The global Engineering Services Outsourcing Market size is
expected to reach USD 2.47 trillion by 2027, registering an estimated CAGR of
29.2% from 2020 to 2027, according to a new report published by Grand View
Research, Inc. Multiple attributes of the outsourced service offerings
including low costs, application of information technology in varied
industries, and globalization of R&D and engineering are anticipated to
fuel the growth.
Over the last decade, the engineering services outsourcing (ESO)
industry has evolved abruptly, wherein the engineering service providers (ESPs)
traditionally provided solutions required by the original equipment
manufacturers (OEMs) at each of product lifecycle ranging from
conceptualization to aftermarket support services. With the advent of
technology advancements, ESPs are now leveraging analytics, automation and IT
related services-largely been used in product design and development-in their
portfolios to cater the expectations of their customers. Furthermore, the
proliferation of wireless communications, distributed computing, big-data
capabilities, and sensor technologies are rapidly transforming the technology
landscape.
The emergence of fundamental technologies, such as, blockchain,
digital reality, virtual reality (VR), augmented reality (AR), internet of
things (IoT), and cognitive technologies is expected to harness innovation;
maintaining operational integrity of the businesses. These technologies have
surfaced to be a critical factor in digital transformation services,
modernizing the core systems of the OEMs and thereby increasing the potential
of ESO at a global scale. As a result, the global engineering centers (GECs)
are now investing heavily in R&D for broadening the scope of their service
offerings to their customers.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/engineering-services-outsourcing-market
https://www.grandviewresearch.com/industry-analysis/engineering-services-outsourcing-market
Further key findings from the study suggest:
- The
automotive segment accounted for over 20% of the total revenue share of
the market in 2019.
- The
designing segment is anticipated to witness the fastest growth over the
next eight years with an anticipated CAGR of 31.3% between 2020 and 2027
owing to the rising demand for latest technologies for product designing
and visual designing to enhance the end-user experience.
- Asia
Pacific ESO market accounted for the largest revenue share in 2019 and is
anticipated to continue dominating the overall market over the forecast
period.
- The
key players in engineering services outsourcing market are Wipro Limited,
Infosys Limited, Tech Mahindra Limited, Tata Consultancy Services Limited,
HCL Technologies Limited, Alten GmbH, Infosys Ltd., and Altran
Technologies S.A.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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