Dublin, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The "Engineering Services Outsourcing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Engineering Services Outsourcing Market to Reach US$2 Trillion by the Year 2026
Amid the COVID-19 crisis, the global market for Engineering Services Outsourcing estimated at US$852.5 Billion in the year 2020, is projected to reach a revised size of US$2 Trillion by 2026, growing at a CAGR of 15.1% over the analysis period.
Growing industrial automation and increasing implementation of integrated solutions for designing and analyzing engineering systems are the major factors driving the growth of the ESO market. In addition, widespread use of innovative systems such as electronic design automation (EDA) software, computer-aided design (CAD), computer-aided engineering (CAE), and computer-aided manufacturing (CAM) is also driving the market growth.
The market is also boosted by the introduction of cloud-based engineering software solutions. Other factors driving the growth of the market include technological advancements and increasing incorporation of the emerging digital transformational services. Another key factor driving the market growth is cost savings enabled by reduction in labor wages.
Testing, one of the segments analyzed in the report, is projected to grow at a 16% CAGR to reach US$791.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Designing segment is readjusted to a revised 17% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Engineering Services Outsourcing market. The rising demand for testing services to reduce turnaround time by minimizing manual intervention is expected to drive the growth of the testing segment.
Growth in the Designing segment is attributed to the increasing design complexities and the need to reduce costs through outsourcing designing to a relatively low-cost, yet skilled workforce. Growing popularity of architectural, visual, graphic, and industrial designing for next-generation equipment and mobility solutions is expected to drive demand for design engineering outsourcing.
Prototyping Segment to Reach $379 Billion by 2026
The rapid rise in sales of consumer electronics industry has contributed considerably to the rise in demand for third party engineering services for prototyping of cost efficient products. In the global Prototyping segment, USA, Canada, Japan, China and Europe will drive the 14.5% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$109.1 Billion in the year 2020 will reach a projected size of US$276.9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$85 Billion by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Industrial Activity Remains Subdued Amidst the Pandemic
- Opportunities and Challenges for Engineering Services Companies
- Engineering Services Outsourcing: An Introduction
- Advantages of Engineering Outsourcing
- Disadvantages/Risks Associated with Engineering Outsourcing
- Engineering Services Outsourcing Industry: The Evolution
- The Rise and Rise in Outsourcing Popularity
- Global Market Prospects & Outlook
- Key Market Trends Influencing the ESO Market
- Select Growth Drivers
- Market Restraints
- Recent Market Activity
- Analysis by Services
- Analysis by Application
- Regional Analysis
2. FOCUS ON SELECT PLAYERS (Total 55 Featured)
- ALTEN Group
- AVL List GmbH
- Cybage Software Pvt. Ltd.
- Cyient Ltd.
- Dalian Wensi Haihui Information Technology Co., Ltd (Pactera)
- FEV Consulting GmbH
- GlobalLogic
- HCL Technologies Limited
- HORIBA, Ltd.
- Infosys Limited
- Mindtree Ltd.
- P3 group GmbH
- QuEST Global Services Pte. Ltd.
- Wipro Limited
3. MARKET TRENDS & DRIVERS
- Market for Engineering Services Outsourcing Amid the Pandemic
- Engineering Services Outsourcing: Benefits Outweigh the Disadvantages
- Engineering Services Outsourcing to Surge, Immense Opportunities for IT Service Companies
- Market for Digital Engineering Services - Major Trends
- IT Services Outsourcing: An Overview
- Outsourcing to Emerging Economies Drives Overall Demand
- Auto OEMs Prefer Outsourcing of Services for Better Product Integration and Cost Savings
- Opportunities in Electronics Industry
- Increasing Demand in Industrial Manufacturing Sector
- Established Role in Aerospace Industry
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 55
For more information about this report visit https://www.researchandmarkets.com/r/j11flt
