Global Engineering Services Outsourcing Market | Industry Trends, 2022-2027

by Zayn Mathew Market Research Reports

According to the latest report by IMARC Group, titled, “Engineering Services Outsourcing Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027",The global engineering services outsourcing (ESO) market reached a value of US$ 1,030 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,793 Billion by 2027, exhibiting a CAGR of 18.8% during 2022-2027.

Engineering services outsourcing (ESO) refers to the process of hiring non-physical engineering functions from an external source. It is needed from the initial stages of the product design and development process and utilizes several information-technology (IT)-based databases and tools. It finds extensive application in the network and communications, industrial automation, remote device monitoring, and supply chain and product cycle management worldwide.

Market Trends

The rising prevalence of industrial automation, coupled with the increasing adoption of integrated solutions for designing and analyzing engineering systems, represents one of the significant factors bolstering the growth of the engineering services outsourcing market. Moreover, various technological advancements are resulting in improved detailing and modeling of the ESO, which is propelling the market further. Besides this, lockdown restrictions imposed by governing agencies of numerous countries due to the outbreak of the coronavirus disease (COVID-19) has resulted in the increasing adoption of the work from home model. This is further anticipated to strengthen the market growth.

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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 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of the key players being Accenture Plc, Altair Engineering Inc., ALTEN, Cybage Software Pvt. Ltd., EPAM Systems Inc., HCL Technologies Limited, Infosys Ltd., QuEST Global Services Pte. Ltd., Sonata Software Limited, Tata Consultancy Services Limited, Tech Mahindra Limited (Mahindra Group) and Wipro Limited.

For more information about this report visit: https://www.imarcgroup.com/engineering-services-outsourcing-market

The report has segmented the market on the basis of Service, Location, Application and Region.

Market Breakup by Service:

Designing
Prototyping
System Integration
Testing
Others

Market Breakup by Location:

Onshore
Offshore

Market Breakup by Application:

Aerospace
Automotive
Construction
Consumer Electronics
Semiconductors
Pharmaceuticals
Telecom
Others

Market Breakup by Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

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