The latest research titled ‘Engineering Services Outsourcing (ESO) Market Size, Share, Trends & Industry Analysis Report By Location Outlook; By Application Outlook; By Regions; Segment Forecast, 2019 – 2026’, available with Market Study Report, worldwide engineering services outsourcing (ESO) market was worth USD 402.4 billion in 2018 and is projected to grow with a CAGR of 21% over 2019-2026.
 

Shifting inclination towards knowledge process outsourcing from business process outsourcing across an array of industry verticals is primarily impelling the growth of global engineering services outsourcing (ESO) market. Notably, ESO enables companies to leverage knowledge of highly skilled resources at low cost, thereby opting for services like simulation, execution, validation, testing, and designing.
 

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Although, faster turnaround time is encouraging the firm to opt for ESO model, but factor such as intellectual property theft in offshore outsourcing is a major restraint for the industry players.
 

As per location outlook, engineering services outsourcing marketplace is divided into offshore, and onshore. The report cites that offshore segment is touted to gain substantial traction in the ensuing years, pertaining to availability of expertise at low cost on offshore locations. These offshore ESO providers not only offer services, but also jointly invest in businesses in order to amplify their geographic presence, which is turn is boosting the segmental share.
 

Various application areas of ESO market are aerospace, construction, semiconductors, consumer electronics, industrial automation, network & communications, energy, and automotive.
 

Speaking of regional significance, Asia Pacific engineering services outsourcing (ESO) industry size is anticipated to bolster over the forthcoming years, with India and China becoming key revenue generators owing to extensive adoption of ESO services across consumer electronics, aerospace, automotive, and telecom sectors. Ever-increasing number of engineers in these nations, and low cost of service are responsible for China and India emerging as a hub for ESO providers.
 

Well-known names in worldwide engineering services outsourcing (ESO) market sphere are Aricent (Altran Usa Holdings Inc.), ITK Engineering GmbH, ASAP Holding GmbH, M Plan GmbH, P+Z Engineering GmbH, RLE International Inc., Altair Engineering Inc., Kistler Group, Alten GmbH, MBtech Group GmbH, FEV Group, Horiba Ltd., IAV GmbH, EDAG Engineering GmbH, Bertrandt Group, AVL List GmbH, PlanET Biogas Global GmbH, Nordex SE, PM Group, Cyient Limited, STEAG Energy Services GmbH, Goldi Green Technologies Pvt. Ltd., Vikram Solar Ltd., and HTE Engineering LLC among many others.