The Latin America, Middle East and Africa Engineering Services Outsourcing Market would witness market growth of 26.0% CAGR during the forecast period (2022-2028).
Engineering demands a high level of attention to detail, and finding this talent may be a costly process. Businesses frequently discover that finding suitable personnel for such a specialized field takes a long time. The time spent sourcing these roles could be better spent on generating money and creating relationships. Offshoring engineering services is a clever and simple resourcing solution that opens up a market of highly qualified and talented engineers at a fraction of the cost when compensation and recruitment costs are taken into account.
By outsourcing to low-cost economies, businesses can save a significant amount from staffing expenditures. The money saved by outsourcing can then be re-invested in the firm to help it grow more sustainably. Outsourced engineering services are proving to be an efficient and cost-effective approach for today's organizations, from huge corporations to small start-ups, to bring their visionary ideas to life.
South Africa has the most advanced and largest defense and military sector in Sub-Saharan Africa (SSA), with a number of competitive military equipment as well as commercial aerospace businesses. With a fleet of more than 400 aircraft, South Africa is by far the biggest market for business aircraft in Africa, with more than three times that of Kenya and the second-largest market. South African Airways is the second-largest commercial airline in SSA, with a fleet of around 60 aircraft.
In addition, during Pre-pandemic, the civil aviation sector supported almost 800,000 jobs in the UAE, contributing $47.4 billion to the economy, or approximately 13.3% of GDP. While the pandemic was a major setback for the aviation industry, it is still an important part of the overall economy. Emirates, based in Dubai, and Etihad Airways, based in Abu Dhabi, are the two major airlines in the UAE.
The Brazil market dominated the LAMEA Engineering Services Outsourcing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $91.9 Billion by 2028. The Argentina market is estimated to grow at a CAGR of 26.7% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 25.7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Engineering Services Outsourcing Market is Predict to reach $5 Trillion by 2028, at a CAGR of 22.8%
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.
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