According to the recent Research by Hexa Research, Engineering Services outsourcing market is
likely to cross over USD 400 billion by
2020. In increase in cost pressure for global firms resulting in forced
R&D budget is a key driver for the industry development over the forecast
period. Also, the shorter product life cycles due to vibrant consumer buying
behavior is anticipated to affect the market growth favorably. With improvement
in production process, lowered time to market and cost benefit are some of the
major factors boosting the market growth globally. Risk of intellectual
property theft may pose a challenge to market growth due to significant losses
for business. Engineering Services Outsourcing demand in telecom segment
contributed for over 19% in 2013 globally.
Browse Details of Report @ https://www.hexaresearch.com/research-report/engineering-services-outsourcing-industry/
Service
providers for telecom have been carrying out operations and business supports
systems for ensuring smooth function of the business. It requires suitable
back- end equipment and expertise, encouraging the use of ESO in systems. The
consumer electronics segment is
estimated to witness the rapid growth over the forecast period. This could lead to extreme reduction in
product life cycles, forcing firms to bring out product innovations at faster
rate. In 2013, Asia Pacific was the prime regional market contributing for over
50% of total market demand which is estimated to stay a market leader over the
forecast period. Asia Pacific is likely to remain the strong market for ESO due
to existence of large talent pool, emerging cost arbitrage and local demand and
strong manufacturing base in countries like India and China.
From
2016 to 2020,the market in Europe is likely to grow at CAGR for over 24% due to
its inclination among various European firms for outsourcing engineering
actions within Western European Nations for ensuring Regulatory compliance.
Major Industry participants for Engineering Services Outsourcing Market are
Infosys Ltd., Wipro, HCL technologies Ltd and Tata Consultancy Services. Other
firms operating ESO market are InfoTech Enterprises Ltd., IGATE Corp, Aricent
Group, MindTree Ltd., Calsoft Labs, IGATE corp., Tata ELXSI and KPIT
Cummins Infosystems Ltd.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/communication-services-industry
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