SAN FRANCISCO, July 7, 2022 /PRNewswire/ -- The global
engineering services outsourcing market size is anticipated to gain
USD 9,398.95 billion by 2030,
according to a new report by Grand View Research, Inc. The market
is expected to record a CAGR of 24.6% from 2022 to 2030. The
increasing demand for Information Technology (IT) services by
various industries, such as automotive, manufacturing, retail &
e-commerce, media & entertainment, and others, is exponentially
driving the market growth.
Key Industry Insights & Findings from the report:
- The designing part is expected to record the most elevated CAGR
of around 26.5% for the next eight years.
- The industrial part is anticipated for the most significant
revenue share in 2021 and is anticipated to continue overpowering
the market for the next eight years.
- The Asia Pacific ESO market is anticipated for the highest
revenue share of over 41.0% in 2021, with the effortless
availability of fairly low-cost and skilled aids in countries like
India, China, the
Philippines, and other East Asian countries.
- The testing service segment registered the highest revenue
share of around 31.0% in 2021 and is anticipated to dominate the
market over the next eight years.
Read 300-page market research report for more Insights,
"Engineering Services Outsourcing Market Size, Share &
Trends Analysis Report By Service (Designing, Prototyping, System
Integration, Testing), By Location, By Application, By Region, And
Segment Forecasts, 2022 - 2030", published by Grand View
Research.
Engineering Services Outsourcing Market Growth &
Trends
The growing need for outsourcing services by companies to cut
costs and optimally utilize the saved costs is expected to drive
the market over the forecast period. The market has constantly been
evolving in line with advancements in fields like the internet of
things (IoT), connected computing, artificial intelligence (AI),
and the sensing element, among other technologies. The intensifying
competition to provide cutting-edge resolutions is driving service
providers to finance aggressively in research &
development.
Major ESO companies are also trying hard to emphasize mergers
and acquisitions and bolstering the existing tie-ups with their
clients to tap new business opportunities. For instance, in
April 2022, the Kansas Department of
Labor, a state agency for economic growth, chose Tata Consultancy
Services Limited, an enterprise solutions provider, to build and
run an advanced unemployment insurance system. The latter company
is expected to support the state agency with the maintenance of its
online systems and provide assistance during downtimes.
With the outburst of COVID-19, many organizations have faced the
following lockdowns executed in almost all countries worldwide at
the start of 2020. The aerospace industry has been adversely
affected among the industry verticals due to the non-permanent
shutdown of enterprises, production facilities, and daily
operational logistics. On the other hand, the healthcare industry
has been relatively unchanged as healthcare companies mainly worked
on creating and developing advanced and custom Personal Protective
Equipment (PPE) kits.
Engineering Services Outsourcing Market Segmentation
Grand View Research has segmented the engineering services
outsourcing market based on services, location, application, and
region:
Engineering Services Outsourcing Market - Services Outlook
(Revenue, USD Billion, 2018 - 2030)
- Designing
- Prototyping
- System Integration
- Testing
- Others
Engineering Services Outsourcing Market - Location Outlook
(Revenue, USD Billion, 2018 - 2030)
Engineering Services Outsourcing Market - Application Outlook
(Revenue, USD Billion, 2018 - 2030)
- Aerospace
- Automotive
- Industrial
- Consumer Electronics
- Semiconductors
- Healthcare
- Telecom
- Others
Engineering Services Outsourcing Market - Regional Outlook
(Revenue, USD Billion, 2018 - 2030)
- North America
-
- Europe
-
- Asia Pacific
-
- South America
-
- Middle East & Africa
List of Key Players in the Engineering Services Outsourcing
Market
- AKKA
- Alten Group
- Capgemini Engineering
- Entelect
- HCL Technologies Limited
- Infosys Limited
- Tata Elxsi
- Tata Consultancy Services Limited.
- Tech Mahindra Limited
- Wipro Limited
Check out more related studies published by Grand View
Research:
- Legal Process Outsourcing Market - The global
legal process outsourcing market size is anticipated to reach
USD 117.89 billion by 2030,
exhibiting a CAGR of 30.9% over the forecast period, according to a
new report by Grand View Research, Inc. Legal process outsourcing
provides legal support to law firms and legal organizations at a
lesser cost. Even though the work outsourced to LPO providers is
primarily process-oriented, there are several niche LPOs that carry
out legal services with considerably high levels of analytical
skills.
- Business Process Outsourcing Market - The global
business process outsourcing market is anticipated to reach
USD 525.2 billion by 2030,
registering a CAGR of 9.1% from 2022 to 2030, according to a new
study by Grand View Research Inc. Factors such as the growing
demand for outsourcing services across BFSI, IT &
telecommunication, and human resource industries and the rising
inclination of organizations to focus on their core competencies
are expected to drive the market.
- Recruitment Process Outsourcing Market - The global
recruitment process outsourcing market size is expected to reach
USD 20.8 billion by 2027, registering
a CAGR of 18.5% over the forecast period, according to a new report
by Grand View Research, Inc. The rising demand for streamlined
recruitment processes and new hiring methodologies have augmented
the growth prospects of the Recruitment Process Outsourcing (RPO)
market.
Browse through Grand View Research's Communication Services
Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research Helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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Grand View Research, Inc.
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