Engineering Services Outsourcing Market – Overview
Over the years, in a product-centric world, R&D has always been perceived as intellectual property, and hence, is treated with utmost confidentiality. There was no room for collaborative or complementary R&D. However, after a certain period of evolution, there was a shift away from products alone to an ecosystem of services around the product, focusing on end-user experience. Also, there emerged a need for the development of the product, associated platforms, and industry- and geospecific variants for companies to go to market.
Companies are engaged in developing or enhancing services in order to serve customers across various industries such as construction, manufacturing, etc. better. The engineering services industry has been flourishing across regions. Engineering services include services that are required at each stage of the product lifecycle, from conceptualization to retirement. Product design and development, which are at the core of engineering function, have long leveraged information technology (IT) through tools and databases and through the automation of certain processes.
Free Customization as per your requirement, Pre Book Now
Engineering Services Outsourcing Market – Drivers and Restraints
A major factor driving the engineering services outsourcing market is the rise in need for automation and increase in adoption of integrated solutions for analyzing and designing engineering systems. Engineering software such as computer-aided designing (CAD) software, computer-aided engineering (CAE) software, computer-aided manufacturing (CAM) software, electronic design automation (EDA) software, and architecture, engineering, and construction (AEC) software are highly adopted by industries across the region. Furthermore, the growing penetration of mobile devices such as smartphones, tablets, and laptops has increased the ease and accessibility of engineering software.
Get More Press Releases by TMR:https://www.prnewswire.com/news-releases/artificial-intelligence-market-valuable-applications-for-host-of-functions-across-a-spectrum-of-industries-extends-lucrative-growth-opportunities-explains-worth-predicted-to-surpass-us-2-8-bn-by-2030—tmr-301282109.html
Engineering Services Outsourcing Market – Key Players
Major vendors operating in the engineering services outsourcing market are M Group, Fareva, Deaton Engineering, Inc., Aricent Group, Cybage Software Pvt. Ltd., EPAM Systems, Inc., GlobalLogic, Cyient, and Pactera Technology International Ltd. Leading players in the market are focusing on the introduction of advanced services in order to strengthen their position and expand their customer base. Companies are extensively investing in R&D operations and are focusing on providing customized services to their customers.
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
In terms of region, the engineering services outsourcing market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is a prominent region of the engineering services outsourcing market due to the low-skilled talent pool and conducive government regulations in countries such as India, Malaysia, and the Philippines.
Are you a start-up willing to make it big in the business? Grab an exclusive, PDF Brochure of this report
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
