The global engineering services outsourcing (ESO) market to grow at a CAGR of around 22% during forecast period (2021-2026), according to the latest report by IMARC Group.
Engineering services refer to multiple processes, including conceptualization, product design and development, that are essential for each stage of a product lifecycle. These services widely leverage information technology (IT)-based tools and databases to assist in various processes. Numerous players are now preferring to outsource these services on account of the various advantages offered by them.
Engineering services outsourcing (ESO) involves a third-party source that offers technical, mechanical and software application support for crucial functions, including designing, prototyping, testing, product innovation and system integration. They are widely deployed by organizations for improving the efficiency of the firm, minimizing operation costs and enhancing various processes. They are also utilized to reduce the time taken to complete a particular task while enabling the employees to focus on more important commitments at hand that will ultimately ensure their business expansion.
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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.
The market is primarily driven by the increasing automation across numerous industry verticals, along with the rising adoption of integrated solutions for designing engineering systems. This has led to the escalating deployment of numerous engineering software, including computer-aided design (CAD), computer-aided engineering (CAE) and computer-aided manufacturing (CAM), on the global level. This, along with the rising need to reduce overall operational cost expenditure across numerous organizations, is providing a thrust to the market growth. Moreover, since the deployment of outsourcing services assists in executing a particular project within a reduced time frame while ensuring high profit margins, they are extensively gaining prominence across the globe.
Global Engineering Services Outsourcing Market 2022-2027 Analysis and Segmentation:
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.
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The report has segmented the market on the basis of Service, Location, Application and Region.
Breakup by Service:
Breakup by Location:
Breakup by Application:
Breakup by Region:
Middle East and Africa
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