Global Engineering Services Outsourcing (ESO) Market By EndUse (Aerospace, Automotive, Construction, Consumer Electronics, Semiconductors, Pharmaceuticals, Telecom) Expected to Reach USD 415.74 Billion by 2020 The global engineering services outsourcing (ESO) market (http://www.grandviewresearch.com/industry-analysis/engineering-servicesoutsourcing-market) is expected to reach USD 415.74 billion by 2020, according to a new study by Grand View Research, Inc. Increased cost pressures on global firms resulting in constrained R&D budgets is a primary driver for market growth over the forecast period. Additionally, shorter product life cycles owing to dynamic consumer buying behavior are also expected to favorably impact market growth. Enhancement in production process, cost advantage and lowered time-to-market are some of the other factors expected to boost market growth. Threat of intellectual property (IP) theft may pose a challenge to industry growth as it results in significant losses for businesses. Legal enforcements in a few offshore locations make it difficult for prosecuting firms which misuse confidential data and patents. The report “Engineering Services Outsourcing Market Analysis By End-Use (Aerospace, Automotive, Construction, Consumer Electronics, Semiconductors, Pharmaceuticals, Telecom) And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/engineering-servicesoutsourcing-market Further key findings from the study suggest:
ESO demand in telecom accounted for over 20% of the overall market in 2013. Telecommunications service providers have been implementing operations and business support systems for ensuring smooth business operations. This requires significant back-end expertise and equipment, thus propelling the use of ESO in systems. The consumer electronics segment is expected to witness the fastest growth over the forecast period. This can be primarily attributed to drastic reduction in product life cycles, forcing companies to bring about product innovations at a faster rate.