Engineering Services Outsourcing Market Size Worth US$ 3,803.21 Bn by
NEW DELHI, Jan. 19, 2022 /PRNewswire/ — Global engineering services outsourcing (ESO) market is expected to grow at a compounded annual growth rate of 17.7% and record an opportunity of US$ 2,372.5 Billion during the forecast period of 2021 to 2027.
The increasing trend of digitalization, automation, and robotics with use of AI and big data analysis in various industries with the integration of Industry 4.0. Further, the government investments encouraging the adoption of Industrial Internet of Things (IIoT) solutions along with rising penetration of machine learning technology in industrial sector with the help of industry 4.0 is creating a lucrative opportunistic growth for the ESO market. According to the International Data Corporation (IDC), the Canada projects spending on IoT will achieve as high as US$ 6.5 billion and European region will surpass US$ 241 billion by 2022, as in 2019 Germany spent US$ 35 billion in IoT followed by France and UK.
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Despite of expected covid-19 impact and other hinderance such as loss of managerial control over connected outsourcing companies, the ESO market is projected to grow with a CAGR of 17.7% during the forecast period.
Global Engineering Services Outsourcing Market by Location
The global engineering services outsourcing market is segmented into various categories such as by type, by location, by pricing module, and by industry.
On the basis of location, the market is further segmented into onsite, on shore, and offshore locations. As per the research report by Astute Analytica, Offshore segment holds the highest market share of 49% in 2021 and is expected to generate a revenue of up to US$ 1,870.83 Bn by the end of the year 2027. The reason behind highest market share is major engineering outsourcing demand comes from offshore segment. Labor cost is very high in developed countries; hence companies prefer outsourcing segments to offshore destinations. The increasing demand from the automotive sector will be a significant factor that will contribute to engineering services outsourcing market growth in this region.
As per the study of ESO market, on-site segment has the highest annual growth rate of 20.1% during forecast period, as companies are increasingly focusing on the continuous upgradation of their engineering capabilities to reduce its time and improve efficiency. Furthermore, it helps in business engineering or project management team will work with company and according to its need to find best solution for the company.
Global Engineering Services Outsourcing Market by Region
As per the research analysis, the global engineering services outsourcing market size was valued at US$ 1,430.7 Bn in the year 2021. The market is expected to grow at a compounded annual growth rate (CAGR) of 17.7% during forecast period…
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