Research And Development Outsourcing Services Global Market Report 2022: Ukraine-Russia War Impact

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Nov 30, 2022, 09:10 ET

NEW YORK, Nov. 30, 2022 /PRNewswire/ -- Major players in the research and development outsourcing services market are Cyient Limited, GlobalLogic, HCL Technologies Ltd, Tech Mahindra Ltd, Mindtree, Tata Consultancy Services Ltd, Wipro Ltd, Aricent Group, Accenture plc, Aspire Systems Inc, Beyondsoft Corp, Kistler Instrumente AG, Microsoft Corporation, Samsung Electronics Co Ltd, Altair Engineering Inc, Capgemini Services SAS, and Kistler Instrumente AG.

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The global research and development outsourcing services market is expected to grow from $7.18 billion in 2021 to $7.75 billion in 2022 at a compound annual growth rate (CAGR) of 8.02%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The research and development outsourcing services market is expected to reach $11.10 billion in 2026 at a CAGR of 9.40%.

The research and development outsourcing services market consists of sales of research and development outsourcing services by entities (organizations, sole traders, and partnerships) that 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.

The main types of research and development outsourcing services are onshore and offshore.Onshore refers to the service obtaining services from someone who is not affiliated with a corporation yet lives in the same country.

The research and development outsourcing services are used by small, medium, and large enterprises in automotive, consumer electronics, telecommunications, semiconductor, aerospace, healthcare, and construction.

North America was the largest region in the research and development outsourcing services market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in research and development outsourcing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

Partnerships and collaborations are a key trend gaining popularity in the research and development outsourcing market.Major technology providers are partnering with different companies to advance their developments in the research and development outsourcing market.

For instance, In March 2020, Microsoft, a US-based technology company, and Accenture, an Ireland-based Information technology company, partnered to increase the societal impact of emerging technology. Microsoft Research India and Accenture Labs will collaborate to help social enterprise startups with R&D of testing and validating proofs-of-concept, conducting creative thinking sessions to help them re-imagine the impact of their solutions, and providing support in exploring and using Microsoft technologies through the program.

In November 2021, Softline Group, a London-based provider of IT solutions and services, acquired the software development outsourcing business of the Aplana Group for an undisclosed amount.With this acquisition, Softline would encourage the expansion of trade in customs development and the export of Russian competencies and technologies worldwide.

Aplana Group is a Europe-based software company providing services for developing, implementing, and integrating corporate software products.

The countries covered in the research and development outsourcing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The research and development outsourcing services market research report is one of a series of new reports that provides research and development outsourcing services market statistics, including research and development outsourcing services industry global market size, regional shares, competitors with a research and development outsourcing services market share, detailed research and development outsourcing services market segments, market trends and opportunities, and any further data you may need to thrive in the research and development outsourcing services industry. This research and development outsourcing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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