Cover image for post At 21% CAGR, Global Engineering Services Outsourcing Market to Surpass US$ 5183.15 Bn By 2030, Forecast Report By Zion Market Research
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At 21% CAGR, Global Engineering Services Outsourcing Market to Surpass US$ 5183.15 Bn By 2030, Forecast Report By Zion Market Research

Zion Market Research estimates the worldwide Engineering Services Outsourcing market at USD 1283.64 billion in 2022 and USD 5183.15 million by 2030. The market will expand 21% over the forecast period. The study examines the global Engineering Services Outsourcing market's growth drivers, restraints, and demand during the forecast period. It will also guide you through engineering services outsourcing opportunities.

Global Engineering Services Outsourcing Market: Overview

The practice of using various non-physical engineering tasks, including as designing, testing, system integration, and prototyping, from outside sources is known as engineering services outsourcing, or ESO. Early on in the product development process, as well as during product design, these services are required. Since many clients have made the integration of smart technologies a top priority, embedded engineering solutions—as opposed to core engineering services—have become more and more important to market participants.

Engineering services are those that are required for a product at every point in its lifecycle, from conception to retirement. In addition to shortening the time needed to complete tasks, the engineering services outsourcing model has improved the cost-effectiveness and productivity of businesses.

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Global Engineering Services Outsourcing Market: Growth Drivers

The growing need for automation and the increasing use of integrated solutions for engineering system design and analysis are two of the key drivers propelling the global market for engineering services outsourcing. Different engineering software is becoming more and more popular across industries. Examples include computer-aided engineering (CAE), computer-aided designing (CAD), computer-aided manufacturing (CAM), architecture, engineering, and construction (AEC), and electronic design automation (EDA).

A notable development in the worldwide engineering services outsourcing market is the introduction of cloud-based engineering software solutions and the increasing adoption of gadgets like PCs, laptops, tablets, and smartphones.

The increasing need to stay up to date with the newest developments in digitalization is driving automation methods in open system design, which are producing significant.

Global Engineering Services Outsourcing Market: Segmentation

The market for engineering services outsourcing worldwide has been divided into a number of segments based on factors such as location, region, application, and service kinds.

The market is divided into segments based on the type of service provided, including system integration, testing, prototyping, and designing.

The worldwide engineering services outsourcing market is divided into the following segments based on the breakdown of applications: automotive, aerospace, consumer electronics, construction, manufacturing, semiconductors, telecom, pharmaceuticals, and others.

The market for engineering outsourcing services is divided into offshore and onshore locations based on location. Given how hard market participants have been working to increase their industry presence, the onshore outsourcing sector is predicted to grow significantly.

Global Engineering Services Outsourcing Market: Regional Analysis

Asia Pacific seems to be a center for highly qualified engineers. During the projected time, this region may hold a dominant position in the global market for engineering services outsourcing. The regional industry has benefited from the growing use of cutting-edge technology and the expansion of emerging economies, particularly those of China, South Korea, Malaysia, India, and Singapore.

By 2026, South America is expected to have a significant proportion of the global market for engineering services outsourcing, driven by the increasing attention of US-based manufacturers to this offshore location. In recent times, this region has witnessed a higher spread of outsourcing engineering services globally due to the increased usage of technologies like artificial intelligence (AI) and 5G technology. The robust support of comprehensive documentation.

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The key players of the global engineering services outsourcing market include:

M Group,

Deaton Engineering Inc.,

Cybage Software Pvt. Ltd.,

Fareva,

Aricent Group,

EPAM Systems Inc.,

Cyient,

GlobalLogic,

Pactera Technology International Ltd.,

Altair Engineering Inc. (NASDAQ: ALTR),

Accenture Plc.,

ALTEN SA,

AVL List GmbH,

ASAP Holding GmbH,

HCL Technologies Ltd.,

Capgemini SE,

QuEST Global Services Pte. Ltd.,

Infosys Ltd.,

Tata Consultancy Services Ltd.,

Sonata Software Ltd.,

Wipro Ltd.,

Tech Mahindra Ltd. (Mahindra Group),

International Business Machines Corporation.

These organizations are extensively investing in research & development operations and are partnering for offering customized services to their consumers in a highly fragmented landscape. New entrants in the markets might find it challenging to enter the global markets as well as to develop their presence in the markets due to the intense competition, lower familiarity with the consumer requirements, and lack of project experience.

The global Engineering Services Outsourcing Market is segmented as follows:

BY Service Types

Testing

prototyping

designing

system integration

and other such service types

By Application

automotive

aerospace

consumer electronics

construction