2014-02-26 05:07:02 - Global Engineering Service Outsourcing Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Engineering Service Outsourcing (ESO) market is to grow at a CAGR of 25.78 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for cost reduction. The Global ESO market has also been witnessing the emergence of India as key ESO destination. However, the concerns related to intellectual property (IP) could pose a challenge to the growth of this market.
In the past few years, several global companies have invested in engineering talent pool of India. Thus, India emerged as the most preferred destination for ESO. Moreover, the Government of India has taken some positive steps to ensure that the potential of this sector is realised. A National Design Policy was
formulated to catapult the Indian brand onto the global stage. Several companies across the globe from the Automotive, Defense, Aerospace, and Construction verticals are increasingly outsourcing their engineering services to Indian ESO vendors.. The availability of resources at low cost is one of the major driving the ESO market in India. India is expected to account for around 30 percent revenues generated in the Global ESO market by 2016.
The growth of the Global ESO market is driven by many factors, one of which is the need for cost reduction. In order to sustain in a competitive business environment, enterprises are striving to achieve a cost-effective product development cycle. In this regard, ESO solutions enables enterprises to outsource engineering tasks to emerging countries such as India and China, which provide skilled labour at low cost.
One of the major challenges confronting this market is the concerns related to IP. Since outsourcing requires the sharing of proprietary knowledge, companies are apprehensive about giving an offshore partner access to confidential information.
Key vendors dominating this space include HCL Technologies Ltd., Infosys Ltd., TCS Ltd., and Wipro Ltd.
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