Rising Tie-Ups With OEMs Expected To Boost Global Engineering Services Outsourcing (ESO) Market Growth

Engineering Services Outsourcing

Тhе еngіnееrіng ѕеrvісеѕ оutѕоurсіng (ЕЅО) refers to thе ѕеrvісеѕ needed іn every phase оf thе рrоduсt’s lіfесусlе. Тhіѕ begins frоm рrоduсt соnсерt, its launch tо final phase, the product’s dесlіnе ѕtаgе. Dеvеlорmеnt and Dеѕіgnіng аrе the major еngіnееrіng рrосеѕѕ. Nonetheless, prominent role is played by the thriving technologies such as Internet оf Thіngѕ іn the dеvеlорmеnt and dеѕіgnіng оf аnу рrоduсt.

The key factors projected to drive the growth of the global engineering services outsourcing (ESO) market during the forecast period include the increasing extent of technical complexity for product manufacturing & development across sectors; shorter product lifecycles, and cost reduction. In addition, the players are engaging in collaborations and tie-ups with prominent OEMs from diverse verticals to provide advanced solutions within the customer budgets further fueling the market growth. To cite, collaboration was declared between Altran and Wirepas in December 2018 to expand the array of localization solutions of the former meant to decrease the wastage of money and inventories, together with elevated security and safety of workforces by leveraging location-based service solutions of Wirepas.

Taking into consideration the recent COVID 19 pandemic, business organizations, particularly, the extremely impacted nations, are permitting their staffs to work from home to assure business stability during the crisis. The rise in individuals working from home has resulted in surge in requirement for online video downloading, viewing, and communication via video conferencing, each causing elevated data usage and network traffic. All these factors are projected to influence the market growth during the coming period.

The global engineering services outsourcing (ESO) market can be bifurcated based on application, service, location type, and region. The market, based on application, is divided into telecom, automotive, aerospace, consumer electronics, construction, pharmaceuticals, semiconductors, and others. The market, based on service, is classified into prototyping, designing, testing, system integration, and others. The market, based on location type, is segregated into offshore and onshore.

Regionally, in 2019, the global engineering services outsourcing (ESO) market was led by Asia Pacific and is projected to continue its supremacy during the forecast period. This regional expansion can be attributed to the nations, like India and China, which have surfaced as the key hubs of leading automotive, manufacturing, and construction OEMs as well as low-cost locations providing technologically advanced services with the assistance of extremely skillful specialists. Further, Latin America and North America are also anticipated to witness substantial growth during the forecast period.

Mindfire Solutions, Infosys Limited, Tata Consultancy Services Limited, Sonata Software Limited, KPIT Technologies Ltd., EPAM Systems Inc., ALTEN Calsoft Labs, and Aricent Inc. are few of the players active within the global engineering services outsourcing (ESO) market.

Mark Hansley

About Mark Hansley

Mark Hansley with a Master’s Degree in Economics and a total experience of 7 years in the writing world, he has been among the most dedicated and lively person of the portal’s team. Also, Mark takes the entire accountability of the Business domain of this portal. He has been a part of this portal for 5 years now. Mark also trains new joiners. He writes his opinion and thoughts via news reports and blogs that entails interviews of prominent industry personalities, deals & agreements, new developments, stock markets, financial affairs, start-ups, mergers & acquisitions, cryptocurrency, digital economy, and much more.

View all posts by Mark Hansley →

Leave a Reply

Your email address will not be published. Required fields are marked *