(MENAFN- GetNews) The new published report by Polaris Market Research, the global Engineering Services Outsourcing Market is anticipated to reach USD 1.96 trillion by 2026 growing at a CAGR of 33.9% from 2017 to 2026. According to a new report published by Polaris Market Research the global engineering services outsourcing market is anticipated to reach more than USD 1.96 trillion by 2026. Thereport ‘Engineering Services Outsourcing Market [By Location Outlook (Onsite, Offshore); By Application Outlook (Consumer Electronics, Automotive, Telecom, Pharmaceuticals, Energy, Semiconductors, Construction, Aerospace); By Regions]: Market size & Forecast, 2017 2026' provides insights on the current market scenario and the future prospects.
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The major factors which are driving this market is the access to low cost highly skilled resources which can work towards complex tasks of not only designing and testing but also on validation, simulation and execution. Companies are moving from business process outsourcing to knowledge process outsourcing and major industry verticals such as automotive, consumer electronics, semiconductors, aerospace and telecom are providing huge opportunities to the consulting companies. The traction of offshore outsourcing can be seen owing to the low cost and added capabilities from the service providers. There are pureplay ESO service providers which are not only providing basic services but also, they are jointly investing with the companies to expand their businesses in growing markets and geographies. Companies are also focusing on ESO services to expand their market reach along with faster turnaround times from these providers. These are some of the major advantages for the companies to outsource their services.
The market for ESO has been evolved from outsourcing of simple low-cost engineering services to capacity augmentation. These days companies are focusing more on reduced timelines, increased productivity and quality of outsourcing services. Countries such as India, China are the biggest market for ESO providers. Growing number of engineering professionals every year coupled with low cost of service have pushed the market for ESO in this region.
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Companies in North America and Europe are considered to spend more on these services however, Asia Pacific is the largest market for theESOservice providers. Countries such as India and China have pushed the market for ESO and are estimated to continue the trend over the forecast period. ESO applications in the automotive, telecom, consumer electronics and aerospace segments is considered to have large market share in 2017. There has been an increase in adoption in the offshore services as compared to onsite service due to low costs and highly skilled professionals on the offshore locations. The offshore outsourcing type would grow at a higher rate during the forecast period as compared to its counterpart. The major restrains this market is facing is the intellectual property theft specifically during the offshore outsourcing. This is the major problem faced by many companies, which eventually generates a loss for these companies. However due to strict laws and changing regulations, this challenge is expected to overcome during the forecast period. Major players which are profiled in the study include HCL Technologies Limited, IAV GmbH, P+Z Engineering GmbH, Tata Consulting Services Limited, Wipro Limited, EDAG Engineering GmbH, ASAP Holdings GmbH, FEV Group, Cybage software, Kistler Instruments AG, Infosys Ltd, among others.
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Polaris Market Research has segmented the global engineering services outsourcing market on the basis of location outlook, application outlook, and region:
Engineering services outsourcing Market Size and Forecast by Location Outlook
Onsite Offshore Engineering services outsourcing Market Size and Forecast by Application Outlook
Consumer Electronics Automotive Telecom Pharmaceuticals Energy Semiconductors Construction Aerospace Restaurant POS Terminals Market Size and Forecast, 2017-2026 by Region
North America U.S. Canada Mexico
Europe Germany UK France Italy Russia Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific
Latin America Brazil Middle East & Africa
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.
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