Product Engineering Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : Ongoing | Technology & Media | PPT format

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Global Product Engineering Services Market: Overview 

Product engineering services involves catering to the increasing sophisticated demands by customers and businesses from manufacturers that is delivered through a development process for both digital and physical products. As buyers insist products to be on developed using latest technologies and improved materials so as to deliver superior quality and enriched user experience, product engineering services companies are continuously engaged in innovation, customization, and cost rationalization to meet these demands. 

Global Product Engineering Services Market: Key Trends 

The increasing demand to speed up time-to-market (TTM) of a device, assembly, or system is the primary factor driving the product engineering services market. Moreover, the need for continuous innovation and iteration and the rising need to reduce production cost are driving this market. 

On the downside, fear of losing authority over intellectual property rights and cultural differences related to product philosophy and design are having a negative influence on the market’s growth. 

The rising popularity of industrial Internet of Things (IoT) is expected to have a positive influence on the growth of product engineering services market in the forthcoming years. Manufacturers are expected to use IoT to develop new hybrid business model and leverage latest technologies to stir up new product development with the objective of boosting revenue. The rising need for manufacturing stages to be cost efficient is anticipated to fuel the demand for product and component design services segment of product engineering services market. 

The increased focus of SMEs on R&D with the objective to augment growth is expected to benefit the product engineering services market in the forthcoming years. With growing competition, industry players are forced to opt for solutions that are cost optimizing and at the same time help reduce overall operational cost. These objectives can be attained using product engineering services that are beneficial in terms of cost reduction, improved time to market, and enhanced customer experience. 

In terms of service, the product engineering services market is segmented into product and component design, maintenance, repair, and operations, process engineering, and others. 

Global Product Engineering Services Market: Market Potential 

Coding being central to the work of software engineers is now changing as they are increasingly moving to product design and project management. Software engineering finds way in product engineering as trained engineers are increasingly getting involved in creating design work, which is the basis of new systems and apps.

In a recent industry development, Cambridge Consultants’ most recent spin-off company Evonetix, is envisioned to transform healthcare and biopharmaceutical and industries through intelligent design. Cambridge Consultants is a software development company that designs products for automation, energy, medtech, and for wireless and digital services. 

Global Product Engineering Services Market: Regional Outlook 

The global product engineering services market has been divided into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Asia Pacific is anticipated to be the leading regional market for product engineering services due to the increasing demand to organize its huge workforce. Asia Pacific is expected to have a major traction in the product engineering services market due to the increasing need to organize the massive workforce in this region. An aging population heading towards retirement and an increasing size of multigenerational workforce in this region is displaying the demand for product engineering services among enterprises for resource management. 

Global Product Engineering Services Market: Competitive Landscape 

The key vendors in the global product engineering services market include Altran, AVL, AKKA Technologies, Capgemini, ALTEN Group, HCL India, and IBM Corporation

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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