Engineering Services and Outsourcing Market Demand, Business Challenges, Opportunities, Trends, Key Players, Recent Developments and Forecast 2022 2027
The global Engineering Services and Outsourcing market was valued at USD 1,430.75 Billion in 2021 and is forecasted to reach USD 3,803.21 Billion by the year 2027. The market is anticipated to register a CAGR of 17.7% over the projected period.
Engineering Services and Outsourcing is a process of assigning certain engineering tasks and functions to an organization or a team outside of the organization. Reduction in overhead cost is expected to boost the market growth. Furthermore, implementation of Industry 4.0 is also expected to fuel the market growth.
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Despite the driving factors, loss of managerial control over connected outsourcing companies are expected to hinder the market growth during the forecast period. The market was negatively influenced during the COVID-19 pandemic, since manufacturing facilities were shut down temporarily.
Implementation of Industry 4.0
Industry 4.0 is digital transformation of production and related industries and value creation processes. Its implementation is currently encouraging smart manufacturing and fueling the demand for latest industrial solutions on the basis of artificial intelligence, machine learning, and robotics. This provides various opportunities for IT integration in the service offerings of the engineering service providers. This is expected to boost the market growth during the forecast period.
The global Engineering Services and Outsourcing market is segmented the type, location, pricing model, and industry.
The product designing segment is expected to hold the largest market share of around 22% owing to rising design complexities and need to cut costs by outsourcing designing. The plant automation and enterprise asset management segment is anticipated to witness the fastest growth rate of 19.8% during the forecast period.
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The market size of Onshore segment is around 94% of Offshore market size in 2021 and will be around 91% in 2027. This market share is owing to growing demand for onshore services.
By Pricing Model
The services segment is expected to grow at the second fastest growth rate of around 20% owing to increasing adoption of services based pricing model. The fixed price projects segment is anticipated to surpass market value of USD 300 billion by 2024.
The medical devices segment is expected to grow at the fastest growth rate owing to increasing adoption of outsourcing services in the medical device industry. The computing systems segment is anticipated to surpass a market size of USD 50 billion by 2024 and USD 83.14 billion by 2027.
Based on region, the global Engineering Services and Outsourcing market is divided into Europe, North America, Asia Pacific, and the Rest of the World.
The Europe region is expected to hold the largest market share of around 30% due to presence various industrial goods manufacturing facilities and easy availability of highly skilled engineering professionals. The North America region is estimated to grow at the a CAGR of about 14.5% during the projected period.
Key players operating in the global Engineering Services and Outsourcing market include Accenture, AKKA Technologies, Altair Engineering, Inc., ALTEN SA, ASAP Holding GmbH, Assystem, AVL List GmbH, Bertrandt, Capgemini SE, Cognizant, Cyient, EDAG, ESI Group, Ferchau, Genpact, Geometric, HCL Technologies Limited, IAV, IGate, Infosys, International Business Machines Corporation, ITC Infotech, KPIT, L&T Technology Service, Neilsoft, QuEST Global, Ranal Inc., Segula Technologies, Semcon, Tata Consultancy Services, Tata Elxsi, Tata Technologies, Tech Mahindra, Wipro, and Other Prominent Players. The cumulative market share of the seven major players is close to 32%.
These market players are engaged in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence. For instance, in November 2021, Altair Engineering Inc. collaborated with Origin Engineering Solutions for making it channel partner for Ireland and the UK. Origin Engineering is set to offer Altair’s manufacturing simulation software solutions through this.
The global Engineering Services and Outsourcing market report provides insights on the below pointers:
The global Engineering Services and Outsourcing market report answers questions such as:
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