Engineering Services Outsourcing (ESO) Market Size, Share, Trends & Industry Analysis Report By Location Outlook (Onshore, Offshore); By Application Outlook (Automotive, Energy, Network & Communications, Industrial Automation, Medical Technology, Industrial Electronics and Automated Embedded Engineering Services, Consumer Electronics, Semiconductors, Construction, Aerospace); By Regions; Segment Forecast, 2019 – 2026
The Global Engineering Services Outsourcing (ESO) Market is expected to grow at a CAGR of 21.0% during the forecast period 2019-2026. As per the analysis, the global market was valued at $402.4 billion in the year 2018 and anticipated to reach $1.82 trillion by the end of the year 2026.
The Engineering Services Outsourcing (ESO) Market is witnessing a growth at tremendous rate and include service offerings at low-cost and simple tasks by outsourcing companies. The service outsourcing companies include tasks such as automation, validation, designing and conceptualization. The global market growth is majorly driven by increasing adoption of analytics, big data, rapid implementation of Internet of Things (IoT) and increasing usage of sensors in various industrial verticals.
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The Global Engineering Services Outsourcing (ESO) Market is driven by various growth factors such as access to low-cost and highly skilled professionals to complete complex tasks of testing, designing, execution, simulation and validation. In a recent market trend, companies are shifting from Business Process Outsourcing (BPO) to knowledge process outsourcing (KPO) services. Also, companies are leveraging huge market opportunities in variety of industry verticals such as telecom, aerospace, semiconductors, consumer electronics and automotive.
Segmentation Overview of the Global Engineering Services Outsourcing (ESO) Market
The Global Engineering Services Outsourcing (ESO) Market is segmented on the basis of Application and Location. These market segments are further categorized into sub-segments to study the market in detail.
The Application Segment of the Global Engineering Services Outsourcing (ESO) Market is Sub-Segmented into:
- Consumer Electronics
- Industrial Electronics and Automated Embedded Engineering Services
- Medical Technology
- Industrial Automation
- Network & Communications
The Location Segment of the Global Engineering Services Outsourcing (ESO) Market is Sub-Segmented into:
- On Shore
- Off Shore
Geographical Overview of the Global Engineering Services Outsourcing (ESO) Market
On the basis of geographical segmentation, the global Engineering Services Outsourcing (ESO) market was studied across North America (U.S., Canada); Europe (Germany, UK, France); Asia Pacific (China, India, Japan); Latin America (Brazil, Mexico); Middle East & Africa. As per the analysis, Europe and North America accounted as the largest spenders in the global R&D spending. However, the Asia-Pacific accounted as the largest ESO service provider owing to large-scale contribution from India and China—countries with large-scale population base and presence of skilled professionals, for instance: As per the report, India produces more than 500 thousand engineering graduates in a year. Furthermore, India accounted for majority of skilled professionals at a cheaper price in the global market that in turn boost the engineering services outsourcing market in the APAC region.
Key Players Insights
Kristler Instruments AG, Wipro, P+Z Engineering GmbH, IAV Gmbh, Infosys Ltd., Tata Consultancy Services Limited and HCL Technologies Limited are some players included in the research study of the global engineering services outsourcing (ESO) market. Market players are actively working in the global market to withhold majority of market share and aspire to acquire dominant market position for the long-term. Some of the strategical developments adopted by key companies in the market are joint venture, partnership and collaboration among others.
Key Topics Covered
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