The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Contract Textile Global Market Report 2023, the contract textile market is expected to show significant growth in the forecast period.

Key insights from the contract textile market forecast include:

1. Market Size

The global contract textile market size grew from $4.81 billion in 2022 to $5.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The market size of the global contract textile is expected to grow to $6.1 billion in 2027 at a CAGR of 4.5%. Asia-Pacific was the largest region in the contract textile market in 2022.

2. Major Driver

Rising outsourcing demand is expected to propel the growth of the engineering research and development (ER&D) outsourcing market going forward. Outsourcing refers to the process of contracting out the research project to a development company that specializes in cutting-edge technology and employs knowledgeable engineers, skilled at creating profitable outsourcing partnerships. Outsourcing engineering services allow businesses to reduce work cost and also reduce the costs associated with extra office space, labour, infrastructure, and operations. For instance, according to NASSCOM, an India-based National Association of Software and Service Companies, it is estimated that the global spending on engineering R&D (ER&D) to cross the $1.5 trillion mark by 2025-2026, of which $200 billion will be in the form of outsourced services. Therefore, the increase in rising outsourcing demand is driving the growth of the engineering research and development (ER&D) outsourcing market.

View More On The Contract Textile Market Report 2023 – https://www.thebusinessresearchcompany.com/report/engineering-research-and-development-outsourcing-global-market-report

3. Key Trend

Partnership and collaboration is a key trend gaining popularity in the engineering research and development (ER&D) outsourcing market. Major players in the engineering research and development (ER&D) outsourcing market are focused on partnerships and collaborations to sustain their marketplace. For instance, in February 2020, Infosys Limited, an India-based information technology company, partnered with GE Appliances, a US-based Haier company, to efficiently streamline IT operations. With this partnership, Infosys would help GE Appliances enhance the pace of their digital and workplace transformation by providing automation-driven managed IT services support for their worldwide command centers, support desks, end-user computing, IT facilities, and solutions. Furthermore, in March 2022, HCL, an India-based software technology company, partnered with Novo Nordisk for an undisclosed amount. With this partnership HCL helps, Novo Nordisk transform its IT operations, creates world-class end-user experiences, and increases the efficiency across its workforce. Through this partnership, HCL will implement a diversified omni-channel digital workplace solution for Novo Nordisk. Using the knowledge-centered service (KCS) methodology it helps the company to develop its next-generation automation and self-service capabilities. With this HCL will support more than 48,000 end-users. Novo Nordisk is a Denmark-based pharmaceutical company.

4. Major Players

Major players in the engineering research and development (ER&D) outsourcing market are Altran Technologies, Alten Group, Akka Technologies, Wipro Ltd., Tata Consultancy Services, HCL Technologies, Capgemini SE, Kistler Group, Harman International Industries, Tata Technologies Limited, Horiba Ltd., KPIT Technologies Limited, FEV Europe GmbH, IAV Gmbh, Infosys Limited, and Assystem.

5. Top Market Segments

The global contract textile market is segmented –

1) By Type: Mechanic, Embedded IT, Software

2) By Location: Onsite, Offshore

3) By End User: Automotive, Consumer Electronics, Telecom, Heavy Machinery, Semiconductor, Computing System, Aerospace, Energy, Medical Devices, Other End Users

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https://www.thebusinessresearchcompany.com/sample.aspx?id=7890&type=smp

The Contract Textile Global Market Report 2023  provides an in-depth analysis on the contract textile market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the contract textile market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Textile Global Market Report 2023 

Smart Textiles Global Market Report 2023 

Antimicrobial Textile Global Market Report 2023

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