LONDON--(BUSINESS WIRE)--The engineering services outsourcing (ESO) market is expected to grow by USD 207.85 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The rising competition in the market and increasing consumer demand for innovative products are compelling enterprises to continuously upgrade their engineering capabilities. This requires a significant amount of time and resources, which could pose a challenge to the growth of companies. Hence, companies are increasingly adopting outsourced engineering services and solutions to reduce product development time and the time to market. This helps companies gain faster access to emerging markets and establish their presence before their competitors. This is one of the crucial factors driving the growth of the global engineering services outsourcing market.
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As per Technavio, increasing digital transformation in organizations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Engineering Services Outsourcing Market : Increasing Digital Transformation in Organizations
Organizations are increasingly adopting digital technologies and latest innovations to accelerate business activities and processes, and to leverage strategic and operational advantages from these technologies. The new digital era is rapidly transforming market behavior, which makes it essential to acquire digital IT solutions that can work in tune with the business requirements. Outsourcing service companies are realizing the benefits of the implementation of digital technologies that help them in enhancing their business performance and deliver superior services to their customers. Companies that are adopting digital technologies are undergoing a significant change in their bottom-line performance and business models. This will support the growth of the market in focus.
“Factors such as the rising adoption of artificial intelligence, and growing focus on core competencies and lack of in-house expertise will have a positive impact on the growth of the engineering services outsourcing market value during the forecast period,” says a senior analyst at Technavio.
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Engineering Services Outsourcing Market: Segmentation Analysis
This market research report segments the engineering services outsourcing market by sourcing (offshore and onshore), end-user (automotive, consumer electronics, telecom, semiconductor, aerospace, medical devices, construction and others), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the engineering services outsourcing market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to the large number of ESO agreements signed by US-based companies with service providers in low-cost countries.
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Some of the key topics covered in the report include:
- Consumer electronics
- Medical devices
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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