Research And Development Outsourcing Services Market Size and Forecast 2024-2033|Cyient Limited, GlobalLogic Inc., HCL Technologies Ltd., Tech Mahindra Ltd., Mindtree Ltd

Overview and Scope

Research and development outsourcing services refers to a service in which a company hires another company to handle R&D duties and operations that were previously held by the company’s staff. The primary goal of R&D outsourcing is to reduce costs, reduce business risks, and accelerate product market entry. This outsourcing function improves organizational effectiveness, shorter product development cycles, greater access to high technology, or restructured and improved resource use.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The research and development outsourcing services market report table of contents includes:

1. Executive Summary

2. Research And Development Outsourcing Services Market Characteristics

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

26. South America Research And Development Outsourcing Services Market

27. Brazil Research And Development Outsourcing Services Market

28. Middle East Research And Development Outsourcing Services Market

29. Africa Research And Development Outsourcing Services Market

30. Research And Development Outsourcing Services Market Competitive Landscape And Company Profiles

Top Major Players: