Global Engineering Services Outsourcing (ESO) Market Overview:
Engineering Services Outsourcing (ESO) is the practice of hiring external sources to work on specific non-physical engineering functions of the product development lifecycle. These can include processes such as design, prototyping, or testing. Engineering Services Outsourcing is by no means a new concept. Their applications are automotive, aerospace, manufacturing, electronics, construction, etc. The Engineering Services outsourcing is composed for continued growth, offering businesses a strategic approach to optimize their operations, enhance efficiency, and gain access to specialized expertise. As technological advancements, globalization, and talent shortages continues to shape the business and plays crucial role in enabling companies to achieve their goals and thrive in a competitive marketplace.
As per latest study released by AMA Research, the Global Engineering Services Outsourcing (ESO) market is expected to see growth rate of 21.7% and may see market size of USD536270.0 Million by 2030.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The Introduction of Various Services According to Customers Preferences and Adopting Collaboration and Acquisition Strategies to Develop Industrial Automation and Software Development
Market Growth Drivers:
Increasing Demand for Engineering Services Outsourcing (ESO) in Semiconductor Companies to Design New Chips. and Growing Demand for Engineering Services Outsourcing (ESO) in Automotive Companies to Develop New Vehicle Concepts and Designs
Challenges:
High Competition among Established Players and Maintaining High Quality Standards
Restraints:
Lack of Specialized Engineering Expertise and Rising Concerns About Data Security and Intellectual Property Protection
Opportunities:
The Growing Technologies and New Developments with Unique Properties and The Increasing Demand of Skilled Engineering Talent
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Accenture (Ireland), Infosys (India), Cognizant (United States), Tata Consultancy Services (India), Wipro (India), Capgemini (France), DXC Technology (United States), IBM (United States), HCL Technologies (India) and L&T Infotech (India). Additionally, following companies can also be profiled that are part of our coverage like AVL List GmbH (Austria), Bertrandt (Germany), Aricent Group (United States), Segula Technologies (France), Tata Elxsi (India), Cyient (India), Alten SA (France), EPAM Systems, Inc. (United States), Altair Engineering, Inc. (United States) and QuEST Global (India). Analyst at AMA Research see Indian Vendors to retain maximum share of Global Engineering Services Outsourcing (ESO) market by 2030.
Considering Market by , the sub-segment i.e. will boost the Engineering Services Outsourcing (ESO) market.Latest Market Insights:
In October2023, Accenture and Siemens announced a collaboration to accelerate industrial digitalization for global clients. The two companies will combine their expertise in industrial automation, software development, and consulting to help clients improve their operational efficiency, reduce costs, and bring new products and services to market faster.
In October 2023, Infosys launched a new cloud-based engineering platform that would help businesses design, develop, and test products more efficiently. The platform would also provide businesses with access to a global network of engineering experts.
What Can be Explored with the Engineering Services Outsourcing (ESO) Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Engineering Services Outsourcing (ESO) Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Engineering Services Outsourcing (ESO)
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Engineering Services Outsourcing (ESO) market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Engineering Services Outsourcing (ESO) market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Consumer Electronics, Aerospace, Automotive, Healthcare, Telecom, Potential Investors, Government Organizations, End user Industry, Market Research and Consultancy Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.