Latest News- Engineering Services Outsourcing Market in US: Offshore is expected to lead the Sourcing segment during 2024-2028

The Engineering Services Outsourcing Market in US is being driven by Cost savings from lower labor wages

The Engineering Services Outsourcing Market in US is expected to grow at a CAGR of 32.14% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 187615.8 million. In the dynamic business landscape of the US, various industries including automotive, manufacturing, and pharmaceuticals have outsourced a spectrum of functions, encompassing routine tasks and groundbreaking innovations. The innovation landscape in the US experienced a plateau compared to countries like China, which heavily invested in R&D and technology. Consequently, numerous US-based companies, particularly startups, have outsourced innovative tasks to economically advantageous locations. Amidst this global competition, industries must persistently innovate their processes and business models to maintain relevance and secure a competitive edge. For instance, the banking sector is undergoing a radical transformation with the emergence of mobile banking, open banking, and e-wallets. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on Sourcing (Offshore, Onshore) End-user (Telecom, Automotive, Healthcare, Aerospace, Semiconductor and others) Geography (North America). 

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Cost savings from lower labor wages
• Access to high-quality manpower of engineering services outsourcing services
• Growing focus on core competencies/lack of in-house expertise

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Key Features in Engineering Services Outsourcing Market in US Research Report

• Comprehensive Market Analysis
• In-Depth Competitive Landscape
• Future Market Trends
• Detailed Market Segmentation.
• Expert Analysis, and more...

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Research Analysis Overview

The Engineering Services Outsourcing Market in the US is witnessing significant growth due to the adoption of smart technologies, automation, and integrated solutions. Engineering software, digitalization, and automation mechanisms are driving this trend. OEMs are integrating AI and 5G technology with Machine Learning (ML) for advanced engineering services. End application enterprises prioritize Intellectual Property (IP) protection and data security. Healthcare sector is a major consumer of designing services. Onshore outsourcing is preferred for CNC machines and Computer Aided Design. Digital twin technology is revolutionizing product development.

Market Research Overview

The Engineering Services Outsourcing Market in the US is experiencing significant growth due to the increasing adoption of smart technologies, automation, integrated solutions, and engineering software within the industry. This trend is driven by the digitalization of operations and the implementation of automation mechanisms by Original Equipment Manufacturers (OEMs) and other engineering firms. Furthermore, the integration of Artificial Intelligence (AI) and advanced analytics is revolutionizing the engineering services landscape. The global IT consulting and other services market, which encompasses companies providing IT consulting, information management, and engineering services, is expected to expand due to increasing government investments in advanced IT infrastructure, as well as the growing demand for expert IT skills within the public sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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