The market for outsourcing engineering services is projected to be worth US$ 949.7 billion. The overall demand for engineering services outsourcing is anticipated to increase at a CAGR of 18.9% between 2022 and 2032, reaching a total of approximately US$ 5,362.7 Billion by 2032 due to the increase in adoption of automation and integrated solutions for analysis, as well as the introduction of cloud-based engineering software products.
Engineering services outsourcing is the practise of using the best technology and services available to support the business’s core engineering processes, such as computer-aided design and production, to provide cutting-edge engineering products at a competitive price.
Engineering Services Outsourcing Demand Analysis (2017 To 2021) Vs Market Outlook (2022 To 2032)
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.
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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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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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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
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
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