DUBLIN, Jan. 28, 2022 /PRNewswire/ -- The "Engineering Services Outsourcing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Engineering Services Outsourcing Market to Reach US$2 Trillion by the Year 2026
Amid the COVID-19 crisis, the global market for Engineering Services Outsourcing estimated at US$852.5 Billion in the year 2020, is projected to reach a revised size of US$2 Trillion by 2026, growing at a CAGR of 15.1% over the analysis period.
Growing industrial automation and increasing implementation of integrated solutions for designing and analyzing engineering systems are the major factors driving the growth of the ESO market. In addition, widespread use of innovative systems such as electronic design automation (EDA) software, computer-aided design (CAD), computer-aided engineering (CAE), and computer-aided manufacturing (CAM) is also driving the market growth.
The market is also boosted by the introduction of cloud-based engineering software solutions. Other factors driving the growth of the market include technological advancements and increasing incorporation of the emerging digital transformational services. Another key factor driving the market growth is cost savings enabled by reduction in labor wages.
Testing, one of the segments analyzed in the report, is projected to grow at a 16% CAGR to reach US$791.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Designing segment is readjusted to a revised 17% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Engineering Services Outsourcing market. The rising demand for testing services to reduce turnaround time by minimizing manual intervention is expected to drive the growth of the testing segment.
Growth in the Designing segment is attributed to the increasing design complexities and the need to reduce costs through outsourcing designing to a relatively low-cost, yet skilled workforce. Growing popularity of architectural, visual, graphic, and industrial designing for next-generation equipment and mobility solutions is expected to drive demand for design engineering outsourcing.
Prototyping Segment to Reach $379 Billion by 2026
The rapid rise in sales of consumer electronics industry has contributed considerably to the rise in demand for third party engineering services for prototyping of cost efficient products. In the global Prototyping segment, USA, Canada, Japan, China and Europe will drive the 14.5% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$109.1 Billion in the year 2020 will reach a projected size of US$276.9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$85 Billion by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 55 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/h385y
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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