The Current Status of Global Engineering Service Outsourcing and COVID-19 Impact
The need for engineering services has grown exponentially over the past few months. Back in 2016, the total revenue from engineering service outsourcing (ESO) reached US$ 145.26 billion, now it tripled to an estimate of around US$ 415.74 billion as reported by Grandview Research.
ESO 2020-2024 Forecast
Global market research firm Technavio also projected a USD 207.85 billion growth rate in the ESO market by 2020-2024 with a whooping 23% Compound Annual Gross Rate (CAGR) which is slightly lower than the 2018-2022 CAGR rate of 24%. The firm implies the need for better emerging markets that would increase growth opportunities by prioritizing rapidly growing segments while keeping their positions in the developing segments.
COVID-19 Impact on ESO
The ESO industry has experienced disruptions in specific areas such as:
- Production and demand
- Market and supply chain
- Market confidence
The Value of ESO in Trying Times
ESO still holds a big value in keeping up with business needs with its increased productivity levels at cost-effective terms. Most ESO companies have adapted to the pandemic situation by having work-at-home arrangements for 50% of their employees while the other half remains in the office given that each of their staff are fit to work and went through the COVID-19 swab test.
More than just CAD drafting services and designing product development and packaging, ESO services aid the complexities of engineering work such as simulation and analysis that take a rigorous amount of time.it helps businesses work on multiple projects without putting a strain on their in-house engineering team.
ESO Product Types
Engineering services are being outsourced from 3D drafting services, engineering analysis to product design and testing. It even plays an important part in design automation, control engineering, manufacturing engineering, embedded systems, and plant design/process engineering.
These services are used in industries like aerospace, automotive, construction for construction plans, semiconductor, pharmaceutical, and most importantly telecom ranging from services for small cell sites, optical fiber technology, and even upgrades for 5G mobile carrier.
Why Outsource Engineering Services?
Outsourcing engineering services will make it easier for you to manage your business needs as the stages of your project are subdivided and delegated among a pool of talent across the globe.
Take, for example, a telecommunications company hopes to upgrade their telecommunication infrastructures to accommodate more devices by small cell deployment or for a faster internet speed with fiber infrastructure, who should they call? Of course, they won’t stop providing services to focus on the upgrading, they simply outsource engineering services; from CAD drafting services to construction plans services to actual implementation. By doing so, the company is assured of the convenience without the hassle of building up their team by themselves from scratch.
CADSourcing has access to the most experienced and talented drafters all around the world. CADSourcing leads the engineering service outsourcing industry in terms of CAD design and drafting services as well as 3D modeling, design automation, and plant design/process engineering in varying industries.
Outsource your CAD drafting services through CADSourcing now and be assured that you are in good hands. You can reach CADSourcing at 888.851.2047 or email to info@CadSourcing.com and get a free quote.