The global engineering R&D services outsourcing market size is expected to reach USD 15,038.44 billion by 2032, according to a new study by Polaris Market Research. The report “Engineering R&D Services Outsourcing Market Share, Size, Trends, Industry Analysis Report, By Location (Off-shore and On-shore); By Service; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is expected to grow over the forecast period due to the increasing need for companies to outsource services to save costs and optimize the utilization of resources. The market has evolved continuously with technological advancements such as IoT, connected computing, AI, and sensing elements. This has led to growing competition among service providers to offer cutting-edge solutions, driving aggressive investment in research and development.
ESO companies also focus on mergers and acquisitions and strengthen their client ties to tap new business opportunities. For instance, the Kansas Department of Labor chose Tata Consultancy Services Limited, an enterprise solutions provider, in April 2022 to build and run an advanced unemployment insurance system, providing maintenance of online systems and assistance during downtimes.
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The COVID-19 pandemic significantly impacted the Engineering R&D Services Outsourcing (ESO) market, resulting in project delays, cancellations, and reduced outsourcing budgets. Nevertheless, the crisis also accelerated the adoption of digital technologies for remote collaboration, enabling business continuity. As the world recovers from the pandemic, the ESO market is expected to rebound as companies resume their engineering projects and prioritize digital transformation.
Engineering R&D Services Outsourcing Market Report Highlights
Polaris Market Research has segmented the Engineering R&D Services Outsourcing market report based on location, service, application, and region:
Engineering R&D Services Outsourcing, Location Outlook (Revenue - USD Billion, 2019 - 2032)
Engineering R&D Services Outsourcing, Service Outlook (Revenue - USD Billion, 2019 - 2032)
Engineering R&D Services Outsourcing, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Engineering R&D Services Outsourcing, Regional Outlook (Revenue - USD Billion, 2019 - 2032)