About R&D outsourcing
R&D outsourcing refers to the outsourcing of specific R&D activities to third-party service providers for designing, prototyping, testing, production, and sales. The need to survive in extremely competitive market environments has forced organizations to outsource their R&D operations to third-party service providers. R&D outsourcing enables organizations to develop innovative and cost-effective products in a short time. Also, R&D outsourcing services help organizations access talented and skilled engineering professionals from across the globe. Thus, R&D outsourcing enables organizations to develop an economical cost structure, use resources in the best possible way, and focus on core competencies.
TechNavio's analysts forecast the global R&D outsourcing market to grow at a CAGR of 8.10 percent over the period 2014-2019.
Covered in this report
Global R&D outsourcing market is segmented on the basis of end-users as well as by geography based on three key regions of the Americas, the EMEA, and the APAC.
TechNavio's report, Global R&D Outsourcing Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape of Global R&D outsourcing market and its growth prospects in the coming years. The report also includes the profile of key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global R&D Outsourcing Market 2015-2019
Technavio recognizes the following companies as the key players in Global R&D Outsourcing Market 2015-2019: HCL Technologies Ltd, Infosys Ltd, Tata Consultancy Services Ltd. (TCS) and Wipro Ltd.
Other Prominent Vendors in the market are: Aricent, Aspire Systems, Beyondsoft, Blue Star Infotech, Calsoft Labs, Cyient, EPAM Systems, GlobalLogic, iGATE, KPIT Technologies, Larsen & Toubro, MindTree, Pactera Technology International, QuEST Global Services Pte, Sonata Software, Symphony Teleca, Tata Elxsi, Tata Technologies and Tech Mahindra
Commenting on the report, an analyst from Technavio’s team said: “One of many trends in the market is the emerging concept of virtual R&D. Virtual R&D is the process through which firms need to maintain a lean workforce and outsource maximum activities in the process of drug development. The concept of virtual R&D allows companies to reduce the expenses, time, and risks involved in the discovery of the drug.”
According to the report, the need for cost reduction is expected to help drive the growth of the market. In order to sustain in a competitive business environment, enterprises strive to achieve a cost-effective product development cycle. In this regard, R&D outsourcing services enable enterprises to outsource engineering tasks to countries such as India and China, which provide skilled labor at competitive prices.
Further, the report states that a major challenge facing the market is issues pertaining to IP ownership.
HCL Technologies Ltd, Infosys Ltd, Tata Consultancy Services Ltd. (TCS), Wipro Ltd., Aricent, Aspire Systems, Beyondsoft, Blue Star Infotech, Calsoft Labs, Cyient, EPAM Systems, GlobalLogic, iGATE, KPIT Technologies, Larsen & Toubro, MindTree, Pactera Technology International, QuEST Global Services Pte, Sonata Software, Symphony Teleca, Tata Elxsi, Tata Technologies, Tech Mahindra
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