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Global Engineering Services Outsourcing Market 2020-2024 | 23% CAGR Projection Through 2024 | Technavio

The global engineering services outsourcing market is expected to post a CAGR of almost 23% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global engineering services outsourcing market 2020-2024. (Graphic: Business Wire)

Factors such as rising competition in the market and increasing consumer demand for innovative products are compelling enterprises to continuously upgrade their engineering capabilities. This requires a significant amount of time and resources, which could pose a challenge to the growth of the company. Hence, companies are increasingly adopting outsourced engineering services and solutions to reduce product development time and the time to market. This helps companies gain faster access to emerging markets and establish their presence before their competitors. This is one of the crucial factors driving the growth of the global engineering services outsourcing market.

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As per Technavio, the cost savings from lower labor wages will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Global Engineering Services Outsourcing Market: Cost Savings from Lower Labor Wages

Outsourcing engineering services help companies reduce costs associated with labor, infrastructure, operations, and staffing. It also allows companies to scale operations on-demand as per their operational requirements. Hence, organizations in developed and industrialized countries such as the US, the UK, Germany, Denmark, and France outsource their engineering work to low-cost labor countries such as India, Malaysia, Thailand, and Bulgaria. These factors are crucial in driving the growth of the global engineering services outsourcing market.

"Increasing digital transformation in organizations and collaborative co-innovation partnership with outsourcing firms will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Global Engineering Services Outsourcing Market: Segmentation Analysis

This market report segments the global engineering services outsourcing market by end-users (automotive, consumer electronics, telecom, semiconductor, aerospace, medical devices, construction, and others), sourcing (offshore and onshore), and geography (APAC, Europe, MEA, North America, and South America).

The North American region led the market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to a large number of ESO agreements signed by US-based companies with service providers in low-cost countries.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

  • Geographic comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200122005257/en/


Technavio Research
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