Research and Development Outsourcing Services Market to witness USD 8.04 Bn growth | Driven by the cost-effectiveness of outsourcing research and development services | Technavio
NEW YORK, June 29, 2022 /PRNewswire/ -- The "Research and Development Outsourcing Services Market by End-user and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. According to the report, the market will observe an incremental growth of USD 8.04 billion between 2021 and 2026, expanding at a CAGR of 8.04% during the forecast period. The report highlights North America as the key market and the region is expected to generate significant growth opportunities for market players.
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The global research and development outsourcing services market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The market is characterized by the presence of several global and regional vendors. Global vendors have established a strong footprint in diversified geographies. They are leveraging advanced technologies to offer high-quality R and D outsourcing services to end-users. Technavio identifies Accenture Plc, Altair Engineering Inc., Capgemini Service SAS, Cisco Systems Inc., Cyient Ltd., DXC Technology Co., HCL Technologies Ltd., Hitachi Ltd., IAV GmbH, Infosys Ltd., Kistler Holding AG, KPIT Technologies Ltd., Mindfire Solutions, Mindtree Ltd., QuEST Global Services Pte. Ltd., Sonata Software Ltd., Tata Consultancy Services Ltd., Tech Mahindra Ltd., and Wipro Ltd. as some of the major market participants.
Although the cost-effectiveness of outsourcing research and development services, increasing need to focus on core competencies, and increased access to the global talent pool will offer immense growth opportunities, issues caused by inefficient communication, the threat of compromise on research and development quality, and the threat to data security and privacy will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Research and Development Outsourcing Services Market 2022-2026: Segmentation
The global research and development outsourcing services market is segmented as below:
The automotive industry is the prime end-user of research and development outsourcing services. The segment is driven by the increasing adoption of autonomous and electric vehicles globally.
North America will have the largest share of the market. About 46% of the market growth is expected to originate from the region. The increasing demand for R&D outsourcing services from industries such as aerospace, semiconductor, and consumer electronics is driving the growth of the regional market. Also, the construction of new data centers and the renovation of existing data centers is expected to have a positive impact on the growth of the research and development outsourcing services market in North America.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our research and development outsourcing services market report covers the following areas:
Research and Development Outsourcing Services Market 2022-2026: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the research and development outsourcing services market. Backed with competitive intelligence and benchmarking, our research report on the research and development outsourcing services market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Research and Development Outsourcing Services Market 2022-2026 : Key Highlights
Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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