The global engineering services outsourcing market size is expected to reach USD 5.50 trillion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 22.9% from 2021 to 2028. The globalization of Research and Development (R&D), easy availability of low-cost labor and skilled professionals, and increasing adoption of information technology and smart technologies in various end-use industries are some of the factors that are expected to drive the growth of the market for engineering services outsourcing (ESO) over the forecast period.
The market has been evolving continuously in line with the advances in sensing, connected computing, artificial intelligence, and the internet of things (IoT), among other technologies. The intensifying competition to provide state-of-the-art solutions is prompting service providers to invest aggressively in R&D. Key ESO players are also putting a strong emphasis on Mergers and Acquisitions (M&A) and strengthening the existing tie-ups with their clients to tap new business opportunities. For instance, in November 2020, Tata Consultancy Services Limited, global IT services, and business solutions provider based in India announced an agreement to acquire 100% of the shares of Postbank Systems AG, one of the prominent IT service providers based in Germany, from Deutsche Bank AG. Tata Consultancy Services Limited already happens to be Deutsche Bank AG’s trusted IT service partner and the acquisition would deepen the partnership further while allowing the company to strengthen its operations in Germany.
The outbreak of the COVID-19 pandemic and the subsequent lockdowns implemented in various countries across the world at the beginning of 2020 to arrest the spread of the disease had a varying impact on the ESO market depending on the end-use industry. For instance, industries and industry verticals, such as automotive, and aerospace, among others, were adversely affected owing to the temporary shutdown of industrial facilities, production units, public transportation, and logistics operations. On the contrary, the pharmaceutical and healthcare industry was relatively unaffected as healthcare companies focused on the development of advanced personal protective equipment (PPE) and testing kits, while pharmaceutical companies embarked upon the development of COVID-19 vaccines.
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Engineering Services Outsourcing Market Report Highlights
- The designing segment is anticipated to register the highest CAGR of around 25.0% over the forecast period
- The industrial segment accounted for the largest revenue share in 2020 and is anticipated to continue dominating the market over the forecast period
- The Asia Pacific ESO market is expected to account for the largest revenue share of over 40.0% in 2020 owing to the easy availability of relatively low-cost and skilled resources in countries, such as India, China, the Philippines, and other East Asian countries
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Engineering Services Outsourcing Market Segmentation
Grand View Research has segmented the global engineering services outsourcing market based on services, location, application, and region:
Engineering Services Outsourcing Services Outlook (Revenue, USD Billion, 2016 – 2028)
- System Integration
Engineering Services Outsourcing Location Outlook (Revenue, USD Billion, 2016 – 2028)
Engineering Services Outsourcing Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Consumer Electronics
Engineering Services Outsourcing Region Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South America
- Middle East & Africa
List of Key Players of Engineering Services Outsourcing Market
- Infosys Limited
- Tata Consultancy Services Limited
- ALTEN Group
- Altair Engineering, Inc.
- Boston Engineering Corporation
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About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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