Global Product Engineering Services Market Drivers 2024, Forecast To 2033
23 Feb, 2024
The product engineering services market has shown robust growth, rising from $980.78 billion in 2023 to $1,063.14 billion in 2024, with an 8.4% CAGR. This growth is attributed to globalization, the rising complexity of products, and consumer expectations. The market is expected to reach $1,472.34 billion in 2028, with an 8.5% CAGR, fueled by digital transformation, sustainability initiatives, remote work dynamics, cybersecurity concerns, AI and ML integration, and industry 4.0 adoption. Major trends include technological advancements, digital twin adoption, edge computing solutions, 5G technology implementation, remote collaboration tools, and customization and personalization.
Global Product Engineering Services Market Key Driver
The product engineering services market is predicted to grow with the increasing internet penetration, reaching 900 million users in India by 2025 (Source: The Economic Times).
Get A Free Sample Of The Global Product Engineering Services Market ReportGlobal Product Engineering Services Market Segments
The product engineering services market covered in this report is segmented –
1)By Service Type: Product and Component Design, Process Engineering, Maintenance, Repair and Operations, Other Service Types
2)By Organization Size: SMEs, Large Enterprises
3)By Verticals: Automotive and Transportation, Aerospace and Defense, Healthcare, IT and Telecom, Industrial Manufacturing, Energy and utilities,Media and entertainment,BFSI, Other Verticals
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North Americawas the largest region in the product engineering services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the product engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Product Engineering Services Industry Players
Alten SA; AVL List GmbH; HCL Technologies Limited; AKKA Technologies SE; International Business Machines Corporation; Accenture plc; ÅF Pöyry AB.; Altran Technologies SA; Capgemini SE; Cognizant Technology Solutions; Endava plc; Globant S. A.; Happiest Minds Technologies Limited; Infogain Corporation; Mindtree Limited; Tata Consultancy Services Limited; Wipro Limited; 3D Systems Corporation; ABB Ltd.; Advantech Co. Ltd.; AECOM Technology Corporation; Altair Engineering Inc.; Amazon Web Services Inc.; ANSYS Inc.; Apple Inc.; Applied Materials Inc.; Arcadis NV; Autodesk Inc.; BAE Systems plc; Bentley Systems Incorporated
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Product Engineering Services Market Overview
Product engineering service refers to the process of designing, innovating, developing, testing, and deploying a product. The product engineering services are used to create commercial digital products with a revenue model, not enterprise software, focused on boosting employee efficiency, streamlining operations, and cutting costs.
Product Engineering Services Global Market Report 2023 provides data on the global product engineering services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The product engineering services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.