San Francisco, Nov. 03, 2015 (GLOBE NEWSWIRE) -- Global Engineering Service Outsourcing Market size is likely to be valued at USD 415.7 billion by 2020, as per a new research report by Radiant Insights, Inc. Rapid alignment of OEMs accompanied by increasing focus on efficient performance and reliability is estimated to drive growth over the forecast period. High environmental safety and sustainability standards along with innovation in the industry are major projected factors for industry demand.
Manufacturers in this industry are collaborating with expert engineering service firms in order to address the current industry trends. Dynamic consumer behavior and increasing competition in industry are likely to promote new product development. In addition, various measures are initiated to reduce product life cycle duration. However, intellectual property theft is expected to hamper confidentiality and security, thus hindering industry growth.
Increasing business complexities along with aging workforce facilitate industry players with impending avenues. Industries such as aerospace, semiconductors and consumer electronics demonstrate significant growth opportunities.
Telecom sector was the leading end-use segment and was valued at USD 16.30 billion in 2013. It is expected to reach USD 106.24 billion by 2020, growing at a CAGR of 30.8% from 2014 to 2020. Automotive application was valued at 12.33 billion in 2013. It is expected to grow at a CAGR of 29.1% over next few years and reach USD 73.22 by 2020. The growth can be attributed to implementation of various safety and efficiency principles.
Browse Full Research Report With TOC On "Engineering Services Outsourcing Market Size, Report, 2020" at: http://www.radiantinsights.com/research/engineering-services-outsourcing-market
Key report insights suggest:
- Global engineering service outsourcing market size was estimated at 67.08 billion in 2013 and is expected to reach USD 415.74 by 2020, growing at an estimated CAGR of 29.9% from 2014 to 2020.
- Asia Pacific dominated the regional demand with an estimated ESO market share of 51.06% in 2013. It is expected to be the fastest growing region at a CAGR of 30.6% from 2014 to 2020 owing to large number of services outsourced. Europe accounted for 23.45% share in 2013 and it is expected to grow at a CAGR of 29.6% from 2014 to 2020. Increasing outsourcing activities within the region is expected to elevate the industry demand.
- Consumer electronics was valued at USD 6.29 billion in 2013. It is expected to grow at a CAGR of 31.4% from 2014 to 2020. Aerospace was valued at USD 6.14 billion in 2013. It is projected to grow at a CAGR of 31.1% from 2014 to 2020 owing to manufacturing solutions such as aero systems and interiors, aero engines, aero structures, avionics and manufacturing among others.
- Key companies include Wipro, HCL Technologies, Infosys Limited and Tata Consultancy Services. HCL accounted for 36.5% of the overall industry share.
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Global ESO End-Use Overview (Revenue, USD Billion, 2012 - 2020)
- Consumer Electronics
Global ESO Regional Overview (Revenue, USD Billion, 2012 - 2020)
- North America
- Asia Pacific
- Rest of the World (RoW)
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About Radiant Insights
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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Source: Radiant Insights