According to a new report by Expert Market Research titled, “Engineering Services Outsourcing Market Size, Share, Report and Forecast 2024-2032″, the global engineering services outsourcing (ESO) market size is projected to grow at a CAGR of 30.1% between 2024 and 2032. Aided by the growth of the ESO industry and the growing adoption of outsourcing of engineering services, the market is expected to grow significantly by 2032.
Engineering Services Outsourcing (ESO) involves delegating engineering tasks such as product design, prototyping, testing, and support services to third-party service providers. These services provide vital support to enterprises across various industries, including automotive, aerospace, telecom, and healthcare, by improving product quality, reducing time-to-market, and fostering innovation. Furthermore, ESO services demonstrate outstanding capabilities in enhancing operational efficiency, optimising resource utilisation, and driving business growth.
The rising emphasis on cost-effective operations is propelling the global engineering services outsourcing (ESO) market expansion. Companies across the globe are increasingly adopting ESO as a strategic tool to reduce operational expenses, boost business efficiency, and gain a competitive edge. As a result, there has been a substantial surge in demand for ESO services, especially from small and medium-sized enterprises (SMEs) seeking to leverage advanced engineering capabilities without the burden of high capital expenditure.
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Moreover, the technological advancements in engineering have substantially expanded the applications of ESO, contributing to its increasing popularity. ESO services are playing an integral role in the deployment and management of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI) and Machine Learning (ML). As these technologies continue to reshape the industrial landscape, the demand for specialised ESO services to navigate these transformations effectively will likely surge.
Moreover, the burgeoning digital transformation trend worldwide is providing a significant boost to the engineering services outsourcing (ESO) market growth. As businesses increasingly shift towards digital platforms and processes, the demand for ESO services to facilitate this transition is on the rise. From cloud migration to digital product development, ESO services are playing a crucial role in enabling digital transformation across businesses.
Additionally, the rise of Industry 4.0 and the ensuing emphasis on automation, data exchange, and digital manufacturing technologies is further propelling the engineering services outsourcing (ESO) market. As businesses seek to align their operations with these latest industrial trends, ESO services that offer expertise in these areas are in high demand.
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Market Segmentation
The market can be divided based on application, location type, and region.
Market Breakup by Application
• Aerospace
• Automotive
o Designing
o Prototyping
o System Integration
o Testing
• Construction
• Consumer Electronics
• Semiconductors
• Pharmaceuticals
• Telecom
• Others
Market Breakup by Location Type
• On-Shore
• Off-Shore
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global engineering services outsourcing (ESO) companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Alten S.A
• Altair Engineering Inc.
• Capgemini SE
• ASAP Holding GmbH
• AVL List GmbH
• International Business Machines Corporation
• Others
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