Global Product Engineering Services Market Segmentation, By Service (Product and Component Design, Process Engineering, Maintenance, Repair and Operations and Others), Organization Size (Small and Medium Enterprises and Large Enterprises), Industry Vertical (Automotive, Aerospace and Defense, Healthcare, IT, Industrial Manufacturing, Energy and Utilities, Telecom and Others) – Industry Trends and Forecast to 2031.
Product Engineering Services Market Analysis
In today's cutthroat economic environment, Independent Software Vendors (ISVs) quickly take advantage of social, mobile, and cloud technologies to foster innovation, speed up product creation, and cut expenses. Software product firms can improve their agility and responsiveness to the changing product engineering services market and competitive landscape by utilizing product engineering solutions from various product engineering organizations.
Product Engineering Services Market Size
Global product engineering services market size was valued at USD 1188.97 billion in 2023 and is projected to reach USD 2346.58 billion by 2031, with a CAGR of 8.87% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Product Engineering Services Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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IBM (U.S.), Broadcom (U.S.), Oracle. (U.S.), Accenture (Ireland), Infosys Limited (India), GEP (U.S.), Genpact (U.S.), Proxima (U.K.), WNS (Holdings) Ltd. (India), Capgemini (France), Wipro Limited (India), HCL Technologies Limited (India), Tata Consultancy Services Limited. (India), DXC Technology Company (U.K.), AEGIS Company. (India), Corbus, LLC. (India), and Aquanima S.A. (Spain) among many others.
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Market Opportunities
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Product Engineering Services Market Definition
The management of product development projects according to a set plan while closely examining each step of the realization process, from the initial idea to the finished, marketable product, is another skill that is covered by product engineering services.
Product Engineering Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- The trend of advanced technologies
Artificial intelligence is applied to product engineering services using a framework that offers market insights while streamlining and automating workflow operations. Businesses or industries are integrating advanced product engineering services for product innovation and sustainability. With the use of artificial intelligence and machine learning, product engineering can satisfy the expanding demand for product analytics across industries. The market for product engineering services is then predicted to benefit from growth potential as a result of this.
- Increased focus on Time to Market (TTM) system
TTM is an essential metric that raises business productivity across a range of industries. Businesses employ product engineering services to accelerate TTM and development timeframes. In order to help companies, consumers, and industries maintain product standards, regulatory compliance, and service quality while lowering TTM, providers of product engineering services offer their solutions and services. It is envisaged that this will in turn encourage the demand for product engineering services.
Opportunities
- Growth and expansion of end user verticals
In the manufacturing, IT, telecom, retail, healthcare, and BFSI industries, procurement outsourcing is frequently employed. As a result, during the anticipated period, the market for product engineering services is anticipated to grow quickly. The necessity for new IT solutions to be implemented along with current global consumer trends is what primarily drives the demand for procurement outsourcing services.
Restraints/Challenges
- Security concerns and issues
Issues pertaining to data privacy and integrity can hamper the growth rate of the market. Also, it is anticipated that the industry for product engineering services would not expand globally due to the high risks involved with outsourcing. Fear of losing control over intellectual property rights will further worsen the situation.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Further, cultural difference in product philosophy and design, need for excellent feedback loops, and constant management will again hamper the market growth rate.
This product engineering services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the product engineering services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Product Engineering Services Market
Due to lockdowns and travel restrictions imposed by the government, the COVID-19 pandemic has been impacting the economies and companies in various countries. Only a few companies have warned of potential delays in product shipments and drops in future product sales. The procurement outsourcing market has benefited from using cutting-edge technologies during the epidemic to increase operational efficiency and cut costs. The businesses are incorporating artificial intelligence and machine learning to automate the procurement process. Additionally, organizations benefit from this approach by concentrating on their core strengths rather than unrelated operations.
Product Engineering Services Market Scope
The product engineering services market is segmented on the basis of service, organization size and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service
- Product and Component Design
- New Product Development
- Design Support
- Software Engineering
- Embedded Software Services
- Independent Software Services
- Process Engineering
- Manufacturing Engineering Support
- Knowledge-Based Engineering (KBE)
- Maintenance, Repair and Operations
- Others
Organization Size
- Small
- Medium Enterprises and Large Enterprises
Industry Vertical
- Automotive
- Aerospace and Defense
- Healthcare
- IT
- Industrial Manufacturing
- Energy and Utilities
- Telecom
- Others
Product Engineering Services Market Regional Analysis
The product engineering services market is analyzed and market size insights and trends are provided by country, service, organization size and industry vertical as referenced above.
The countries covered in the product engineering services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the product engineering services market due to established economies such as the U.S. and Canada, strong economic growth, and rising investments by SMEs within the region. Prevalence of advanced IT infrastructure is another important factor determining the dominance of this region.
Asia-Pacific region is showing a promising potential and is set to grow with the highest growth rate during the forecast period. This is because of the rising research and development proficiencies by small and medium scale enterprises and growing number of small and medium scale enterprises.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Product Engineering Services Market Share
The product engineering services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to product engineering services market.
Product Engineering Services Market Leaders Operating in the Market Are:
- IBM (U.S.)
- Broadcom (U.S.)
- Oracle. (U.S.)
- Accenture (Ireland)
- Infosys Limited (India)
- GEP (U.S.)
- Genpact (U.S.)
- Proxima (U.K.)
- WNS (Holdings) Ltd. (India)
- Capgemini (France)
- Wipro Limited (India)
- HCL Technologies Limited (India)
- Tata Consultancy Services Limited. (India)
- DXC Technology Company (U.K.)
- AEGIS Company. (India)
- Corbus, LLC. (India)
- Aquanima S.A. (Spain)
Latest Developments in Product Engineering Services Market
- Akka Technologies and AURA AERO teamed up to create electric aircraft in May 2021. Through this partnership, AURA AERO will have access to strong R&D resources for a variety of competencies, from engineering to customer service
- Imaginea Technologies, LLC was acquired by Accenture PLC in February 2021, adding about 1,350 cloud specialists to Accenture and boosting the worldwide capabilities of Accenture Cloud First
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