According to a new report, published by KBV research, The Global Engineering Services Outsourcing Market size is expected to reach $5 trillion by 2028, rising at a market growth of 22.8% CAGR during the forecast period.
The Designing segment is showcasing a CAGR of 23% during (2022 - 2028). The growth may encourage designers to become more sophisticated, as well as the urge to cut costs by outsourcing design to a competent but relatively low-cost workforce. Over the forecast period, the rising popularity of industrial, visual, and architectural design for next-generation logistics tools and solutions is expected to fuel demand for innovative engineering. This factor would drive the growth of the segment.
The On-shore segment acquired maximum revenue share in the Global Engineering Services Outsourcing Market by Location in 2021, thereby, achieving a market value of $2.69 Trillion by 2028. Some of the impediments that encourage OEMs to outsource on-shore engineering services include governmental and geopolitical barriers, time zone gates, and linguistic and cultural barriers. On-shore outsourcing eliminates language barriers and aids in enhancing communication between service providers and OEMs, resulting in improved product and service delivery
The Automotive segment has shown a growth rate of 20.4% during (2022 - 2028). The increasing growth of the segment is attributed to the rising demand for ESO across the automotive industry. The demand for automotive ESO services is rising significantly with the growing technical capabilities of Engineering Service Providers (ESPs) to offer product innovation and automotive R&D in vehicle positioning, guidance systems, connected cars, and autonomous driving.
The Asia Pacific market dominated the Global Engineering Services Outsourcing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.1 Trillion by 2028. The Europe market is estimated to witness a CAGR of 22.2% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 22% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/engineering-services-outsourcing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wipro Limited, HCL Technologies Ltd. (HCL Enterprises), Capgemini SE, Infosys Limited, Tata Consultancy Services Ltd., Tech Mahindra Limited, Tata Elxsi Limited, Entelect Software (Pty) Ltd., AKKA Technologies SE, and ALTEN.
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