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Engineering Services Outsourcing Market is projected to grow at a CAGR of 18.9% between 2022 and 2032 | Future Market Insights, Inc.
NEWARK, Del, Aug. 04, 2022 (GLOBE NEWSWIRE) — The global demand for engineering services outsourcing is projected to increase at a CAGR of 18.9% during the forecast period between 2022 and 2032, reaching a total of US$ 5,362.7 Billion in 2032, according to a report from Future Market Insights (FMI). From 2016 to 2021, sales witnessed significant growth, registering a CAGR of 14.8%.
The implementation of Industry 4.0 is encouraging smart manufacturing and is propelling the demand for the latest industrial solutions based on robotics, artificial intelligence (AI), and machine learning (ML), which is gradually creating opportunities for IT integration in the service offerings ESPs. End-use industries such as automotive and aerospace, among others, require dedicated hardware manufacturing capabilities; as a result, they are approaching providers of digital transformation services.
This in turn is expected to create lucrative opportunities for the growth of the Engineering Services Outsourcing Market during the forecast period. Furthermore, the growing demand for automation in the open systems is expected to create immense opportunities for ESPs.
The rapid technological advancements in industrial and communication technologies are expected to fuel higher demand for engineering services outsourcing over the analysis period. Due to the growing focus on digitization in numerous industry verticals, engineering service providers focus on providing IIoT engineering services for OEMs. Some of the IoT engineering services include IoT platform integration and IoT device development.
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As the Industrial Internet of Things (IIoT) becomes more prevalent and secured with the growing adoption of robotics, industrial automation, and 3D printing, the prominence of Engineering Services Outsourcing providers will increase during 2022-2032. The North America engineering services outsourcing market is expected to accumulate a market share of 30.0% in 2022. On geographic basis, North America is anticipated to be the largest market for Engineering Services Outsourcing market, as the region is home to long standing suppliers as well as end user sectors that are constantly adopting new and innovative technologies to improve business efficiency and productivity.
Key Takeaways from the Market Study
- Global Engineering Services Outsourcing Market was valued at US$ 949.7 Billion by 2022-end
- From 2017 to 2021, Engineering Services Outsourcing demand expanded at a CAGR of 14.8%
- By Service, the Testing Services category constitutes the bulk of Engineering Services Outsourcing Market with a share of 33%.
- By End-Use Application, the Industrial segment dominates, with a market share of 64%.
“Increased demand for utilizing the advanced and latest technologies into product offerings and the growing need to shorten product lifecycles and minimize costs are all likely to drive the engineering services outsourcing market expansion,” remarks an FMI analyst.
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Key Segments Covered in the Engineering Services Outsourcing Industry Analysis
Engineering Services Outsourcing Market by Service:
- Engineering Designing Outsourcing
- Prototyping Services Outsourcing
- System Integration Services Outsourcing
- Testing E Services Outsourcing
- Other Engineering Services Outsourcing
Engineering Services Outsourcing Market by Location:
- Onshore Engineering Services Outsourcing
- Offshore Engineering Services Outsourcing
Engineering Services Outsourcing Market by Application:
- Engineering Services Outsourcing for Aerospace
- Engineering Services Outsourcing for Automotive
- Engineering Services Outsourcing for Industrial
- Engineering Services Outsourcing for Consumer Electronics
- Engineering Services Outsourcing for Semiconductors
- Engineering Services Outsourcing for Healthcare
- Engineering Services Outsourcing for Telecom
Competitive Landscape
Players in the global Engineering Services Outsourcing Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In December 2021, Tech Mahindra announced a strategic collaboration with the SOVICO Group, a leading investment group in Vietnam, to enable digital transformation for the SOVICO Group. The partnership was announced on the occasion of the official visit of H.E Vuong Dinh Hue, The Chairman of the National Assembly of Vietnam, to India.
- In May 2019, UK-based automobile and aerospace significant Rolls-Royce had chosen Infosys as a strategic long-term assistant to convey designing, and advanced administrations. It will offer Rolls-Royce, building a computerized answers to address its clients’ issues. The US$ 11 Bn outsourcing firm has conveying programs in air and land-based gas turbines spanning component advancement, cutting edge producing advances, administration building, backing, testing and approval administrations.
Know More About What the Engineering Services Outsourcing Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Engineering Services Outsourcing Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Engineering Services Outsourcing Market, the market is segmented on the basis of product, portability, and application across five major regions.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Engineering Services Outsourcing Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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