What Is The Current and Historic Market Size Analysis Of The Product Engineering Services Market?
The product engineering services market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant growth in the market size of product engineering services. The market is projected to expand from $1057.6 billion in 2024 to reach $1146.71 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%.
Factors contributing to the growth during the past period include globalization, increased product complexity, and customer expectations.
What Are The Predictions for The Product Engineering Services Market Size In The Coming Years?
The product engineering services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for product engineering services is projected to witness robust growth, skyrocketing to $1610.62 billion in 2029, with a compound annual growth rate (CAGR) of 8.9%.
This anticipated growth in the forecast period can be ascribed to several factors like digital transformation, sustainability efforts, the influence of remote work environments, worries about cybersecurity, the incorporation of AI and ML, and the uptake of Industry 4.0. Technological enhancements, the popularity of digital twins, edge computing solutions, the application of 5G technology, remote collaboration utilities, and customization and personalization are the key trends to watch in the forecast period.
Which Drivers Are Accelerating Growth In The Product Engineering Services Market?
The rise in internet usage is anticipated to fuel the expansion of the product engineering services market in the future. Internet penetration refers to the global count of individuals utilizing internet services. Product engineering services, such as software engineering services, employ internet computing for various phases like development, management, deployment, and quality assurance of software that supports web-based systems. Consequently, the surge in internet penetration escalates the need for product engineering services, as firms invent new products to cater to the rapidly expanding consumer needs. For instance, Meltwater, a software firm headquartered in the Netherlands, stated that in February 2023, the count of internet users in the UK spiked by 224 thousand (+0.3 percent) from 2022 to 2023. The total number of UK internet users amounted to 66.11 million. Furthermore, the UK houses 35 million LinkedIn members and 28.75 million Instagram users. From 2022 to 2023, LinkedIn's UK ad reach experienced a 2.9% growth. Hence, the growing prevalence of internet penetration is projected to escalate the product engineering services demand throughout the prediction period.
What Are The Core Segments Of The Global Product Engineering Services Market?
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
Subsegments:
1) By Product And Component Design: Concept Design, Detailed Design, Prototype Development, Design For Manufacturability (DFM), Design For Assembly (DFA)
2) By Process Engineering: Process Design And Optimization, Automation And Control Systems, Process Simulation And Modeling, Quality Engineering
3) By Maintenance, Repair, And Operations (MRO): Predictive Maintenance, Condition Monitoring, Equipment Repair Services, Spare Parts Management
4) By Other Service Types: Regulatory Compliance Services, Testing And Validation Services, Supply Chain Management Services, Consulting Services
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Which Emerging Trends Are Reshaping The Product Engineering Services Market Size?
Rapid technological progress is emerging as a main trend in the product engineering services industry. To solidify their market positions, leading companies in product engineering services are coming up with inventive solutions. In an example, AKKA technologies, a firm based in Belgium that deals with product engineering services, broadened its footprint in Leipzig through the creation of a new 'Digital Center of Excellence' (DCE). The DCE not only propels digital innovation projects by providing cutting-edge solutions in software development and testing, cloud architecture, embedded software development, machine learning, AI, and data analytics, but also facilitates the digital transformation of its clients.
Who Are the Key Players in the Product Engineering Services Market?
Major companies operating in the product engineering services market include:
• 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
What are the Regional Insights into the Product Engineering Services Market?
North America was the largest region in the product engineering services market in 2024.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
