Research and Markets: Engineering Services Outsourcing (ESO) Market in India 2015-2019: Discover the Key Players
May 12, 2015 | By Business Wire News
DUBLIN
Research and Markets (http://www.researchandmarkets.com/research/t4n2l9/engineering) has announced the addition of the “Engineering Services Outsourcing (ESO) Market in India 2015-2019” report to their offering.
ESO refers to the outsourcing of specific engineering services. Engineering services are the core business activities of industries such as automotive and aerospace. However, due to lack of expertise and increased pressure to reduce costs, companies have started outsourcing their engineering services requirements. The need for quick delivery of products and services because of shorter product lifecycle has prompted the need for ESO. In addition, the inherent benefit of cost advantage remains a key criterion for businesses outsourcing their engineering services.
The analysts forecast the ESO market in India to grow at a CAGR of 30 percent over the period 2014-2019.
Key vendors
– HCL Technologies
– Infosys
– Tata Consultancy Services
– Wipro
Commenting on the report, an analyst from the team said: The free flow of information across geographies, driven by the increasing usage of the internet, has resulted in shortening of product lifecycles. Some products are becoming obsolete in the online industry even before hitting the market because the underlying technology has failed to keep pace with advances in the market. Other dynamic market segments such as consumer electronics and telecom are also suffering from the same problem. Time-to-market is particularly important for new products as it enables companies to capture a larger market share compared to the competition. Early entry in the market enables companies to enjoy premium pricing of the product. This also provides high ROI and fast redeployment of resources. Growth in Indian offshore ER&D played a vital role in accelerating innovation and established India as a design and innovation hub. The most preferred outsourcing destinations such as India and China provide 24/7 services to their clients, which helps companies minimize product development times.
According to the report, businesses worldwide are cautious about cost management during the set-up of R&D facilities. India is the most preferable destination for ESO because of its cost advantage and high availability of skilled labor. Indian service providers get contracts from western countries including the US, the UK, and Germany because the cost of ER&D is low in the country compared to the west.
For more information visit http://www.researchandmarkets.com/research/t4n2l9/engineering
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Sector: Engineering
