Global Engineering Services Outsourcing Market Report 2021-2028: An Evolving Market with Advances in Sensing, Connected Computing, Artificial Intelligence (AI), and Internet of Things (IoT)
DUBLIN, Oct. 12, 2021 /PRNewswire/ -- The "Global 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, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global engineering services outsourcing market size is expected to reach USD 5.50 trillion by 2028 and is anticipated to register a CAGR of 22.9% from 2021 to 2028
The globalization of Research and Development (R&D), easy availability of low-cost labor and skilled professionals, and increasing adoption of information technology and smart technologies in various end-use industries are some of the factors that are expected to drive the growth of the market for engineering services outsourcing (ESO) over the forecast period.
The market has been evolving continuously in line with the advances in sensing, connected computing, artificial intelligence, and the internet of things (IoT), among other technologies. The intensifying competition to provide state-of-the-art solutions is prompting service providers to invest aggressively in R&D. Key ESO players are also putting a strong emphasis on Mergers and Acquisitions (M&A) and strengthening the existing tie-ups with their clients to tap new business opportunities.
For instance, in November 2020, Tata Consultancy Services Limited, global IT services, and business solutions provider based in India announced an agreement to acquire 100% of the shares of Postbank Systems AG, one of the prominent IT service providers based in Germany, from Deutsche Bank AG. Tata Consultancy Services Limited already happens to be Deutsche Bank AG's trusted IT service partner and the acquisition would deepen the partnership further while allowing the company to strengthen its operations in Germany.
The outbreak of the COVID-19 pandemic and the subsequent lockdowns implemented in various countries across the world at the beginning of 2020 to arrest the spread of the disease had a varying impact on the ESO market depending on the end-use industry. For instance, industries and industry verticals, such as automotive, and aerospace, among others, were adversely affected owing to the temporary shutdown of industrial facilities, production units, public transportation, and logistics operations.
On the contrary, the pharmaceutical and healthcare industry was relatively unaffected as healthcare companies focused on the development of advanced personal protective equipment (PPE) and testing kits, while pharmaceutical companies embarked upon the development of COVID-19 vaccines.
Engineering Services Outsourcing Market Report Highlights
- The designing segment is anticipated to register the highest CAGR of around 25.0% over the forecast period
- The industrial segment accounted for the largest revenue share in 2020 and is anticipated to continue dominating the market over the forecast period
- The Asia Pacific ESO market is expected to account for the largest revenue share of over 40.0% in 2020 owing to the easy availability of relatively low-cost and skilled resources in countries, such as India, China, the Philippines, and other East Asian countries
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
Chapter 4 Service Estimates and Trend Analysis
Chapter 5 Location Estimates and Trend Analysis
Chapter 6 Application Estimates and Trend Analysis
Chapter 7 Regional Estimates & Trend Analysis
Chapter 8 Competitive Analysis
Chapter 9 Competitive Landscape
- ALTEN Group
- Altair Engineering, Inc.
- Altran
- ASAP Holding GmbH
- AVL List GmbH
- AKKA Technologies
- Bertrandt AG
- EDAG Group
- ESG Elektroniksystem- und Logistik-GmbH
- FEV Group GmbH
- Horiba, Ltd.
- IAV
- ITK Engineering GmbH
- Kistler Group
- M Plan GmbH
- Arrk Group
- P3 Automotive GmbH
- RLE International Inc.
- Cybage Software Pvt. Ltd
- Cyient (Infotech Enterprises Ltd.)
- Epam Systems Inc.
- Globallogic
- HCL Technologies Limited
- Infosys Limited
- KPIT
- Luxoft
- Mindtree Ltd.
- Mindfire Solutions
- Dalian Wensi Haihui Information Technology Co., Ltd (Pactera)
- Quest Global Services Pte. Ltd.
- Sonata Software
- Tata Elxsi Limited
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Wipro Limited
- Boston Engineering Corporation
For more information about this report visit https://www.researchandmarkets.com/r/kzb3mv
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SOURCE Research and Markets
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