Global Product Engineering Services Market By Service (Product and Component Design, Process Engineering, Maintenance, Repair and Operations, Others), Organization Size (Small and Medium Enterprises, Large Enterprises), Industry Vertical (Automotive, Aerospace & Defense, Healthcare, IT, Industrial Manufacturing, Energy & Utilities, Telecom, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Product Engineering Services Market
Global product engineering services market is set to witness a substantial CAGR of 9.25% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to the introduction of web 2.0 technologies and utility based software delivery through SaaS. The adoption of new engineering models and digital technology models has led to the growth of more efficient products in terms of cost and quality.
Market Definition: Global Product Engineering Services Market
Product engineering refers to the process of designing, innovating, developing, deploying and testing a software product. Product engineering services are the engineering consulting services which involves various hardware, embedded, software and IT solutions for the manufacturing of product in the cost effective manner. The main need of company is to reduce time and cost of market without compromising the quality. It provides personalized technologies and products for market, engineering innovative customer experiences and ensuring global product compliance.
- Surging demand for the accelerating time to market, is driving the growth of the market
- The need and demand for continuous innovation and technological upgradation, is driving the growth of the market
- The rising need among the manufacturers to reduce the production cost, is boosting the growth of the market
- The increasing adoption rate of internet of things, is driving the growth of the market
- The increasing rate of R&D by the SME’s, is propelling the growth of the market
- The fear among the manufacturers of losing control over intellectual property rights, is restricting the growth of the market
- The wide difference of culture in respect to product philosophy and design, hampers the market growth
Segmentation: Global Product Engineering Services Market
- Product and Component Design
- New Product Development
- Design Support
- Software Engineering
- Embedded Software Services
- Independent Software Services
- Hardware Engineering
- Prototype Testing
- Process Engineering
- Manufacturing Engineering Support
- Knowledge Based Engineering
- Maintenance, Repair and Operations
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Industry Vertical
- Aerospace and Defense
- Industrial Manufacturing
- Energy and Utilities
- North America
- South America
- Rest of South America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In December 2016, ALTRAN has declared the acquisition of Pricol Limited to increase their offerings into embedded systems, industrial design, mechanical design, prototyping, testing support and contract manufacturing through which it can serve the automotive, medical, consumer and industrial sectors.
- In August 2016, AVL List GmbH announced its acquisition of Dacolt International BV to improve their advance simulation technology with the advent of Dacolt’s new simulation applications in the field of industrial combustion.
Global product engineering services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of product engineering services market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global product engineering services market are ALTRAN, IBM Corporation, Lightbend, Inc., Wipro Limited, Happiest Minds, AVL List GmbH, Capgemini, Accenture, ALTEN Group, Tata Consultancy Services Limited, HCL Technologies Limited, HARMAN International, Nexient, EPAM Systems, Inc., Pactera Edge, Tech Mahindra Limited, Genpact, Infosys Limited, Cognizant, BITCOMM TECHNOLOGIES, LUXOFT, eInfochips, VOLANSYS Technologies, ITC Infotech India Ltd., CYGNET INFOTECH, Trigent Software, Inc. among others.
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 forecasted 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 enquiry.
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, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved