Engineering Services Outsourcing Market Revenue And Industry Forecasts Till, 2022 - 2030

 The global engineering services outsourcing market size is anticipated to gain USD 9,398.95 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to record a CAGR of 24.6% from 2022 to 2030. The increasing demand for Information Technology (IT) services by various industries, such as automotive, manufacturing, retail & e-commerce, media & entertainment, and others, is exponentially driving the market growth.

The growing need for outsourcing services by companies to cut costs and optimally utilize the saved costs is expected to drive the market over the forecast period. The market has constantly been evolving in line with advancements in fields like the internet of things (IoT), connected computing, artificial intelligence (AI), and the sensing element, among other technologies. The intensifying competition to provide cutting-edge resolutions is driving service providers to finance aggressively in research & development.

Engineering Services Outsourcing Market Segmentation

Grand View Research has segmented the automotive engineering services outsourcing market based on services, location, application, and region:

Based on the Services Insights, the market is segmented into Designing, Prototyping, System Integration, Testingand Others.

• The testing part is anticipated to have the highest income share of around 31.0% in 2021.
• The designing part is anticipated to witness the fastest growth accounting for a CAGR of around 27.0% over the forecast period.

Based on the Location Insights, the market is segmented into Onshoreand Offshore.

• The on-shore part accounted for the highest revenue share of around 57.0% in 2021 and is predicted to dominate the market from 2022 to 2030.
• The off-shore part is predicted to witness slow growth corresponded to the on-shore part due to the international inflation rates, high mix rates, training costs, and increasing preference for outsourcing to on-shore partners.

Based on the Application Insights, the market is segmented into Aerospace, Automotive, Industrial, Consumer Electronics, Semiconductors, Healthcare, Telecomand Others.

• The industrial part is registered with the highest revenue share, around 60.0% of the prevailing market in 2021, and is predicted to continue to dominate the market over the next eight years.
• The healthcare segment is expected to record significant growth with a CAGR of around 21.0% from 2022 to 2030. The growth can be propelled through aggressive investments in cutting-edge medical equipment, laboratories, and medications.

Engineering Services OutsourcingRegional Outlook

• North America
• Europe
• Asia-Pacific
• South America
• MEA

Key Companies Profile& Market Share Insights

Major industry performers have been developing solutions to help manufacturers implement cutting-edge technologies in their engineering projects.

Some prominent players in the Engineering Services Outsourcing market include

• AKKA
• Alten Group
• Capgemini Engineering
• Entelect
• HCL Technologies Limited
• Infosys Limited
• Tata Elxsi
• Tata Consultancy Services Limited.
• Tech Mahindra Limited
• Wipro Limited

Order a free sample PDFof the Engineering Services Outsourcing Market Intelligence Study, published by Grand View Research.