Overall demand for engineering service outsourcing in the region will likely surge at 16.8% CAGR throughout the forecast period.
As per the latest analysis, the North America engineering service outsourcing industry revenue is projected to grow from US$ 410.4 billion in 2023 to US$ 1,940.5 billion by 2033.
Multiple factors are expected to drive the growth of the North America engineering outsourcing industry during the assessment period. One such factor is the rising need to shorten the product life cycles and cut down overall costs.
Today, industries like automotive and electronics are constantly looking to reduce product development costs and improve productivity to stay ahead in the competitive world. This is expected to drive demand for engineering service outsourcing, especially across North America.
The ongoing desire for cost reduction and the growing need for quick delivery of products and services both contribute to the industry's rise. Outsourcing engineering services to countries with lower labor costs allows businesses to reduce operational expenses. It also provides industries access to diverse and skilled global talent.
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The trend of outsourcing engineering services is on the rise, particularly in offshore locations such as North America, which supports cost-cutting initiatives. Improved efficiency and process improvements are also supporting industry expansion.
The growing focus of businesses on core competencies is another prominent factor fueling demand in North America. Similarly, the growing adoption of digital technologies like cloud computing, AI, and IoT will benefit the target industry.
"The North America Engineering Service Outsourcing Industry, A robust and evolving landscape characterized by innovative solutions, technological advancements, and a burgeoning demand for outsourced engineering services. The findings underscore the region's pivotal role in the global market, showcasing a dynamic ecosystem poised for sustained growth and strategic collaborations." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Report:
Who is Winning?
The engineering service outsourcing industry in North America is highly competitive, with a significant number of players competing for share. Leading players across North America include HCL Technologies, Tata Elxsi, Tata Consultancy Services Limited, Tech Mahindra Limited, Infosys Limited, and Wipro Limited.
These companies offer different engineering outsourcing services such as innovation and digital transformation, product design and development, etc. The dynamic needs of the consumer necessitate faster new product development cycles with improved user experiences.
Engineers will likely incorporate digital technologies more comprehensively into the design and transform disparate activities into whole commercial models. Several players are also showing interest in adopting strategies like acquisitions and partnerships to boost their revenue.
Recent Development:
In 2021, Global Logic Inc., a leading United States-based digital engineering services company, was acquired by Hitachi.
Leading Key Players:
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Segmentation of the North America Engineering Service Outsourcing Industry
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 15, 2024
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