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At this point of time, when the revenues generated from application development and maintenance is dipping down a bit, the Indian firms specializing in engineering services are expecting new scopes from the ESO i.e. the engineering services outsourcing market. The market is expected to be of a total worth of $50 billion by 2020 for the entire country. These companies are fast changing their business models in order to reduce the expenses with more outsourcing activities. Furthermore, this is going to invite more risk-sharing partners from emerging markets such as China and India.In terms of the engineering services outsourcing market, the Indian sub-continent is expected to win approximately 25 percent of the offshore engineering expenditure, approximately $50 billion owing to multiple causes, such as the availability of trained and skilled English speaking manpower, good quality offshore management processes and cost benefits. However, companies specializing in engineering services outsourcing have realized that producing advanced and technologically high-end engineering products need precision and expertise that caters to the requirements and at times also surpass the consumer expectations. In order to alleviate the operational risks and develop the products fast, smart engineering services are needed. Keeping these in mind these companies concentrates on aspects such as: · Offering resources that substitute or supplement the in-house staff · Easing put the cost and margin pressures · Offering quicker turnaround times in order to make sure subsequent faster-time to market for the engineering products · Working according to pre-specified service level agreements that are beneficial mutually · Providing expertise and know-how in fields of: o Design & Detailing o Engineering Analysis o Manufacturing Engineering o Technical Publications o Sustenance Engineering o Embedded Systems o Special Services o Plant & Process However, these companies have had years of experience in engineering services outsourcing space and has also set up innovative global engineering product development centers for OEM’s. This apart their engineering services outsourcing ranges from: o concept design o detailing and analysis o product realization solutions All these have been catered to verticals like aerospace, civil structures, power generation, industrial products, oil and gas and transportation. Outsourcing has become the order of the day. This is more so because outsourcing reduced the total cost of operation and gives scope to global networking. This in turn makes it possible for engineering firms to stay updated on the latest engineering trends and have access to a pool of global talents. This helps in new product development and innovation strategies. Related Links: oil and gas engineering services, engineering analysis services
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