The Europe Engineering Services Outsourcing Market would witness market growth of 22.2% CAGR during the forecast period (2022-2028).
The demand for highly trained and experienced developers, testers, engineers, and other IT experts is increasing in software firms and enterprises. Yet, most of these businesses do not rush to hire additional personnel to increase their internal teams. Instead, they hire outsourced engineering service providers to do a portion of the software development. Both large corporations and small businesses might benefit from outsourcing software engineering jobs to a subcontractor. For a variety of reasons, technology organizations opt to work with IT outsourcing vendors. In some cases, skilled specialists are hard to come by in the local job market. Others demand specialized knowledge or seek to expedite project development while keeping within budget.
ESPs are establishing service delivery standards that combine considerably more complete engagement portfolios with a licensing system that stimulates innovation and drives both bottom-line and top-line revenue as the ESO serves and continues to expand. Furthermore, the increasing digitalization of numerous industries in order to boost efficiency is having a substantial impact on market growth.
Italy's automotive industry is a key industry sector of the country. The Italian automotive supply chain employed 274,000 people (direct and indirect) in 2019, with a turnover of $118.5 billion, accounting for 11% of manufacturing revenue in Italy and 6.2% of GDP. After Germany, the United Kingdom, and France, Italy was the fourth largest European market in 2019. Sales remained consistent (1.916 million in contrast to 1.91 million in 2018). With 347,000 new registered passenger vehicles in the first quarter of 2020, Italy was the third largest European automotive sector after Germany and France, a 35.5% reduction from the same time in 2019. The COVID crisis, as well as the subsequent economic collapse, had a significant impact on the market.
Italy is also one of the most important European markets for mopeds and motorcycles. The overall number of two-wheel vehicles registered in 2019 (excluding mopeds) was 232,000, up 5.7% from 2018. Registrations reached 67,000 units during the first five months of 2020, down 38.6% from the same period in 2019. Registrations for the whole market (including mopeds) were 73,000 units in 2020, down 37.8% from the first five months of 2019. As a result, the automotive sector in the region is booming. Therefore, the demand for engineering services outsourcing is estimated to rise in the region.
The Germany market dominated the Europe Engineering Services Outsourcing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $286.2 Billion by 2028. The UK market is poised to grow at a CAGR of 21.2% during (2022 - 2028). Additionally, The France market would display a CAGR of 23.1% during (2022 - 2028).
Based on Service, the market is segmented into Testing, Prototyping, Designing, System Integration, and Others. Based on Location, the market is segmented into On-shore and Off-shore. Based on Application, the market is segmented into Industrial, Automotive, Semiconductors, Telecom, Aerospace, Healthcare, Consumer Electronics, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The North America Engineering Services Outsourcing Market would witness market growth of 12.5% CAGR during the forecast period (2022-2028). The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, HCL Technologies Ltd. (HCL Enterprises), Capgemini SE, Infosys Limited, Tata Consultancy Services Ltd., Tech Mahindra Limited, Tata Elxsi Limited, Entelect Software (Pty) Ltd., AKKA Technologies SE, and ALTEN. By Service By Location By Application By CountryScope of the Study
Market Segments Covered in the Report:
Key Market Players
List of Companies Profiled in the Report:
Related Report
North America Automotive Engineering Services Outsourcing Market Size, 2028
LAMEA Automotive Engineering Services Outsourcing Market Size, 2028
Europe Automotive Engineering Services Outsourcing Market Size, 2028
Asia Pacific Automotive Engineering Services Outsourcing Market Size, 2028
Automotive Engineering Services Outsourcing Market Size by 2028
North America Engineering Services Outsourcing Market Size, 2028
LAMEA Engineering Services Outsourcing Market Size, 2028
Asia Pacific Engineering Services Outsourcing Market Size, 2028
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 