DUBLIN--(BUSINESS WIRE)--The "Global Research and Development (R&D) Outsourcing Services Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The research and development (R&D) outsourcing services market will register a CAGR of over 8% by 2023.
Enterprises need to focus on the unique aspects of their businesses, which distinguish them from their rivals and attract consumers. Competition among enterprises is increasing continuously due to globalization, which, in turn, is encouraging them to focus on their core competencies.
Enterprises outsource tasks such as R&D services, which are not a part of their core competencies. This helps them focus their business resources on critical tasks and strategies. For instance, a company that manufactures vehicles should focus on making the operations of the manufacturing process lean. It should also ensure smooth project management, from the manufacturing of cars to on-time delivery.
Hence, such enterprises outsource their non-engineering R&D services such as simulation to R&D outsourcing service vendors. This will lead to the growth of the global R&D outsourcing services market during the forecast period.
Outsourcing R&D services is a cost-effective solution
Maintaining in-house R&D services can be a costly affair for many enterprises, especially small and mid-sized (SMEs) in industries such as construction and consumer electronics. These enterprises incur significant overhead expenses, including training, equipment, and administrative costs. Such expenses can be eliminated by outsourcing R&D services to vendors.
Outsourcing R&D services can enable enterprises to save costs on facilities or equipment used for research projects. Outsourcing of R&D processes also helps enterprises in gaining access to advanced technologies. Thus, outsourcing R&D services help enterprises in saving the cost of operations, which, in turn, will lead to an increase in demand for R&D outsourcing services.
Threat to data security and privacy
Security is the most critical concern for enterprises that outsource R&D tasks to third parties. While outsourcing R&D tasks, enterprises must permit vendors to access confidential data. They do not have control over the internal processes, policies, and systems of R&D service providers and lack of awareness about the security protocols used.
Giving access to confidential data to vendors can be a challenge for enterprises. The threat to data security and privacy might restrict enterprises from outsourcing their R&D tasks to vendors, which can impact the growth of the global R&D outsourcing services market during the forecast period.
Competitive Landscape
The market appears to be highly fragmented. The presence of several companies, including HCL Technologies Ltd. and Infosys Ltd. makes the competitive environment quite intense.
Factors such as the increasing need to focus on core competencies and the increased access to global talent pool by enterprises will provide significant growth opportunities to the research and development (R&D) outsourcing services manufacturers.
Key Players
- HCL Technologies Ltd.
- Infosys Ltd.
- Tata Consultancy Services Ltd.
- Tech Mahindra Ltd.
- Wipro Ltd.
Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY END-USER
- Comparison by end-user
- Automotive - Market size and forecast 2018-2023
- Consumer electronics - Market size and forecast 2018-2023
- Telecommunications - Market size and forecast 2018-2023
- Semiconductor - Market size and forecast 2018-2023
- Aerospace - Market size and forecast 2018-2023
- Healthcare - Market size and forecast 2018-2023
- Construction - Market size and forecast 2018-2023
- Other end-users - Market size and forecast 2018-2023
- Market opportunity by end-user
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic comparison
- North America - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- APAC - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
- Emergence of Industry 4.0
- Increase in M&A activities
- Advent of IoT
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- HCL Technologies Ltd.
- Infosys Ltd.
- Tata Consultancy Services Ltd.
- Tech Mahindra Ltd.
- Wipro Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/duvsw3
