Market

Global Engineering Services Outsourcing Market Size, Share, Growth Analysis, By Service(Designing, Prototyping), By Location Type(Onshore, Offshore), By Industry Vertical(Aerospace, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG45B2095 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 93 | Figures: 76

Global Engineering Services Outsourcing Market Regional Insights

With a revenue share of over 41% in 2021, the Asia Pacific region is expected to experience significant growth between 2022 and 2028. Industrial items are manufactured in the region, and highly skilled engineering professionals provide cost-effective employment support. Additionally, the region serves as the hub of major software outsourcing service providers. The expansion of the Asia Pacific regional market is projected to be driven by the escalating need for technological advancement and the pervasive integration of embedded software into the existing models.

South America is predicted to increase at the highest rate throughout the projection period, with a CAGR of more than 29%. The region has become one of the many tops off-shore outsourcing locations for American manufacturers and suppliers. As a result, a number of significant corporations are striving to establish a presence in South America. The consistent wage rise attained in other off-shore locales is a significant driver boosting the local market in South America. Additionally, the extremely thorough paperwork required for outsourcing operations in the region serves as a benefit, making it an appealing market for both sides.

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FAQs

Engineering Services Outsourcing Market size was valued at USD 1.3 trillion in 2019 and is poised to grow from USD 1.62 trillion in 2023 to USD 7.76 trillion by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

As the number of nations offering engineering services outsourcing increases, service providers are creating service delivery models with far wider engagement portfolios and an authorization structure that fosters creativity and quickens top line and bottom-line growth. The leading engineering services outsourcing industry players now include worldwide systems of delivery in their business plans as a result of the global R&D operations. In order to build and increase customer commitment and maintain long-term partnerships, ESPs work to meet the needs of their clients and advance their core capabilities. OEM-supplier partnerships streamline work processes, encourage diversification, and cut total costs by integrating business operations and activities. 'Alten Group', 'Capgemini Engineering', 'Tata Consultancy Services', 'Infosys Limited', 'Wipro Limited', 'HCL Technologies Limited', 'Tech Mahindra Limited', 'Accenture plc', 'Cognizant Technology Solutions Corporation', 'Genpact Limited', 'L&T Technology Services Limited', 'Cyient Limited', 'QuEST Global Services Pte Ltd.', 'Mindtree Limited', 'GlobalLogic Inc.', 'EPAM Systems, Inc.', 'Luxoft Holding, Inc.', 'Mphasis Limited', 'Wipro Limited (Appirio)', 'Synechron Inc.'

Engineering services outsourcing has emerged in order to offer customers or end users cutting-edge solutions. As a result, embedded engineering solutions like the internet of things have replaced core engineering services in the market for outsourcing engineering services. Similar to this, technical developments have made it possible for products as a service to be created that are built with integrated information technology solutions capable of planning maintenance and foreseeing problems in advance. As a result, during the forecast period, technological improvements are offering profitable prospects for the expansion of the engineering services outsourcing market.

One of the main factors propelling the market's expansion is the rise in industrial automation combined with the increasing use of integrated solutions for engineering system analysis and design. The industry is also expanding as a result of the growing use of engineering systems including computer-aided design (CAD), computer-aided engineering (CAE), computer-aided manufacturing (CAM), and electronic design automation (EDA) software. These programmes can be used by the user on smartphones, computers, and tablets and help to increase the overall productivity of the industrial operations. Other growth-promoting aspects include various technical developments and the introduction of digital transformational services. OEMs are integrating robotics, artificial intelligence (AI), and smart manufacturing systems to improve the modelling and detailing of the products, which is also fostering an optimistic outlook for the market.

With a revenue share of over 41% in 2021, the Asia Pacific region is expected to experience significant growth between 2022 and 2028. Industrial items are manufactured in the region, and highly skilled engineering professionals provide cost-effective employment support. Additionally, the region serves as the hub of major software outsourcing service providers. The expansion of the Asia Pacific regional market is projected to be driven by the escalating need for technological advancement and the pervasive integration of embedded software into the existing models.

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