Engineering Services Outsourcing Market Worth $9,398.95 Billion by 2030: Grand View Research, Inc.

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)

• Onshore
• Offshore

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
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• 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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SOURCE Grand View Research, Inc.