Image

Global Product Engineering Services Market – Industry Trends and Forecast to 2029

  • ICT
  • Upcoming Report
  • Sep 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Product Engineering Services Market, 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 2029.

Product Engineering Services Market

Product Engineering Services Market Analysis and Size

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.

Global product engineering services market was valued at USD 1,003.12 billion in 2021 and is expected to reach USD 1,979.79 billion by 2029, registering a CAGR of 8.87% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

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)

Countries Covered

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

Market Players Covered

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.

Market Opportunities

  • Growing number of end user industries
  • Rising number of small and medium scale enterprises
  • Increasing awareness about product engineering solutions

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.

Recent Developments

  • 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.

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/Insights

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.   

Competitive Landscape and Product Engineering Services Market Share Analysis

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.

Some of the major players operating in the product engineering services 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)

Research Methodology: Global Product Engineering Services Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


SKU-

Please fill in the below form for detailed Table of Content

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Table

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Figure

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

CHOOSE LICENCE TYPE
  • 7000.00
  • 4800.00
  • 3000.00
  • 8000.00
  • 12000.00
Why Choose Us
Unlocking New Opportunities on this Report Post Covid-19

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions



Frequently Asked Questions

The global product engineering services market is expected to show a value of USD 1,979.79 billion by 2029.
The major players operating in the Product Engineering Services 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), and Aquanima S.A. (Spain) among many others.
The major countries covered in the Product Engineering Services Market 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.