By the end of the analysis period, the market in Asia-pacific is forecast to reach US$85 billion by the year 2026
FREMONT CA: Despite the COVID-19 dilemma, the global market for Engineering Services Outsourcing, which was anticipated to be worth $852.5 billion in 2020, is expected to expand at a CAGR of 15.1 percent to $2 trillion in 2026. The primary reasons driving the growth of the ESO market are increasing industrial automation and increased usage of integrated solutions for developing and analyzing engineering systems. Furthermore, the industry is being driven by the growing usage of novel technologies such as electronic design automation (EDA) software, computer-aided design (CAD), computer-aided engineering (CAE), and computer-aided manufacturing (CAM).
Testing, one of the report's segments, is expected to increase at a 16 percent compound annual growth rate (CAGR) to reach $791.2 billion by the conclusion of the analysis period. After carefully examining the pandemic's commercial effects and the resulting economic crisis, the Designing segment's growth is corrected to a revised 17 percent CAGR for the next seven years. The global Engineering Services Outsourcing market is now dominated by this category, which holds a 23.9 percent share. The rapid growth of the consumer electronics industry has resulted in a significant increase in demand for third-party engineering services for prototyping low-cost products.
The United States, Canada, Japan, China, and Europe are expected to fuel the worldwide prototyping segment's 14.5 percent CAGR. By the end of the analysis period, these regional markets, which had a combined market value of $109.1 billion in 2020, will have grown to $276.9 billion. China will endure being one of the fastest increasing in this collection of regional marketplaces. The Asia-Pacific market will reach $85 billion by 2026, led by countries like Australia, India, and South Korea.
