Global Research and Development (R&D) Outsourcing Services Market 2019-2023 | Increased Access to Global Talent Pool to Boost Growth | Technavio

Technavio has published a new market research report on the global research and development (R&D) outsourcing services market from 2019-2023. (Graphic: Business Wire)

LONDON--()--The global research and development (R&D) outsourcing services market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.

A key factor driving the growth of the market is the increased access to the global talent pool by enterprises. Most of the SMEs have limited operational reach due to which they have access to only the regional talent pool. However, specialized vendors have operations across the world. Hence, outsourcing R&D services to such vendors will provide enterprises, especially SMEs, access to the global talent pool. Enterprises can leverage diverse skill sets distributed across geographies by outsourcing R&D services to these vendors. This also provides enterprises with access to R&D support around the clock. Hence, vendors from countries focus on expanding their operations to countries such as India for real-time support and low-cost labor. Accessing talent pool from such countries can lead to a reduction in R&D cost, which will help enterprises in increasing their profit margins. All these factors will lead to the growth of the global R&D outsourcing market during the forecast period.

As per Technavio, the emergence of industry 4.0 will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global research and development (R&D) outsourcing services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global research and development (R&D) outsourcing services market: Emergence of industry 4.0

Currently, enterprises are under pressure to innovate product and service offerings and make their production processes efficient to remain competitive in the market. This is encouraging enterprises to implement Industry 4.0, which refers to the use of emerging digital technologies for automation and implementation of smart production processes. Therefore, engineering R&D services are used by enterprises to check the feasibility of implementing and improving innovative solutions. Hence, many enterprises are seen outsourcing these engineering R&D tasks so that they can focus on their core competencies. Thus, with the adoption of Industry 4.0, the demand for R&D outsourcing services is expected to increase during the forecast period.

“Apart from the emergence of industry 4.0, another factor that is expected to boost market growth is the cost-effectiveness of outsourcing R&D services. Maintaining in-house R&D services can be a costly affair for many enterprises, especially small and mid-sized (SMEs) in industries such as construction and consumer electronics. Outsourcing R&D services can enable enterprises to save costs on facilities and training and wages of R&D engineers. It also helps enterprises in gaining access to advanced technologies. These factors will foster the demand for R&D outsourcing services during the forecast period,” says a senior analyst at Technavio.

Global research and development (R&D) outsourcing services market: Segmentation analysis

This market research report segments the global research and development (R&D) outsourcing services market by end-user (automotive, consumer electronics, telecommunications, semiconductor, aerospace, healthcare, construction, and others), and geographical regions (North America, Europe, APAC, South America, and MEA).

The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its domination over the global market and register the highest incremental growth due to the increasing demand from industries such as aerospace, semiconductor, and consumer electronics.

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Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global research and development (R&D) outsourcing services market is expected to post a CAGR of over 8% during 2019-2023, according to Technavio

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com