According to the latest report by IMARC Group, titled, "Engineering Services Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025", the global engineering services outsourcing market grew at a CAGR of around 20% during 2014-2019.
Engineering services outsourcing (ESO) refers to the process of hiring non-physical engineering functions from an external source. It is needed from the initial stages of the product design and development process and utilizes several information-technology (IT)-based databases and tools. It finds extensive application in the network and communications, industrial automation, remote device monitoring, and supply chain and product cycle management worldwide.
The rising prevalence of industrial automation, coupled with the increasing adoption of integrated solutions for designing and analyzing engineering systems, represents one of the significant factors bolstering the growth of the engineering services outsourcing market. Moreover, various technological advancements are resulting in improved detailing and modeling of the ESO, which is propelling the market further. Besides this, lockdown restrictions imposed by governing agencies of numerous countries due to the outbreak of the coronavirus disease (COVID-19) has resulted in the increasing adoption of the work from home model. This is further anticipated to strengthen the market growth.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Engineering Services Outsourcing Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being 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) and Wipro Limited.
For more information about this report visit: https://www.imarcgroup.com/engineering-services-outsourcing-market
The report has segmented the market on the basis of Service, Location, Application and Region.
Breakup by Service:
Breakup by Location:
Breakup by Application:
Breakup by Region:
Middle East and Africa
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