Press release
Global Engineering Research And Development (ER&D) Outsourcing Market Projected to Surpass $1620.95 Billion by 2029 with 25% Annual Growth
The engineering research and development (ER&D) outsourcing market is predicted to expand due to increasing demands for outsourcing. This entails assigning research projects to a specialized development firm that employs engineers adept at forging profitable outsourcing alliances and is equipped with state-of-the-art technologies. By outsourcing engineering services, companies can decrease costs related to excessive office space, labor, infrastructure, and further operations. As per the estimates of the National Association of Software and Service Companies (NASSCOM) based in India, global expenditure on engineering R&D (ER&D) is anticipated to surpass the $1.5 trillion threshold by 2025-2026, with $200 billion allocated for outsourced services. Hence, the surge in outsourcing demand stimulates the rise of the engineering research and development (ER&D) outsourcing market.
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What is the future CAGR of the engineering research and development (er&d) outsourcing market, and how will it impact industry expansion?
The market size for engineering research and development (ER&D) outsourcing has witnessed a significant expansion in recent years. There is a forecasted growth from $535.22 billion in 2024 to $663.34 billion in 2025, which represents a compound annual growth rate (CAGR) of 23.9%. Various factors have driven this growth during the historic period, such as the requirement for specialized skills and expertise, globalisation increase, the rise of new ventures, the proliferation of multinational corporations, and changes in the global economic conditions.
Expectations suggest a significant expansion in the Engineering Research and Development (ER&D) outsourcing market size in the forthcoming years, with a projection to increase to $1620.95 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 25.0%. This anticipated rise during the predicted period is linked to factors such as a global shortage of skilled workforce, escalating regulatory complexities, demand for flexibility, an increasing focus on sustainability, and the growing adoption of 5G. Emerging trends during this forecast period comprise the incorporation of artificial intelligence (AI) and machine learning (ML), the widespread emergence of IoT technologies, implementation of augmented reality (AR) and virtual reality (VR), and the deployment of remote collaboration tools.
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What are the most significant trends transforming the engineering research and development (er&d) outsourcing market today?
The engineering research and development outsourcing market is predicted to grow due to the shortage of skilled personnel. These are workers who possess particular skills, knowledge, and training obtained from institutions such as colleges, universities, and technical schools. The deficiency of such personnel in numerous IT and manufacturing firms results in these companies outsourcing their technical tasks to other enterprises, a situation that could be remedied through in-house training. The Centre for Monitoring Indian Economy, a governmental body in India, reported that the Indian skilled workforce shrunk by 3.8 million in 2022, with employment falling by 1.4 million, tallying a total of 396 million for the same year. This led to a drop in the employment rate to 36.7% in 2022. Along this line, an American online news platform, Fortune, estimates that by 2030, around 85 million jobs worldwide will remain vacant due to the lack of necessary skills, which could signify about $8.5 trillion in annual revenues that go unrealized. Consequently, the deficit of skilled personnel fuels the expansion of the engineering research and development outsourcing market.
Which key market segments comprise the engineering research and development (er&d) outsourcing market and drive its revenue growth?
The engineering research and development (ER&D) outsourcing market covered in this report is segmented -
1) By Type: Mechanic, Embedded IT, Software
2) By Location: Onsite, Offshore
3) By End User: Automotive, Consumer Electronics, Telecom, Heavy Machinery, Semiconductor, Computing System, Aerospace, Energy, Medical Devices, Other End Users
Subsegments:
1) By Mechanical: Product Design And Development, Prototyping And Testing, Manufacturing Process Engineering, Structural Analysis and Simulation
2) By Embedded IT: Firmware Development, Hardware Design And Integration, Internet Of Things (IoT) Solutions, Real-Time Operating Systems (RTOS) Development
3) By Software: Application Development, Software Testing And Quality Assurance, Cloud-Based Solutions, Cybersecurity Solutions
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What regions are at the forefront of engineering research and development (er&d) outsourcing market expansion?
Asia-Pacific was the largest region in the engineering research and development outsourcing market in 2024. The regions covered in the engineering research and development (er&d) outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the engineering research and development (er&d) outsourcing market?
Major companies operating in the engineering research and development (ER&D) outsourcing market include Acc*enture plc, International Business Machines Corporation, Tata Consultancy Services Limited, Capgemini SE, Cognizant Technology Solutions Corporation, DXC Technology Company, Harman International Industries, Wipro LTD., Tech Mahindra Limited, EPAM Systems lnc., Alten Group, HCL Technologies Limited, Altran Technologies SA, Horiba Ltd., Akka Technologies Group, Mindtree Limited, Bertrandt AG, L&T Technology Services Limited, GlobalLogic Inc., IAV Gmbh, Cyient Limited, Tata Technologies Limited, Assystem, Kistler Group, KPIT Technologies Limited, FEV Europe GmbH, Infosys Limited, QuEST Global Services Pte. Ltd., Luxoft lnc., Wabtec Corporation, Siemens AG, Robert Bosch GmbH, ABB Ltd., Honeywell International Inc., NEC Corporation
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What Is Covered In The Engineering Research And Development (ER&D) Outsourcing Global Market Report?
•Market Size Forecast: Examine the engineering research and development (er&d) outsourcing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the engineering research and development (er&d) outsourcing market for a structured understanding.
•Key Players Overview: Analyze major players in the engineering research and development (er&d) outsourcing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the engineering research and development (er&d) outsourcing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the engineering research and development (er&d) outsourcing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the engineering research and development (er&d) outsourcing market.
•Industry Challenges: Identify potential risks and obstacles affecting the engineering research and development (er&d) outsourcing market.
•Competitive Landscape: Review strategic developments in the engineering research and development (er&d) outsourcing market, including expansions, agreements, and new product launches.
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