Another significant factor driving this market’s growth is the increasing trend of outsourcing engineering services by companies to reduce costs and enhance efficiency. The COVID-19 pandemic has further accelerated this trend as businesses have sought ways to cut costs during these challenging times. As a result, there has been an increase in demand for engineering services outsourcing, particularly in software development, cloud computing, and cybersecurity.

Moreover, globalization has played a significant role in driving the engineering services outsourcing market. Many companies are exploring new markets, particularly in emerging economies, and outsourcing engineering services to gain a foothold in these markets. As a result, there has been an increase in demand for engineering services, especially in product localization and customization.

Digitalization, Automation, and Innovation: The Current Shift in the Global Engineering Services Outsourcing Market

The global market is currently experiencing a shift towards digitalization, automation, and innovation. With the increasing adoption of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT), there is a growing demand for engineering services that can integrate and optimize these technologies.

Additionally, the COVID-19 pandemic has further accelerated this shift towards digitalization and automation, as companies are looking to reduce costs, improve efficiency, and enhance their digital capabilities. This has led to an increased demand for engineering services in areas such as digital transformation, cybersecurity, and cloud computing.

Moreover, there is a growing need for engineering services that can help companies innovate and stay competitive in today’s rapidly changing business environment. This has led to an increased demand for engineering services outsourcing market in areas such as product design and development, prototyping, and testing.

Furthermore, there is a trend towards more strategic outsourcing partnerships, with companies looking for engineering services providers that can offer end-to-end solutions and help them achieve their business objectives. This has led to an increased focus on building long-term relationships and partnerships between clients and service providers.

More than 15% Revenue in Global Engineering Services Outsourcing Market is to Come from Process Designing Services

Outsourcing has become a popular choice for companies looking to design and develop their processes. This trend is driven by a variety of factors, including cost savings, expertise, flexibility, scalability, faster time-to-market, and reduced risk.

According to recent surveys, outsourcing has become a popular choice for companies looking to design and develop their processes. The trend is driven by a variety of factors, including cost savings, expertise, flexibility, scalability, faster time-to-market, and reduced risk. A survey by Astute Analytica found that 57% of companies outsource process design to improve cost efficiency, while 47% do so to gain access to specialized skills and knowledge. It was also found that 90% of executives believe outsourcing enables them to scale up or down more easily. Outsourcing process design to countries with lower labor costs allows companies to save money on salaries, benefits, and overhead expenses associated with hiring and managing an in-house engineering team.

Moreover, outsourcing to a specialized engineering firm provides companies with access to experienced engineers who are well-versed in the latest technologies and best practices, which can help reduce the design cycle time and bring products to market faster. By leveraging the expertise of experienced engineers, companies in the global engineering services outsourcing market can identify and mitigate potential risks early in the design process, thereby reducing the risk of costly mistakes and delays. As outsourcing continues to grow in popularity, it is likely that more and more companies will rely on outsourcing to drive their innovation and growth.

Telecom Industry is Leveraging Engineering Outsourcing Services for Growth and Innovation and Generate More than 22% Revenue

The telecom industry has emerged as the largest consumer of engineering outsourcing services in recent years. By 2031, the segment is projected to generate more than 22% revenue share in the global engineering services outsourcing market. This trend is driven by several factors, including the rapid growth of the telecommunications sector, the need for specialized engineering expertise, and the increasing pressure to reduce costs and improve efficiency. The telecom industry relies heavily on engineering outsourcing services for a range of activities, including network planning and design, software development, product testing, and customer support.

Outsourcing these activities allows telecom companies to focus on their core competencies, reduce costs, and improve agility. Moreover, outsourcing to specialized engineering firms provides telecom companies with access to expertise and experience that may not be available in-house. As the demand for high-speed internet and mobile communication continues to grow, the telecom industry is expected to remain a major consumer of engineering outsourcing services in the coming years.

Capgemini Set to Make Significant Contribution to the Engineering services outsourcing market with More Than 7% Market Share

The market is highly competitive, with several players operating in the market. The top 5 players are projected to hold a revenue share of more than 29% by 2031, owing to their wide range of engineering services, including product design, simulation, testing, and prototyping.

According to Astute Analytica’s recent report on the engineering services outsourcing market, Capgemini’s position as one of the largest players in the market can be attributed to the company’s focus on innovation and digital transformation. The company has been investing heavily in technologies like artificial intelligence, IoT, and cloud computing, which has enabled it to offer cutting-edge engineering solutions to its clients.

Capgemini’s extensive experience in the engineering industry and its ability to provide end-to-end engineering services have also been key factors in its success. The company has a strong track record of delivering complex engineering projects on time and within budget, which has helped it build a loyal customer base.

Despite its leading position in the market, Capgemini faces intense competition from other major players in the industry. To maintain its market share and continue growing its business, the company will need to keep investing in new technologies and adapting to the changing needs of its clients.

Some of the Top Market Players Are:

• Accenture
• AKKA Technologies
• Altair Engineering, Inc.
• ALTEN SA
• ASAP Holding GmbH
• Assystem
• AVL List GmbH
• Bertrandt
• Capgemini SE
• Cognizant
• Cyient
• EDAG
• ESI Group
• Ferchau
• Genpact
• Geometric
• HCL Technologies Limited
• IAV
• IGate
• Infosys
• IBM
• ITC Infotech
• KPIT
• L&T Technology Service
• Neilsoft
• QuEST Global
• Ranal Inc.
• Segula Technologies
• Semcon
• Tata Consultancy Services
• Tata Elxsi
• Tata Technologies
• Tech Mahindra
• Wipro
• Other Prominent Players