LONDON--(BUSINESS WIRE)--The research and development outsourcing services market size is poised to grow by USD 6.77 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Most of the small and medium-sized enterprises (SMEs) have limited operational reach, which results in enterprises having access to only the regional talent pool. However, companies such as HCL and Wipro have operations across the world. Thus, outsourcing R&D services to such vendors will provide enterprises, especially SMEs, access to the global talent pool. This helps enterprises to leverage diverse skill sets distributed across geographies. Vendors from countries such as the US are expanding their operations to countries such as India for real-time support and low-cost labor. Therefore, the increased access to global talent pool will drive the demand for R&D outsourcing services during the forecast period.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Research and Development Outsourcing Services Market: Emergence of Industry 4.0
Enterprises are increasingly implementing industry 4.0, which involves the use of emerging digital technologies for automation and smart production processes by creating automated, connected, and smart production systems. The ongoing digital transformation of industries is increasing the adoption of innovative technologies to gain a strategic and operational advantage. Engineering R&D services help enterprises check the feasibility of implementing and improving innovative solutions. Enterprises outsource engineering R&D tasks so that they can focus on their core competencies, whereas vendors in the market can check the feasibility of implementing Industry 4.0. Thus, with the emergence of Industry 4.0, the demand for R&D outsourcing services is expected to increase significantly during the forecast period.
“Other factors such as the increase in M&A activities, and the advent of Internet of Things (IoT) will also have a significant impact on the growth of the research and development (R&D) outsourcing services market during the forecast period,” says a senior analyst at Technavio.
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Research and Development Outsourcing Services Market: Segmentation Analysis
This market research report segments the research and development outsourcing services market by end-users (automotive, consumer electronics, telecommunications, semiconductor, aerospace, healthcare, construction, and other end-users) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growth of the research and development outsourcing services market share in North America can be attributed to several factors such as the growth of aerospace, semiconductor, and consumer electronics industries, and the construction of new data centers in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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