Hardware Engineering and Design Services Market- Introduction
- Hardware engineering and design is an important part of any electrical and electronic product development process, due to the need for a sleek and efficient designing structure that is in sync with end-users’ product and functional requirements
- Several service providers offer hardware engineering and design services for medical devices, wearable advanced systems, surveillance solutions, and home automation solutions
- Hardware engineering and design services are majorly adopted by new entrants or start-ups in the electronics market. The first step in the product development life cycle is product design and engineering in order to develop or launch a product in the market.
- Most of the new entrants in the hardware engineering and design services market have limited experience or expertise in product development and lack a suitable or skilled designing team. Hardware engineering and design services providers help new entrants or small enterprises to reduce their product designing time and investment to build new designing team, by deploying their own qualified designing team.
- Large enterprises in the electronics sector also hire external hardware engineering and design services providers to manage the process during product development
- Service providers adopt new technologies and design tools to provide cost effective services and advanced product designs to their clients or customers
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Key Drivers of the Hardware Engineering and Design Services Market
- Increasing demand for a quick and less expensive product development process is expected drive the hardware engineering and design services market. Increasing development activities in in intelligent design and solutions on complex electronic design is expected to increase the demand hardware engineering and design services during forecast period. Hardware engineering and the complete design process of enterprises is managed by engineering and designing professionals.
- Enterprises are implementing complex hardware designs to strengthen their market share and increase their customer base, which is likely to increase the demand for highly expert teams in the designing sector. This is estimated to boost the hardware engineering and design services market during the forecast period.
Product feasibility and poor support quality to hinder the market
- Trends in the electronic products market are changing over the years, and many new companies are offering advanced product designs in the market. Product feasibility and poor support quality for new product development is expected to hinder the market growth during the forecast period. Small and medium hardware engineering and design services providers in the designing sector charge high rates for product design and design update, which is expected to increase the expenses of companies on product development. Increasing unwanted charges on services may hamper the growth of hardware engineering and design services market.
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Asia Pacific to hold major share of the global hardware engineering and design services market
- Asia Pacific is expected to hold prominent share of the hardware engineering and design services market due to increasing number of new entrants in the electronics market and increasing trend of managed service providers in large enterprises to reduce the expenses on product development.
- The hardware engineering and design services market in Europe and North America are anticipated to expand at a prominent CAGR during the forecast period due to increasing adoption of new technological tools and platforms to offer advance and complex product design to small scale industries
- Several key players are expected to increase their investment in hardware engineering to maintain their dominance and market position in hardware designing services
Key players operating in the global hardware engineering and design services market
- eInfochips (Arrow Electronics, Inc.)
eInfochips, a subsidiary of Arrow Electronics, Inc. is a global provider of IT solutions, products, and services, based in Centennial, Colorado, U.S. The company offers hardware design services, multimedia and digital solutions, image tuning services, and embedded system & software development services. eInfochips provides solutions in device engineering, digital engineering, quality engineering, and silicon engineering. It has a device partnership with Intel Corporation and Texas Instruments Incorporated and other major device companies.
Mindteck is a global technology and engineering solutions company with expertise in enterprise applications, embedded systems, IoT, and cloud solutions. The company offers services to healthcare, electronics and semiconductor, chemical, and government sectors. It offers solutions in embedded system and application, mobility & cloud, Big Data, and IT security.
Other key players operating in the global hardware engineering and design services market include Accord Global Technology Solutions Private Limited., Glide Technology Pvt Ltd., VOLANSYS Technologies, Rapidsoft Systems, Inc., and id3 Technologies.
Global Hardware Engineering and Design Services Market: Research Scope
Global Hardware Engineering and Design Services Market, by Application
- Wearable Devices
- Home & Industrial Automation
- Consumer Electronics Products
- Healthcare Devices
- Security & Surveillance
Global Hardware Engineering and Design Services Market, by Service Type
- Product & Component Design
- Process Engineering
- Maintenance, Repair & Operations
- Consumer Electronics Products
- Computer-Aided Design (CAD)
- Others (Customer Support and Technical Publications)
Global Hardware Engineering and Design Services Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Hardware Engineering and Design Services Market, by Industry
- Automotive & Transportation
- Media & Entertainment
- Aerospace & Defense
- IT & Telecom
- Consumer Electronics
- Industrial Manufacturing
- Others (Food & Beverages, Retail)
Global Hardware Engineering and Design Services Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.