Engineering Services Outsourcing Market Growing Sizably
Corporations are putting money into R&D and concentrating on offering personalized solutions to their clients, research company reports.
June 8, 2023
The global engineering services outsourcing (ESO) market is expected to reach USD$8,126.49 billion by 2029 according to a new study by Polaris Market Research. The report “Engineering Services Outsourcing (ESO) Market Size, Share, Trends & Industry Analysis Report, By Application (Automotive, Energy, Network & Communications, Industrial Automation, Medical Technology, Industrial Electronics & Automated Embedded Engineering Services, Consumer Electronics, Semiconductors, Construction, Aerospace); By Location; By Region; Segment Forecast, 2022 - 2029” gives insight into current market dynamics and provides analysis on future market growth.
The development of Industries 4.0, as well as the adoption of factory automation technologies, is driving the need for an integrated approach to analyzing and designing design solutions. The industry for EOS is being driven by an increase in the use of sophisticated devices and resources to obtain competitive advantage through improving graphical, visual, and commercial designs. Additionally, growing use of engineering solutions, including computer-aided designing, production, computer-aided electronic control automation software, is propelling ESO industry expansion, Polaris Market Research reports.
The onshore group accounted for a portion of sales in the global ESO industry and is expected to dominate throughout the forecast period. ESO's onshore solutions include outsourcing from their own nation. Outsourcing provides OEMs with cost savings and other advantages such as data protection and info safety.
The number of R&D outsourced facilities is predicted to rise, with the U.S, Germany, and Japan being the three leading markets. Countries like Brazil, China and India, which are automotive, building and equipment manufacturing centers, are experiencing an increase in outsourcing interest because of the expanding enterprises in these emerging countries.
Key players operating in the global ESO market are Altair Engineering, Accenture Plc, ALTEN, Altran, ASAP Holding GmbH, Amazon Web Services (AWS), Boston Engineering, AVL List GmbH, Capgemini SE, Cybage Software, HCL Technologies, EPAM Systems, Infosys, Microsoft Azure, International Business Machines, QuEST Global Services, Tata Consultancy Services, Sonata Software, Tech Mahindra (Mahindra Group), and Wipro Limited.
Major market ESO companies are introducing ESO facilities to enhance their positions and grow their consumer base. Corporations are putting money into R&D and concentrating on offering personalized solutions to their clients.
Polaris Market Research has segmented the Engineering Services Outsourcing (ESO) market report on the basis of application, location and region:
Engineering Services Outsourcing (ESO), Application Outlook (Revenue: USD Billion, 2017-2029)
- Network & Communications
- Industrial Automation
- Medical Technology
- Industrial Electronics and Automated Embedded Services
- Consumer Electronics
Engineering Services Outsourcing (ESO), Location Outlook (Revenue: USD Billion, 2017-2029)
- On Shore
- Off Shore
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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