LONDON--(BUSINESS WIRE)--Technavio analysts forecast the engineering services outsourcing market in the US to grow at a CAGR of over 24% during the forecast period, according to their latest market research report.
Outsourcing innovation is one of the major trends being witnessed in the engineering services outsourcing market in the US 2018-2022. Several companies from industries such as automotive, manufacturing, and pharmaceutical have outsourced a wide variety of functions, ranging from unimportant and back-end tasks to innovative tasks. Advanced technologies such as cloud-based delivery, cognitive process automation, quantum cryptography, security, and AR are also outsourced by several industries. Therefore, the market for ESO in the US is expected to witness positive developments, during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the engineering services outsourcing market in the US is the increasing number of surgeries coupled with the growing prevalence of diseases:
Engineering services outsourcing market in the US market: Access to high-quality manpower
The US is an early adopter of advanced technologies such as AI, machine learning, blockchain, and quantum computing. Hence the demand for extensive cybercity and smart AI based software solutions from several industries is high in the country. The complexity and diversity of such advanced technologies increase the demand for a flexible labor pool with relevant competencies. Therefore, the growing need for cutting-edge skill sets will drive the growth of the ESO market in the US.
According to a senior analyst at Technavio for research on ITO and BPO, “ESO enables companies to bypass the minimum wage regulation and utilize the services of skilled workers. Therefore, the cost efficiency offered by ESO is expected to drive the growth of the market in the US during the forecast period.”
Engineering services outsourcing market in the US: Segmentation analysis
The engineering services outsourcing market in the US research report provides market segmentation by end-user (telecom, automotive, healthcare, aerospace, others). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The telecom segment held the largest share of the market in 2017, accounting for close to 23% share, followed by the automotive, healthcare, and aerospace segments respectively. The telecom segment is expected to witness the maximum increase in its market share over the forecast period.
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