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 outsourcing engineering services. There are a number of reasons for this. First, companies can save money by bringing in a third party to do the work. Second, external engineering can be completed quickly, which is important in a digital age. Finally, outsourcing allows companies to global engineering services outsourcing market to focus on their core business instead of dealing with the intricacies of engineering tasks.
In recent years, the engineering services outsourcing market has witnessed a growth at a CAGR of over 24% and is projected to continue growing at the same rate. By hiring an outsourcing firm, companies around the globe can speed up the process and free up staff resources to focus on other tasks. Additionally, outsourcing can help them manage their technology investments more effectively. This further frees up the internal team to focus on projects that require more strategic thinking. Additionally, outsourcing can save time and money by providing quick turnarounds on complex engineering projects. Outsourcing engineering services is a way to take advantage of current market conditions and increase your bottom line, expand your product portfolio, and stay up-to-date with market trends.
SkyQuest has identified that the engineering services outsourcing market has gained tremendous popularity due to the growing business tendency to reduce risk, increase flexibility, rapid development and deployment of new technologies and save development cost. . In addition, businesses are increasingly globalizing and using technology in 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 looking for engineers with global experience who can provide consulting and support services to various customer locations.
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SkyQuest has published a report on the outsourcing of engineering services market. The report provides a detailed market analysis which will help you understand the market forecast, key players and their growth strategies, competitive landscape, market share analysis, pricing analysis, value chain analysis and supply chain, porter five, PESTLE analysis, among others.
India and China are the most preferred countries in the global engineering services outsourcing market
China, India, Singapore and South Korea accounted for 83% of the Asia Pacific engineering services outsourcing market in 2021, up from 53% in 2013. 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 second most populous country in the world 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. By 2028, the industry is expected to grow by 15%. The top three reasons for outsourcing engineering services in India are cost savings, improved service quality and increased speed to market. Major Indian companies that provide 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 the engineering services outsourcing market. China employs more engineers than any other country and is the world’s leading source of engineering graduates. The country’s high levels of skill intensity also make it an attractive supplier of engineering services.
SkyQuest survey says 59% of businesses are looking to outsource their engineering services
A recent study by SkyQuest has revealed that demand for the outsourcing of engineering services market is on the rise. The study surveyed more than 2,000 decision makers at organizations in various industries. He found that a growing number of businesses are looking to outsource engineering tasks, mostly to countries with lower labor costs.
According to the survey, 59% of businesses say they are looking to outsource more engineering work 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 looking for lower labor costs, but also better availability of skills and faster decision-making times. In fact, 43% of businesses said they were specifically looking for engineers with specific skills, such as embedded systems or big data analytics.
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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 conducted multiple surveys across the global engineering outsourcing market in order to gain a better understanding of consumers and their engineering outsourcing decision patterns. This would help the market participant in identifying potential customers, their needs, external factors that influence their decisions.
Testing services generated 31% of the global engineering outsourcing industry’s revenue
Testing services generated 31% of the global engineering services outsourcing market revenue in 2021, according to a study by SkyQuest. This rapid growth is being fueled by legislative changes and contract innovations in the testing market, benefiting 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 security 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 testing activities to smaller companies, as well as increased demand from MNCs for quality assurance (QA) and quality control (QC) services.
The Engineering Services Outsourcing Market Study mentioned that increasing stress on quality and compliance levels is driving the demand for testing services in various industries, including defence, manufacturing, automotive, telecommunications/aviation, food and beverage, consumer products etc. . Today’s outsourcing trend puts more power in the hands of customer stakeholders and requires an agile and flexible workforce that can rapidly adapt to new demands. With this in mind, outsourcing companies choose tested solutions that are aligned with the client’s business needs and objectives.
SkyQuest has published a report on the global engineering services outsourcing market. The report has provided an in-depth analysis of the market, which will help you gain more insight into the market segmentation, revenue generation by segment, factors driving their growth, key sectors contributing to their growth, price analysis and OEMs and key developers, etc.
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Major players in the global engineering services outsourcing market
- LIKE (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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