Outsourcing Market (ESO) – Industry
Analysis and Forecast (2019-2026) – By
Application, Location, and Geography
Global Engineering Services Outsourcing Market (ESO) was valued
US$ 221.18 Bn in 2019 and is expected to reach US$ XX Bn by
2026, at a CAGR of XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down
on the revenue of market leaders, followers, and disrupters. Since lock
down was implemented differently in different regions and countries,
impact of same is also different by regions and segments. The report
has covered the current short term and long term impact on the
market, same will help decision makers to prepare the outline for
short term and long term strategies for companies by region.
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A key factor driving the growth of the engineering services
outsourcing market is cost savings from lower labor wages. The
constant rise in cost reduction and rising demand for the fast delivery
of products and services are also some of the factors driving the
growth of the global engineering services outsourcing market. The
increased global competition has increased the need for cost
reduction, among companies across several industries.
The market trend of companies outsourcing engineering services is
expected to grow in the upcoming years, as offshore options are rising
particularly in India for supporting cost-cutting efforts. Several
factors, such as enhancement in efficiency and improvement in
processes are further driving the growth of the global engineering
services outsourcing market. However, the major challenges in the
global engineering service outsourcing market include lack of domain
expertise among workers or companies, poor infrastructure
development, and poor regulatory support.
Based on the application, the telecom ESO segment is expected to
witness substantial growth over the forecast period. The consumer