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The accelerating adoption of outsourcing research & development task including recruiting, marketing, and others are driven by the increasing emphasis of the companies on their core competency and gain access to the global talent pool is the major factor that is surging the demand of the global Research and Development (R&D) outsourcing service market.
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Global Research and Development (R&D) Outsourcing Service Market
This report researches and evaluates the impact of COVID-19 outbreak on the market, including potential opportunities and challenges, drivers, and risks associated with the market. We present a detailed assessment of market growth based on numerous scenarios.
Market Overview The market report offers a detailed analysis of the market size, regional and country-level market size, segmentation, market growth, market share, competitive landscape, and the impact of domestic and global leading players.
Market Drivers The accelerating adoption of outsourcing research & development task including recruiting, marketing, and others are driven by the increasing emphasis of the companies on their core competency and gain access to the global talent pool is the major factor that is surging the demand of the global Research and Development (R&D) outsourcing service market. Several small and medium enterprises operations are confined to a specific region, which in turn, is limited to their operational reach. This factor has promoted them to outsource their R&D services to vendors operating at a global level to gain access to the talent pool and decrease operational costs. Additionally, numerous US vendors have expanded their operations to economies such as India for real-time support functions, including customer support services. The research & development outsourcing service has helped the companies to decrease their R&D costs and improve their profit margins at the same time.
The strong demand for R&D outsourcing across several sectors including automotive, consumer electronics, healthcare, and others, is further contributing to the market growth. Moreover, the growing adoption of Industry 4.0 across various industries, followed by the continuous digital transformation of industries are encouraging the end-users to opt for advanced technologies to increase their operational benefits. Organizations are outsourcing their R&D services to the vendors, which will help the companies to focus on their core competencies. The growing competition among the leading enterprises owing to rapid globalization is motivating enterprises to outsource the research & development tasks that are not their core competency and avoid extra capital investment in research and development. On the other hand, the increasing concerns related to data security and privacy are likely to hamper the growth of the global Research and Development (R&D) outsourcing service market.
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