The new report by Expert Market Research titled, ‘Global Engineering Services Outsourcing (ESO) Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global engineering services outsourcing (ESO) market, assessing the market based on its applications like aerospace, automotive, designing, prototyping, system integration, testing, construction, consumer electronics, semiconductors, pharmaceuticals, telecom, deployment type and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 317.2 billion
- Forecast CAGR (2021-2026): 1%
The rising level of technical complexity for product development and manufacturing across industries, cost reduction, shorter product lifecycles, and the expanding number of links between OEMs and Engineering Service Providers are predicted to promote industry growth (ESPs).
Industry Definition and Major Segments
Engineering services outsourcing (ESO) is separated into divisions based on application and location type.
The industry can be broadly categorised based on its application into:
- System Integration
- Consumer Electronics
The industry can be divided based on its location type as:
The EMR report looks into the regional engineering services outsourcing (ESO) markets like:
- North America
- Latin America
- the Middle East and Africa
- the Asia Pacific
Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/engineering-services-outsourcing-market
The rise of the ESO business, as well as the increasing usage of engineering service outsourcing, is mostly attributable to shorter product life cycles. Most business solutions are only available for a limited time, requiring repurchase or resubscription. A consumer, for example, may need to upgrade their IT infrastructure system after the contract expires, or an automobile OEM may require a new set of engines for a future car, necessitating ongoing technical upgrades. The ESO company thrives as a result of the repeating nature of the services, which also increases demand for subsequent goods, moving the sector forward. When selecting an ESO provider, industry experience, previous initiatives, market value, and the quality of service provided are all important aspects to consider. New entrants, on the other hand, may find it difficult to break into the market and establish a presence due to a lack of project experience, familiarity with client requirements, and business networks.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Key Market Players
The major players in the market are ALTEN SA, Altair Engineering, Inc. (NASDAQ: ALTR), Capgemini SE, ASAP Holding GmbH, AVL List GmbH, HCL Technologies Limited and International Business Machines Corporation. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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