Engineering Services Outsourcing Market to Reach US$ 3,334.2 Billion by 2028

IMARC Group, a leading market research company, has recently released a report titled “Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global engineering services outsourcing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the engineering services outsourcing market?

Report Attributes	Details
Market Size in 2022	US$ 1,216.4 Billion
Market Forecast in 2028	US$ 3,334.2 Billion
Growth rate (2023 to 2028)	CAGR of 18.5%
Base Year of the Analysis	2022
Forecast Period	2023-2028

Engineering services outsourcing (ESO) refers to the procedure of hiring numerous non-physical engineering functions, including designing, prototyping, system integration, and testing, from an external source. This assistance is required at the early stages of the product design and development process and uses several information-technology (IT)-based tools and databases. For instance, in the network and communications sector, ESO is used for hiring network design services, geospatial data analytics, and inventory management. As a result, it also finds wide applications in supply chain and product cycle management and remote device monitoring.                  

How big is the engineering services outsourcing market?

The global engineering services outsourcing market size reached US$ 1,216.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,334.2 Billion by 2028, exhibiting a growth rate (CAGR) of 18.5% during 2023-2028.

What are the growth prospects and trends in the engineering services outsourcing Industry?

The increasing industrial automation and the widespread adoption of integrated solutions for analyzing and designing engineering systems are among the key factors driving the engineering services outsourcing market. Moreover, the rising utilization of engineering software, such as computer-aided design (CAD), computer-aided engineering (CAE), computer-aided manufacturing (CAM), and electronic design automation (EDA) software, is also stimulating the market growth. Besides this, the growing usage of these systems aids in enhancing the overall efficiencies of the production procedures and can be operated by the user over smartphones, laptops, tablets, etc., is acting as another significant growth-inducing factor.

Furthermore, various technological advancements and the incorporation of digital transformational services are further propelling the global market. Apart from this, Original Equipment Manufacturers (OEMs) are integrating smart manufacturing systems, robotics, and artificial intelligence (AI)-based solutions for improved modeling and detailing of the products, which is positively influencing the market growth. Additionally, the rising utilization of this procedure by the automotive, marine, and offshore sectors and the development of 3D printing solutions are anticipated to fuel the engineering services outsourcing market over the forecasted period.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Service:

• Designing
• Prototyping
• System Integration
• Testing
• Others

Breakup by Location:

• Onshore
• Offshore

Breakup by Application:

• Aerospace
• Automotive
• Construction
• Consumer Electronics
• Semiconductors
• Pharmaceuticals
• Telecom
• Others

Regional Insights:

• • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Accenture Plc,
• Altair Engineering Inc.,
• ALTEN,
• Cybage Software Pvt. Ltd.,
• EPAM Systems Inc.,
• HCL Technologies Limited,
• Infosys Ltd.,
• QuEST Global Services Pte. Ltd.,
• Sonata Software Limited,
• Tata Consultancy Services Limited,
• Tech Mahindra Limited (Mahindra Group)
• Wipro Limited.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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