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Global Engineering Services Outsourcing Market (ESO)

Added: (Tue Apr 30 2019)

Pressbox (Press Release) - Global Engineering Services Outsourcing Market (ESO) was valued US$ 190.43 Bn in 2017 and is expected to reach US$ 630 Bn by 2026, at a CAGR of 16.15% during a forecast period.

The global engineering services outsourcing (ESO) market are based on application, location, and region. In terms of application, the global engineering services outsourcing (ESO) market is classified into aerospace, automotive, construction, consumer electronics, semiconductors, pharmaceuticals, telecom, and others. Based on location, the global engineering services outsourcing (ESO) market is categorized into offshore and onshore. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

A key factor driving the growth of the market is cost savings from lower labor wages. The constant rise in cost reduction and rising demand for fast delivery of products and services are some of the factors, driving the growth of the global engineering services outsourcing market. The increased global competition has increased the need for cost reduction, among companies across several industries. The market trend of companies outsourcing engineering services is anticipated to grow in the upcoming years, as offshore options are rising particularly in India for supporting cost-cutting efforts. Several factors, such as enhancement in efficiency and improvement in processes are further driving the growth of the global market. The major challenges in the global engineering service outsourcing market include lack of domain expertise among workers or companies, poor infrastructure development, and poor regulatory support.

Global Engineering Services Outsourcing Market (ESO)

Based on application, the telecom ESO segment is anticipated to witness substantial growth over the forecast period. The consumer electronics ESO segment is expected to grow at a rapid CAGR of more than 30% over the forecast period. The industry is undergoing rapid changes, primarily driven by the concept of convergence.

On the basis of location, the offshore segment accounted for a larger revenue share in 2017 as compared to the onshore segment. Offshore outsourcing is estimated to gain prominence, owing to the availability of skilled and cheap labor in offshore countries which makes them attractive outsourcing destinations.

In terms of region, the Asia Pacific region accounted for the highest revenue share of the global ESO market in 2017. The emerging local outsourcing demand, strong manufacturing base, and cost arbitrage in developing countries, such as China and India are the major growth drivers of the Asia-Pacific engineering services outsourcing market.

Some of the key players in the global engineering services outsourcing (ESO) market are Infosys Limited, Mindfire Solutions, Sonata Software Limited, Tata Consultancy Services Limited, EPAM Systems Inc., KPIT Technologies Ltd., Aricent Inc., ALTEN Calsoft Labs. HCL has utilized its specialized knowledge and product-focused background in IT, to become the largest engineering services outsourcing vendor in India.

For more information visit @ https://www.maximizemarketresearch.com/market-report/global-engineering-services-outsourcing-market/20898/

Scope of the Global Engineering Services Outsourcing (ESO) Market

Global Engineering Services Outsourcing (ESO) Market by Application

Aerospace
Automotive
Construction
Consumer Electronics
Semiconductors
Pharmaceuticals
Telecom
Others
Global Engineering Services Outsourcing (ESO) Market by Location

Offshore
Onshore
Global Engineering Services Outsourcing (ESO) Market by Geography

North America
Europe
Asia-Pacific
Middle East & Africa
Latin America
Key Players operating in the Global Engineering Services Outsourcing (ESO) Market

Infosys Limited
Mindfire Solutions
Sonata Software Limited
Tata Consultancy Services Limited
EPAM Systems Inc.
KPIT Technologies Ltd.
Aricent Inc.
ALTEN Calsoft Labs
RLE International, Inc.,
Altair Engineering, Inc.
PM Group
Fareva
Deaton Engineering, Inc.
Aricent Group
Cybage Software Pvt. Ltd.
EPAM Systems, Inc.
GlobalLogic
Cyient
Pactera Technology International Ltd

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