Westford, USA, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The world is going digital and businesses are recognizing the importance of technological advancement. This has led to a growing demand for engineering services outsourcing. There are a number of reasons for this. First, companies can save money by bringing in a third party to carry out the work. Second, outsourced engineering can be completed quickly, which is important in a digital age. Finally, outsourcing allows companies in the global engineering services outsourcing market to focus on their core business instead of dealing with the intricacies of engineering tasks.
In the last few years, engineering services outsourcing market has been witnessing a growth at a CAGR of over 24% and is projected to continue growing at the same rate. By hiring an outside firm, companies around the globe can speed up the process and free upstaff resources to focus on other tasks. Additionally, outsourcing can help them manage their technology investments more effectively. This further free up internal team to focus on projects that require more strategic thinking. In addition, outsourcing can save time and money by providing quick turn arounds on complex engineering projects. Offering engineering services through an external firm is one way to take advantage of the current market conditions and boost bottom line, expand product portfolio and stay updated as per market trend.
SkyQuest has identified that the engineering services outsourcing market has been gaining immense popularity on account growing inclination of business to reduce risk, increase flexibility, rapid development and deployment of new technologies, and save development cost. In addition, businesses are increasingly globalization and utilizing technology across multiple markets. This requires engineering teams to be able to design and deploy solutions that meet the requirements of multiple markets. As a result, businesses are searching for engineers with global experience who can provide consultancy and support services to various client locations.
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SkyQuest has published a report on engineering services outsourcing market. The report provides a detailed market analysis, which would help you in understanding market forecast, key players and their growth strategies, competitive landscape, market share analysis, pricing analysis, value chain and supply chain analysis, porter five, PESTLE analysis, among others.
India and China are Most Preferred Countries in Global Engineering Services Outsourcing Market
China, India, Singapore and South Korea accounted for 83% of Asia Pacific engineering services outsourcing market in 2021, up from 53% in 2013. The United States (10%), Germany (9%), Japan (8%) and France (7%) are the only other countries to make the top 10 list in both 2021 and 2020.
India is the world's second most populous country after China. With over 1.3 billion people, India has a large population of engineers and other technical professionals who are in high demand by multinational companies. These companies outsource engineering services to India because of India's strong engineering workforce, low labor costs, and international business partnerships.
In 2021, the engineering services outsourcing industry in India was worth $146 billion. Until 2028, the industry is expected to grow by 15%. The top three reasons for outsourcing engineering services in India are cost savings, improved quality of service, and increased speed to market. Major Indian companies that outsource engineering services to other countries are Infosys Ltd., Wipro Ltd., and Tech Mahindra Ltd.
China is the world’s largest economy and a major player in engineering services outsourcing market. China employs more engineers than any other country, and is the leading source of Engineering graduates in the world. The country’s high levels of skill intensity also make it an attractive supplier of engineering services.
SkyQuest Survey Says 59% Business are Looking to Outsource their Engineering Services to Low Labor Countries
A recent study by SkyQuest has found that the demand for engineering services outsourcing market is on the rise. The study surveyed more than 2,000 decision-makers in organizations across various industries. It found that an increasing number of businesses are looking to outsource engineering duties, primarily to countries with lower labor costs.
According to the survey, 59% of businesses say they are looking to outsource more engineering jobs to low-cost countries over the next two years. This includes sectors such as technology (76%), pharmaceuticals (71%) and automotive manufacturing (68%). More interestingly, however, the study also found that organizations were not only seeking lower labor costs but also better skillset availability and faster decision-making times. In fact, 43% of businesses said they were specifically looking for engineers with specific skillsets, such as embedded systems or big data analysis.
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This increase in demand shows no sign of slowing down in the global engineering services outsourcing market, and it is likely that we will continue to see a proliferation of engineering outsourcing services in the coming years.
SkyQuest has carried out multiple survey across global engineering services outsourcing market in order to get a better understanding about consumers and their decision pattern for engineering services outsourcing. This would help the market participant in identifying potential consumers, their needs, external factors influencing their decisions.
Testing Services Generated 31% Revenue of Global Engineering Services Outsourcing Industry
Testing services generated 31% revenue of the global engineering services outsourcing market in 2021, according to a study by SkyQuest. This rapid growth is being driven by legislative changes and contract innovations in the testing market, which is benefitting giants such as IBM and Microsoft. This trend is likely to continue as organizations increasingly turn to third-party testing providers to validate the quality of their products and services before they are released to the market. The testing landscape is undergoing significant changes as new technologies and business models create opportunities for companies of all sizes to outsource their testing needs.
However, tight labor supply and increased focus on safety expectations are restraining the growth of this testing segment. Asia Pacific dominates the testing services market with a market share of over 60%. The main drivers for this growth are outsourcing of IT test activities to smaller companies as well as increased demand from MNCs for quality assurance (QA) and quality control (QC) services.
The study on the engineering services outsourcing market mentioned that rising stress on quality and compliance levels is fueling the demand for testing services in various industries, including defense, manufacturing, automotive, telecommunications/aviation, food and beverages, consumer products etc. Today's outsourcing trend puts more power in the hands of customer stakeholders and calls for an agile and flexible workforce that can rapidly adapt to new requirements. With this in mind, outsourcing companies select tested solutions that are aligned with the client's business needs and objectives.
SkyQuest has published report on global engineering services outsourcing market. The report has provided in-depth market analysis, which would help you in gaining more insights into market segmentation, revenue generation by segments, factors driving their growth, key sectors contributing to their growth, pricing analysis, and major OEMs and developers, etc.
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Top Players in Global Engineering Services Outsourcing Market
- AKKA (Belgium)
- Alten Group (France)
- Capgemini Engineering (France)
- Entelect (South Africa)
- HCL Technologies Limited (India)
- Infosys Limited (India)
- Tata Elxsi (India)
- Tata Consultancy Services Limited (India)
- Tech Mahindra Limited (India)
- Wipro Limited (India)
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