The global product engineering services market is expected to hit growth at a CAGR of 8.8% over the forecast period 2021 to 2030 and is predicted to surpass US$ 150 billion by 2030.
Product engineering refers to the process of innovating, designing, developing, testing, and deploying a software product. The advent of Web 2.0 technologies and utility-based software delivery through Software as a Service (SaaS) have led to the process of gradual transformation of client enabling engineering services from traditional software engineering to product engineering. The market is expected to become lucrative and investors are anticipated to enter the product engineering services market, owing to the rise in the demand for manufacturing new and innovative products from various businesses and consumers across the world.
Adoption of new age engineering models and digital technology models are becoming increasingly essential to produce more innovative products in a much more efficient and faster manner. Product engineering services bring together deep domain and technology expertise for both the digital and physical world of products. The trend of smart technology has considerably increased over the past couple of years, especially in India, South Asia, and Brazil. Furthermore, smart technologies such as smart homes, smart electronic devices, and in-vehicle networking systems are some of the factors expected to create further growth opportunities in the global product engineering services market during the forecast period.
Time to market (TTM) is the period of time taken from a product being conceived until it is available in the market for sale. The TTM is important for companies or enterprises where products are deployed quickly. Enterprises use product engineering services to cut expenses, minimize resources, and deliver the product as scheduled. In addition, companies also use processes such as project risk management and Six Sigma to enhance product management, engineering, marketing, sales, and support needed to ensure an agile environment across the entire product development life cycle (PDLC), which is expected to accelerate the growth of the product engineering services market.
TTM is an important scale that enhances business efficiency for industries. Companies are implementing product engineering services to decrease development time as well as TTM. Hence, providers of product engineering services offer their services and solutions to help industries, enterprises, and customers to maintain product specifications, compliance, and service quality, while decreasing the TTM. This, in turn, is expected to fuel the growth of the product engineering services market.
Moreover, product engineering has refined over the years. Faster TTM and agility are the core focus of modern product companies and their customers, while launching and developing a product. This also triggers the growth of the market.
Integration of Artificial Intelligence Transforming Product Engineering Services
Currently, penetration of artificial intelligence (AI) in product engineering services is considerably low. However, integration of artificial intelligence is likely to offer significant opportunities in upgrading and developing product engineering, since artificial intelligence in product engineering can simplify and automate the process of producing and developing products. Besides, artificial intelligence in product engineering reduces the processing time, as well as helps companies or industries to accelerate productivity. Hence, integrating artificial intelligence in developing better forms of product engineering services would significantly improve productivity to meet today’s engineering needs, which creates opportunity growth for the product engineering services market.
Furthermore, integrating artificial intelligence in product engineering services is an applied field that uses a framework to simplify and automate the process of workflow and provide industry insights. Companies or industries are integrating advanced product engineering services throughout the entire product lifecycle for product sustenance and innovation. Rising need for product analytics across industries with artificial intelligence and machine learning capabilities can be met through product engineering. This, in turn, is expected to create growth opportunity for the product engineering services market.
The market in North America is expected to expand at a moderate growth rate during the forecast period due to technological developments and increase in demand for product engineering services across enterprises. The need and demand for continuous innovation and technological upgrade in various industries such as aerospace & defense, automotive, industrial manufacturing, and IT & telecom is boosting the product engineering services market in the region. The U.S. and Canada contribute significantly to the market in North America. The adoption of product engineering services has resulted in the emergence of the connected/smart technology in countries of North America. This is propelling the product engineering services market in the region.
The product engineering services market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, due to growing popularity of Industrial Internet of Things (IIoTs) in countries such as China, India, and Japan in the region. Additionally, IIoT are creating new business models for the expansion of IT industries in the region. This, in turn, is likely to trigger the growth of the product engineering services market. Furthermore, developing infrastructure in China, India, Japan, and Singapore has been opening up new business avenues for vendors, contributing to the growth of the product engineering services market in the region. This is projected to offer significant opportunities to the product engineering services market.
Key players operating in the global product engineering services market are Accenture PLC, Akka Technologies, ALTEN, Altran Technologies, SA (part of Capgemini), AVL, Calsoft Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions Inc., Nous Infosystems , ITC InfoTech, Tata Consultancy Services (TCS) Limited, Wipro Limited, VOLANSYS Technologies, and Xoriant Corporation.
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The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the product engineering services market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the product engineering services market will progress during the forecast period of 2021 - 2030.
The report offers intricate dynamics about the different aspects of the product engineering services market, which aids companies operating in the market in making strategic development decisions. The study also elaborates on the significant changes that are highly anticipated to configure the growth of the product engineering services market, during the forecast period. It also includes impact analysis of COVID-19 on the product engineering services market. The global product engineering services market report helps to estimate statistics related to the market progress in terms of value (US$ Bn).
The study covers a detailed segmentation of the product engineering services market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the product engineering services market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
The research methodology adopted by analysts to compile the product engineering services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the product engineering services market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the product engineering services market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the product engineering services market.
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