Engineering Services Outsourcing Market to Surpass Valuation of USD 14.74 Trillion by 2031 | SkyQuest Technology
Engineering Services Outsourcing Market size was valued at USD 2.04 Trillion in 2022 and is poised to grow from USD 2.54 Trillion in 2023 to USD 14.74 Trillion by 2031, growing at a CAGR of 24.60% during the forecast period (2024-2031).
Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global engineering services outsourcing market share will reach a value of USD 14.74 Trillion by 2031, with a CAGR of 24.60% during the forecast period (2024-2031). A licensing system that promotes innovation and speeds up both top- and bottom-line development, together with far more extensive engagement portfolios, are what ESPs are creating as the engineering services outsourcing industry grows and delivers. Additionally, the industry’s growing use of digital technology to boost productivity is having a big impact on the global engineering services outsourcing market outlook. The focus of the modified approach to product lifecycle development is on ESPs’ place in the supply chains of OEMs.
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Browse in-depth TOC on the ” Engineering Services Outsourcing Market”
Pages – 165
Tables – 93
Figures – 76
Engineering Services Outsourcing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.54 Trillion |
| Estimated Value by 2031 | USD 14.74 Trillion |
| Growth Rate | Poised to grow at a CAGR of 24.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Rise of digital transformation in service outsourcing |
| Key Market Opportunities | Providing expert advice and advanced technologies from skilled professionals |
| Key Market Drivers | Cost efficiency in outsourcing engineering services |
Testing Service to Hold Significant Growth due to Ensuring Product Quality & Safety
Testing services dominate the global engineering services outsourcing market growth due to their critical role in ensuring product quality, safety, and compliance across industries. The increasing complexity of engineering projects, coupled with rising demand for faster time-to-market, drives companies to outsource testing to specialized providers, enhancing efficiency, reducing costs, and ensuring regulatory adherence.
On-Shore Location to Lead Market for Efficient Proximity and Better Communication
On-shore locations dominate the industry, according to the global engineering services outsourcing market analysis due to the proximity to clients, which enables better communication, faster project coordination, and enhanced quality control. Local expertise in regulatory standards and cultural alignment further boost trust and efficiency, driving companies to prefer onshore outsourcing for critical engineering projects.
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Asia-Pacific to Dominate Market due to Cost-Effective Labor, and Robust Infrastructure
Asia-Pacific dominates the global engineering services outsourcing industry due to its large pool of skilled engineers, cost-effective labor, and robust infrastructure. The region’s rapid industrialization and technological advancements attract global companies seeking competitive solutions. Additionally, government support for R&D and favorable trade policies enhance its attractiveness for outsourcing complex engineering tasks.
Engineering Services Outsourcing Market Insight
Drivers:
- Cost Efficiency in Outsourcing Engineering Services
- Access to Top IT Expertise
- Outsourcing Engineering Services to Remote Regions
Restraints:
- Quality Control Concerns
- Cultural and Communication Barriers
- IP Rights Discourage Companies from Outsourcing
Segments covered in Engineering Services Outsourcing Market are as follows:
- Service
- Designing, Prototyping, System Integration, Testing, Others
- Location
- On-shore, Off-shore
- Application
- Aerospace, Automotive, Manufacturing, Consumer Electronics, Semiconductors, Healthcare, Telecom, Energy & Utilities, Construction & Infrastructure, Others
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Prominent Players in Engineering Services Outsourcing Market
- Alten Group (France)
- Capgemini Engineering (France)
- Entelect (South Africa)
- HCL Technologies Limited (India)
- Infosys Limited (India)
- Tata Elxsi (India)
- Tata Consultancy Services Limited (India)
- Tech Mahindra Limited (India)
- Wipro Limited (India)
- Cognizant Technology Solutions Corporation (USA)
Key Questions Answered in Global Engineering Services Outsourcing Market Report
- What is the projected value of the global engineering services outsourcing market size by 2031?
- Why do onshore locations dominate the engineering services outsourcing market?
- What are the key drivers for the Asia-Pacific region’s dominance in the global engineering services outsourcing market?
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This report provides the following insights:
- Analysis of key drivers (Outsourcing helps companies meet international regulatory standards, service providers often possess the necessary expertise, companies increasingly expanding their R&D efforts globally), restraints (Stricter regulations regarding outsourcing in certain industries, managing multiple outsourcing partners can increase complexity, concerns over job security), opportunities (Cloud technology enabling remote collaboration, strategic alliances between outsourcing companies & academic institutions, demand for end-to-end engineering solutions), and challenges (Talent retention in outsourcing hubs, compromising sensitive project data & IP) influencing the growth of engineering services outsourcing market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the engineering services outsourcing market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the engineering services outsourcing market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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