Are you in the civil engineering industry? Have you considered engineering outsourcing services for your business? Here’s why you need to.
Grand View Research, Inc. reported that the global Engineering Services Outsourcing (ESO) market size is expected to grow by USD 5.50 trillion by 2028 with a Compound Annual Gross Rate (CAGR) of 22.9% from 2021 to 2028.
Some relevant factors influencing the growth of the global ESO market include the increasing use of smart technologies and other information technologies by different end-use industries, worldwide integration of Research and Development (R&D) techniques and the abundance of low-cost and highly-skilled talents. You can easily find software engineers with outstanding capability in this market.
Top ESO Market Industries and Services
Among the top industries powered by the ESO market include:
- Consumer Electronics
Most in-demand services in the ESO market include:
- System Integration
Consequently, the Global Automotive ESO Market is estimated at US$ 81.1 Billion in 2020 despite the pandemic. It is also projected to grow at $383.8 Billion by 2027 with an increasing CAGR of 24.9% from 2020 to 2027. This market is led by the U.S. with an estimated US$ 24.3 Billion and China with US$ 66.2 Billion market size by 2027.
Conversely, Japan and Canada have a projected market rate of 22.4% and 21.1% while Germany is reported to be at 17.3% CAGR.
Moreover, prototyping services are calculated to reach a 26.1% CAGR and US$ 130.4 Billion by the end of 2027 while designing services are proposed to increase to 27.2% CAGR throughout the analysis period.
On the other hand, the Global System Integration services are being led by China, Japan, U.S. and the rest of Europe with a 24.1% CAGR. These markets are expected to reach US$ 11.1 Billion in 2020 and US$ 50.5 Billion after 2027.
Designing is also gauged to have the highest CAGR of approximately 25.0% for the entire forecast period while the industrial market aggregates for the largest profit share in 2020 and is expected to surpass the global ESO market for the rest of the forecast period.
Asia Pacific ESO Market
The Asia Pacific ESO market is projected to have the largest profit share of more than 40.0% in 2020 because of affordable and specialized labor in the Philippines and other Asian countries. If you want to find software engineers, such a market can quickly provide you with the service that you need.
The widespread use of engineering services such as Computer-Aided Design (CAD) has led to immense market growth because of its capacity to make the production process more efficient and manageable on portable devices such as smartphones and laptops.
If you want to know more about CAD Outsourcing in the Philippines and how it can benefit your business in the long term, reach us by calling +1 888.851.2047 or emailing email@example.com.
“Engineering Services Outsourcing Market Worth $5.50 Trillion By 2028.” Grand View Research, Feb. 2021, www.grandviewresearch.com/press-release/global-engineering-services-outsourcing-market#:%7E:text=Engineering%20Services%20Outsourcing%20Market%20Growth,22.9%25%20from%202021%20to%202028.