September 3, 2014
Grand View Research Inc., has added a new report to its library titled “Engineering Services Outsourcing (ESO) Market Analysis By End Use and Segment Forecasts to 2020.” The company’s research states the global engineering services outsourcing market is to reach $415 billion USD by 2020.
Factors of increased growth in the industry include increased cost pressures on global firms, shorter product lifecycle and dynamic consumer buying behavior. Industries covered in the report are Aerospace, Automotive, Consumer Electronics, Semiconductors and Telecommunications. Other key findings include:
- ESO demand in telecom accounted for 20% of the overall market in 2013.
- Asia Pacific was the largest regional market in 2013, having over 50% of the total demand.
- Key industry participants include HCL Technologies, Wipro, Tata Consultancy Services and Infosys Ltd.
Sources: Press materials received from the company and additional information gleaned from the company’s website.