Product Engineering Services Market
Product Engineering Services Market (Service Type: Product and Component Design, Process Engineering, Maintenance, Repair, and Operations, and Others; Enterprise Size: Small & Medium Enterprises [SMEs] and Large Enterprises; and Industry: Aerospace and Defense, Automotive, BFSI, Energy and Utilities, Healthcare, Industrial Manufacturing, IT & Telecom, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
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Growing Consumer Dependence on Technological Device Aids in Market Growth
Buyers constantly look for latest features and functionalities with quick turnaround times, and businesses push for better quality and cost benefits from product manufacturers. The growing demand for quick product deliveries has led to the creation of an entirely new engineering service by businesses dedicated to launching products faster into the product engineering services market. Product engineering service can be defined as an engineering consulting practice, which uses various hardware, embedded, software, and IT services solution for the designing and development of products. The product engineering services come in different phases from inception to the end of the lifecycle of a product.
In today’s deeply competitive business setting, Independent Software Vendors (ISVs) are rapidly utilizing Social, Mobile, Cloud technologies to propel innovation, stimulate product development, and decrease costs. Various product engineering businesses offer software product companies to grow more agile and responsive to evolving product engineering services market and competitive landscape with the product engineering solutions. Product engineering services also offer the training of managing product development applications by following a predefined program, while analyzing the entire realization-cycle, starting from its idea to the marketable product. Rise in need for technological solutions and advancements in technological devices have increased the use of such products with consumers growing dependable. Thus, growing number of consumers demanding smart homes, smart electronic devices, and in-vehicle networking systems is expected to generate huge demand in the global product engineering services market during the forecast period.
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Key Players Adapting to the Pandemic with Work-From-Home Arrangements for Employees
The spread of the COVID-19 pandemic has crippled various industries, including software and product development businesses. As technology product consumers halt spending due to the severe impact of COVID-19 on their market and sales, they are most likely to expect their product engineering services to assist with reduced billing rates and additional support to keep innovating. However, with reduced global investments and losses across every industry, small and medium enterprises have no other options left but to provide services at reduced costs. On the contrary, product engineering services market players have the opportunity to plan and conduct innovative technology product solutions with their clients. This is to assure that when global economies restore their working to the full capacity, the product engineering services vendors will have the expertise to provide differentiated and transformed products to buyers.
Several businesses still hold great power in fulfilling business requirements with its enhanced productivity levels at cost-effective terms. Most product engineering companies have adjusted to the pandemic situation by having work-at-home arrangements for most of their employees, while the others remain in the office with social distancing and sanitizing rules and regulations. Moreover, many product engineering services are being outsourced from 3D drafting services, engineering analysis to product design and testing. This is playing an important part in design automation, control engineering, manufacturing engineering, embedded systems, and plant design engineering amidst the pandemic. However, many crucial end users such as the aerospace, automotive, construction for construction plans, and semiconductor are presently dealing with the slowdown in the demand and sales hampering the product engineering services market.
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Product Engineering Offers Relief in Product Development Phases
The information technology industry offers opportunities for any business and can improve its performance significantly. On the other hand, it can be a challenge to design a great software product that can be affordable and time-effective. The product engineering services help to assist such businesses using phases of the product engineering approach. The phases start with designing the strategy of a software product development. There are usually more risks when designing something new. Thus, hiring a product engineering service provider can be particularly useful for such businesses. It can help by collecting data on future product’s functionality and analyze the feasibility of the idea. This is likely to drive the product engineering services market during the forecast period.
Software is now an indispensable part of any business development and takes a vital place in ROI spending. Therefore, advanced software testing processes can allow businesses to achieve their objectives in the shortest time but with a high-quality end-product. With product engineering services, there is an assurance that product is assessed and examined to ensure the most reliable quality to grant the best user experience. By leaving the product development process to the product engineering services, a business can focus on goals achievement, marketing, and, overall, implementing the business strategy successfully. Owing to all such factors, the global product engineering services market is projected to reach the value of US$ 153 Bn by 2031, expanding at a CAGR of ~9% during the forecast period.
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The need of product development for product complexity and system engineering is increasing with emerging businesses in the product engineering services market. Developing economies such as China, Brazil, India, and South Africa are rapidly progressing in terms of software and technological innovations. The world is presently witnessing a need for intelligent products for daily activities. The future world is expected to witness various major developments, including integrated capabilities, moving further inside the product lifecycle, enabling technologies, and supply network integration. The use of product engineering services in such applications can enhance the response time by analyzing the market situation in terms of sales. Thus, the global product engineering services market is anticipated to witness a heavy surge in the demand during the forecast period.
Product Engineering Services Market: Overview
- The latest research report published by Transparency Market Research pertains to the global product engineering services market for the historical period of 2018–2019 and the forecast period of 2021–2031
- 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.
- In terms of revenue, the global product engineering services market is projected to reach the value of US$ 153 Bn by 2031, expanding at a CAGR of ~9% during the forecast period
Improving Time to Market (TTM) with Product Engineering Services: A Key Driver of Global Market
- 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.
Product Engineering Services Market: Competition Landscape
- Detailed profiles of providers of product engineering services have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global product engineering services market are
- Accenture PLC
- Akka Technologies
- Altran Technologies, SA (part of Capgemini)
- Calsoft Inc.
- 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
- Xoriant Corporation
Product Engineering Services Market: Key Developments
- Key providers of product engineering services, such as are Accenture PLC, Akka Technologies, IBM Corporation, Tata Consultancy Services (TCS) Limited, and Xoriant Corporation are focusing on the development of cost-effective product engineering services to attract more customers. Additionally, players active in providing product engineering services are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisition with technology partners to improve their offerings and market reach.
- Some of the key developments in the global product engineering services market are highlighted below:
- In May 2021, Akka Technologies partnered with AURA AERO for the development of electric aircraft. This collaboration will provide extensive R&D capabilities to AURA AERO on a wide range of capabilities, from engineering to customer support.
- In February 2021, Accenture PLC, acquired Imaginea Technologies, LLC. to add approximately 1,350 cloud professionals to Accenture, to enhance the global capabilities of Accenture Cloud First
- In September 2019, Xoriant Corporation acquired Arth Systems to help customers maximize their cloud investments
- In the global product engineering services market report, we have discussed individual strategies, followed by company profiles of providers of product engineering service. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global product engineering services market.
Product Engineering Services Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global product engineering services market, to accurately gauge its potential future development. 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 - 2031.
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. TMR’s 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.
Key Questions Answered in TMR’s Report on Product Engineering Services Market
The report provides detailed information about the product engineering services market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the product engineering services market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of product engineering services?
- What will be the Y-o-Y growth of the product engineering services market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the product engineering services market?
- What are the major drivers and restraints of the market?
- What will be the size of the product engineering services market from 2021 to 2031?
- Which will be the fastest growing segment in the product engineering services market?
- Which are the leading companies in the product engineering services market?
- What are the strategies of companies operating in the market?
Research Methodology – Product Engineering Services Market
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.
Product Engineering Services Market – Segmentation
TMR’s research study assesses the product engineering services market on the basis of service type, enterprise size, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the product engineering services market.