Product ID: SQMIG45B2095
Report ID:
SQMIG45B2095 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
93 |
Figures:
76
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).
The growing collaborations between original equipment manufacturers (OEM) and engineering service providers are indeed one of the factors influencing the adoption of engineering services outsourcing. Engineering services outsourcing market growth is projected to be fueled by the globalization of R & D operations, higher demand for incorporating the latest technology into product offerings, and the growing desire to lower costs and shorten product lifecycles. The market for outsourcing engineering services has been continuously expanding as a result of customers' increased emphasis on outsourcing a variety of services as part of their efforts to reduce costs.
The ESO model was created to provide clients with smart solutions. The embedded engineering solutions in the engineering services outsourcing market has undergone a paradigm shift from basic engineering services to solutions that include automation, analytics, and the internet of things (IoT), among other things. Furthermore, Platform-as-a-Service (PaaS) plans with bundled IT solutions are now possible thanks to technical improvements.
The demand for engineering services has changed dramatically in the market, moving from mechanical and non-core needs to center competencies in place marketplaces. The new strategy for product lifecycle development is centered on where engineering service projects (ESPs) fit into OEM supply chains. As the ESO delivers and develops, ESPs are developing service delivery standards that combine significantly larger engagement portfolios with a licensing system that fosters innovation and quickens both top- and bottom-line growth. The growing digitalization of numerous industries to boost productivity is also having a substantial influence on engineering services outsourcing market growth.
US Engineering Services Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG45B2095