According to the recent Research by Hexa Research, Engineering Services outsourcing market is likely to cross over USD 400 billion by 2020. In increase in cost pressure for global firms resulting in forced R&D budget is a key driver for the industry development over the forecast period. Also, the shorter product life cycles due to vibrant consumer buying behavior is anticipated to affect the market growth favorably. With improvement in production process, lowered time to market and cost benefit are some of the major factors boosting the market growth globally. Risk of intellectual property theft may pose a challenge to market growth due to significant losses for business. Engineering Services Outsourcing demand in telecom segment contributed for over 19% in 2013 globally.
Service providers for telecom have been carrying out operations and business supports systems for ensuring smooth function of the business. It requires suitable back- end equipment and expertise, encouraging the use of ESO in systems.
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The consumer electronics segment is estimated to witness the rapid growth over the forecast period. This could lead to extreme reduction in product life cycles, forcing firms to bring out product innovations at faster rate. In 2013, Asia Pacific was the prime regional market contributing for over 50% of total market demand which is estimated to stay a market leader over the forecast period. Asia Pacific is likely to remain the strong market for ESO due to existence of large talent pool, emerging cost arbitrage and local demand and strong manufacturing base in countries like India and China.
From 2016 to 2020, the market in Europe is likely to grow at CAGR for over 24% due to its inclination among various European firms for outsourcing engineering actions within Western European Nations for ensuring Regulatory compliance. Major Industry participants for Engineering Services Outsourcing Market are Infosys Ltd., Wipro, HCL technologies Ltd and Tata Consultancy Services. Other firms operating ESO market are InfoTech Enterprises Ltd., IGATE Corp, Aricent Group, MindTree Ltd., Calsoft Labs, IGATE corp., Tata ELXSI and KPIT Cummins Infosystems Ltd.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/communication-services-industry
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