(USGovernment-News.Com, April 13, 2018 ) Publisher’s market research analysts predict the global engineering services outsourcing market to grow steadily during the predicted period and post an impressive CAGR of almost 26% by 2020. This industry research report identifies benefits such as reduced time to market to be one of the major factors that will have a positive impact on the growth of this market in the coming years. By introducing products faster than competitors, enterprises can gain huge benefits in terms of pricing and brand recognition. This will induce organizations to outsource their engineering requirements to reduce the product development time and accelerate time to market. For instance, due to budget constraints and the availability of limited workforce, software development firms often find it difficult to reduce the time required to develop products. This will induce them to outsource the process to product engineering solutions providers who can handle the complex designing and product development processes.
This market research and analysis estimates that in terms of geographical regions, the Americas was the major revenue contributor to the market during 2015. Analysts estimate that the telecom sector was the major end-user segment in this region where major players in the telecom sector outsources various services including design and implementation, support of geographic information systems (GIS), network provisioning, network testing, cloud engineering services, value-added services, and product lifecycle management.
The market is characterized by the presence of several well-established international and regional engineering services outsourcing companies and appears to be fragmented. With all vendors competing to gain maximum revenue shares, the market is highly competitive. Advanced IT services offerings, differences in technology, service quality, and pricing are some of the major factors that the vendors usually compete on. The market will also witness the emergence of several newer and smaller players, which will intensify the market’s competitive environment.
The leading vendors in the market are -
The other prominent vendors in the market are Luxoft, Cyient, Tata Elxsi, QuEST Global, Symphony Teleca, Aricent, Mindtree, Tech Mahindra, GlobalLogic, and Xchanging.
Segmentation by services and analysis of the engineering services outsourcing market
Drafting and 3D modeling
Product design and testing
Embedded systems software
Plant design/process engineering
During 2015, the drafting and 3D modeling segment accounted for the major market shares and dominated the market as the most outsourced engineering service across the world. This is mainly because these tasks require only basic skills and outsourcing these services will enable in-house teams to concentrate more on other complex engineering tasks.
Segmentation by end-users and analysis of the engineering services outsourcing market
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