Engineering Services Outsourcing Market is projected to grow at a CAGR of 22.9%

The Market Statsville Group (MSG) publishes the new report on the "Engineering Services Outsourcing Market Location Type (On-shore and Off-shore), by Application (Aerospace, Automotive (Designing, Prototyping, System Integration, and Testing), Construction, Consumer Electronics, Semiconductors, Pharmaceuticals, and Telecom), by Location Type (Designing, Prototyping, System Integration, Testing, and Others), by Region – Global Share and Forecast to 2030". The global engineering services outsourcing market size is projected to grow at a CAGR of 22.9% during the forecast period. Automotive manufacturers face increasing demand for capacity and skills due to growing technological complexities. Powertrain electrification technology, connected cars technology, development of vehicles with piloted or autonomous driving systems, and lightweight materials for vehicle production & assembly are the most recent technologies that require proficient engineering services. Automobile companies need to develop pre-defined strategies for outsourcing engineering services for such core competencies.

Global Engineering Services Outsourcing Market Segmentation

The overall engineering services outsourcing market has been segmented into the location type, application, and region.

By Location Type Outlook (Sales, USD Million, 2017-2030)

• On-shore
• Off-shore

By Service Type Outlook (Sales, USD Million, 2017-2030)

• Designing
• Prototyping
• System Integration
• Testing
• Others

By Application Outlook (Sales, USD Million, 2017-2030)

• Aerospace
• Automotive
  • Designing
  • Prototyping
  • System Integration
  • Testing
• Construction
• Consumer Electronics
• Semiconductors
• Pharmaceuticals
• Telecom
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Telecom, by application, is estimated to hold the largest market share during the forecast period

Based on method, the global engineering services outsourcing market is segmented into aerospace, automotive, construction, consumer electronics, semiconductors, telecom, pharmaceuticals, and others. The telecom ESO market segment accounted for the maximum share of the overall ESO market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. Telecommunication firms have been outsourcing services such as product designing, hardware designing, system architecture, applications development, test automation, network designing, deployment, performance engineering, and supporting subscriber demands in new technologies with differentiated products.

Telecom markets in India and China are growing rapidly, with an increasing presence of international telecom players. The telecom companies find it cost-effective to outsource the engineering services from top ESO vendors present in these countries.

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Asia Pacific accounts for the largest market share in the engineering services outsourcing market in 2021

Based on the regions, the global engineering services outsourcing market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 41.1% in the global engineering services outsourcing market and was anticipated to maintain its dominance throughout the forecast period. The Asia Pacific region is a hub for industrial goods manufacturing and cost-effective engineering services delivered by highly skilled engineers. The region is also home to several well-known software outsourcing companies. The Asia Pacific regional market is expected to grow due to the growing demand for technological innovation and embedded software integration into existing models.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the engineering services outsourcing market. It also consists of the profiles of leading companies such as Infosys Limited, ALTEN Group, Altair Engineering, Inc., Tata Consultancy Services Limited, Boston Engineering Corporation, and ALTRAN. These market players have focused on acquisitions and expansion to gain a larger market share in the engineering services outsourcing market.

Browse complete report: https://www.marketstatsville.com/engineering-services-outsourcing-market

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