Market.us announces publication of its most recently generated research report titled, “Global Engineering Services Outsourcing (ESO) Market by Service Type (Drafting & 3D Modelling, Engineering Analysis, Product Design & Testing, Design Automation, Control Engineering, Manufacturing Engineering, Embedded Systems, Plant Design & Process Engineering), By Application (Aerospace, Construction, Semiconductor, Automotive, Pharmaceutical, Telecom, Other Applications), and by Region – Global Forecast to 2028.”, which offers a holistic view of the Global Engineering Services Outsourcing (ESO) market through systematic segmentation that covers every aspect of the target market.

The global Engineering Services Outsourcing (ESO) market is projected to be US$ 226,968.9 Mn in 2018 to reach US$ 1,969,880.0 Mn by 2028 at a CAGR of 24.1%.

The engineering services outsourcing (ESO) includes the services that are required in each level of the product lifecycle. This starts from product concept, product introduction to last stage that is to the decline stage of product. Designing and development are core process of engineering. However, emerging IT and internet of things are playing key role in designing and development of any product.

Increasing demand for smart technology assisted products and fast supply and delivery of any product resulting in the growth of engineering services outsourcing across the globe. The advanced information technology is playing an important role to address the above mentioned current market needs. Technological developments are assisting in increasing production, faster supply, and optimize production cost for any product.

Engineering services outsourcing also help to reduce the overall production cost, as the capital intensive production process or technology can be outsourced. In addition, it helps to reduce expenditure on assets and help to reduce operational cost.

ESO includes outsourcing of various services such as product design services, prototyping, process design services, product testing, quality control, product lifecycle management, plant automation, and company asset management. In addition, engineering services outsourcing help to accelerate the time to market, market penetration, and expansion, to stand in stringent business competition, optimize R&D operations and expenditure, to enter into adjacent and emerging markets, and to expand the product lifecycle.

Global Engineering Services Outsourcing (ESO) Market Revenue (US$ Mn), 2018–2028

Increasing need to reduce operation cost among various product manufacturers around the globe is a key factor driving the growth of the global engineering services outsourcing (ESO) market. In addition, increasing need for product quality improvement, manufacturing capacity augmentation, improvement in R&D department, accelerated product development and market expansion are other key factors supporting growth of the target market.

Challenges in the management of global engineering services outsourcing network, as the ESO is highly collaborative process that includes, a large number of deliverables, complex customer categories. This is a key factor expected to hamper growth of engineering services outsourcing (ESO) market. In addition, lack of highly skilled and knowledgeable manpower to provide effective services in each type of business sector is another key factor expected to limit growth of the target market to a certain extent

Global Engineering Services Outsourcing (ESO) market is segmented on the basis of service type, application, and region. On the basis of service type, the market is segmented into Drafting & 3D Modelling, Engineering Analysis, Product Design & Testing, Design Automation, Control Engineering, Manufacturing Engineering, Embedded Systems, Plant Design & Process Engineering, and Others. The engineering analysis segment accounts for the majority share and is expected to register highest growth over forecast period, followed by Product Design & Testing segment. On the basis of application, the market is segmented into Aerospace, Construction, Semiconductor, Automotive, Pharmaceutical, Telecom, and others. The Aerospace segment accounts for a majority share in the global Engineering Services Outsourcing (ESO) market

Global Engineering Services Outsourcing (ESO) Market Attractiveness Index by Service Type, 2018

On the basis of region, the market is segmented into North America, Europe, APAC, South America, and Middle East Africa. The APAC accounts for the majority share in the global Engineering Services Outsourcing (ESO) market.

The research report on the global Engineering Services Outsourcing (ESO) market includes profiles of some of the major companies such as Tata Consultancy Services Limited, Tech Mahindra Limited, QuEST Global Services. Ltd., GlobalLogic Inc., Deaton Engineering, Wipro Limited, Cyient Limited, Luxoft Holding, Inc., EPAM Systems, Inc., Infosys Limited, HCL Technologies Limited, etc.

Key Market Segments

Type

• Drafting and 3D Modeling
• Engineering Analysis
• Product Design and Testing
• Design Automation
• Control Engineering
• Manufacturing Engineering
• Embedded Systems
• Plant Design/Process Engineering

Application

• Aerospace
• Automotive
• Construction
• Semiconductor
• Pharmaceutical
• Telecom

Key Market Players included in the report:

• Tata Consultancy Services Limited
• Tech Mahindra Limited
• QuEST Global Services. Ltd.
• GlobalLogic Inc.
• Deaton Engineering
• Wipro Limited
• Cyient Limited
• Luxoft Holding Inc.
• EPAM Systems Inc.
• Infosys Limited
• HCL Technologies Limited

For the Engineering Services Outsourcing (ESO) Market research study, the following years have been considered to estimate the market size: