The research and development outsourcing services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Research And Development Outsourcing Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The research and development outsourcing services market size has grown strongly in recent years. It will grow from $8.25 billion in 2023 to $8.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased complexity of r&d activities, growing need for cost optimization, increased competition in the market, growing demand for specialized expertise, need for faster time-to-market.
The research and development outsourcing services market size is expected to see strong growth in the next few years. It will grow to $12.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to increasing adoption of cloud-based services, growing demand for customized r&d services, increasing demand for r&d services in emerging economies, focus on core competencies by outsourcing non-core r&d functions, . Major trends in the forecast period include integration of artificial intelligence and machine learning, expansion of outsourcing services beyond traditional industries, increased use of data analytics for research insights, rise in demand for end-to-end r&d outsourcing solutions, collaboration between small and large enterprises.
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Scope Of Research And Development Outsourcing Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
Enterprises increased access to the global talent outsourcing service is expected to propel the research and development outsourcing services market. Companies are pooling talent from around the world to meet their demands and requirements. Global talent increases the diversity and breadth of experience in the current staff, increasing organizations’ mobility. It helps to interact with workers from diverse cultures using a global talent pool. According to the 2022 Global Software Outsourcing Trends and Rates Guide report published by Accelerance, an outsourcing advisor providing software development resources states that 64 % of companies outsource their application development to other enterprises requiring enhanced expertise from external partners such as an IT outsourcing firm. Furthermore, Mid-sized businesses are driving software outsourcing demand, with average outsourcing increasing to 11.8 % from 9.1% in 2020. Therefore, increasing access to global outsourcing services will drive the research and development outsourcing services market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The research and development outsourcing services market covered in this report is segmented –
1) By Type: On Shore, Off Shore
2) By Size: Small and Medium Enterprises, Large Enterprises
3) By End User: Automotive, Consumer Electronics, Telecommunications, Semiconductor, Aerospace, Healthcare, Construction
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Regional Insights –
North America was the largest region in the research and development outsourcing services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the research and development outsourcing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the research and development outsourcing services market report are Cyient Limited, GlobalLogic Inc., HCL Technologies Ltd., Tech Mahindra Ltd., Mindtree Ltd., Accenture plc, Altair Engineering Inc., Capgemini Service SAS, Cisco Systems Inc., DXC Technology Company, Hitachi Ltd., Kistler Holding AG, KPIT Technologies Ltd., QuEST Global Services Pte. Ltd., Sonata Software Ltd., Tata Consultancy Services Ltd., Wipro Ltd., Aricent Inc., Cognizant Technology Solutions Corp., EPAM Systems Inc., Luxoft Holding Inc., Synechron Inc., WNS Global Services Pvt. Ltd., Infosys BPM Ltd., Aspire Systems Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Beyondsoft Corporation, Blue Star Infotech Ltd., Asahi Kasei Corporation, L&T Technology Services Limited
Table of Contents
1. Executive Summary
2. Research And Development Outsourcing Services Market Report Structure
3. Research And Development Outsourcing Services Market Trends And Strategies
4. Research And Development Outsourcing Services Market – Macro Economic Scenario
5. Global Research And Development Outsourcing Services Market Size and Growth
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31. Global Research And Development Outsourcing Services Market Competitive Benchmarking
32. Global Research And Development Outsourcing Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Research And Development Outsourcing Services Market
34. Research And Development Outsourcing Services Market Future Outlook and Potential Analysis
35. Appendix
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