The global engineering services outsourcing market size was US$ 1430.7 billion in 2021. The global engineering services outsourcing market size is forecast to reach US$ 6202.07 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.7% during the forecast period from 2022 to 2030.
Outsourcing services can help businesses save money on labor, machines, extra space, skill training, and other technology-related expenses. These services benefit businesses because they may use the money saved on overhead to fund development projects and other investments that will help them grow. Engineering services outsourcing guarantees that both expertise and risk spread throughout a network of connected enterprises. Additionally, the adoption of Global Business Service (GBS) integrates governance, locations, and business practices across the corporation for all shared services and outsourcing activities.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments imposed a lockdown in order to curb the spread of the virus. As a result, industrial facilities, manufacturing plants, and public transport had to shut down. In addition, incumbents of industries and industry verticals, such as automotive and construction, faced a decline in demand.
Regional Insights
The Asia Pacific region held dominant in the engineering services outsourcing market in 2021 and is forecast to notice substantial growth during the forecast period. The Asia Pacific region is a hub for industrial goods manufacture and cost-effective engineering services offered by highly experienced engineers. The region is also home to a number of well-known software outsourcing companies. The Asia Pacific regional market is predicted to develop because of the growing need for technological innovation and the continued integration of embedded software into existing models.
Leading Competitors
The leading prominent companies profiled in the global engineering services outsourcing market are:
Scope of the Report
The global engineering services outsourcing market segmentation focuses on Location Type, Service Type, Application, and Region.
Segmentation based on Location Type
Segmentation based on Service Type
Segmentation based on Application
Segmentation based on Region