Location: Home » Posting » Wire News » Global Engineering Services Outsourcing Market Size Is Projected To Surpass USD 5,362.7 Billion By 2031
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In 2022, the global engineering services outsourcing market will be worth USD 949.7 billion. The rise in automation and integrated analysis, combined with the introduction of cloud-based software products for engineering, will increase the overall demand for Engineering Services Outsourcing by 18.9% CAGR between 2022-2032. This would amount to around USD 5,362.7 billion by 2031.
Growing Demand
The engineering outsourcing services were previously grouped under the engineering business processes outsourcing services or the information technology service. Rapid technological advancement and growing demand have led to the ESO market expanding its telecom, aerospace, automobile, healthcare, and other major verticals that invest heavily in product development and engineering service. The popularity of offshore outsourcing services in developed markets has increased with increasing confidence in emerging country vendors. ESPs are expected to have huge opportunities due to the rising demand for automation in open systems.
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Driving Factors
Despite these driving factors, market growth is expected to be slowed by the loss of managerial control over the connected outsourcing companies. Due to temporary closures of manufacturing facilities, the COVID-19 epidemic harmed the market.
Restraining Factors
High service cost and privacy risk
Medium-sized and small businesses do not have the financial resources to hire engineers. Also, firms in developing nations lack the resources to outsource business processes. High service costs are why companies cannot afford to outsource engineering services. This is a significant problem for the market expansion in engineering services outsourcing. Additionally, outsourcing engineering services can lead to losing sensitive data or privacy. When negotiating outsourced contracts, it is important to have seamless protocols and checks in place for confidentiality agreements and data loss.
Market Key Trends
Growing adoption of integrated solutions driving growth
The growing use of integrated solutions for designing, analysing, and optimizing engineering systems drives this market. The widespread use of engineering software like computer-assisted production (CAM), computer-aided design (CAD), computer-aided analysis (CAE), computer-aided manufacturing (CAM), and EDA software is also driving the market. This software improves the efficiency of production processes. You can use the software with any smartphone, tablet, or laptop.
Innovations in technology and digital transformational services can be key factors driving growth. Another factor is the increased strategic offshore outsourcing by the marine and automotive sectors and the development of 3D printing solutions. Services such as outsourcing engineering are growing in popularity among small and medium engineering service companies. These services include new product creation from conceptual design to final product production and validation, process engineering, automation, enterprise assets manager, and overall process improvement. This has allowed for the growth of the global engineering outsourcing industry.
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