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Global Product Engineering Services Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast 2024-2035

  • PUBLISHED ON
  • 10/11/2022
  • NO OF PAGES
  • 272
  • CATEGORY
  • Retails & Consumer

Market Overview:

The global Product Engineering Services Market size was valued at USD 1070.56 billion in 2022, and is projected to reach USD 1320.57 billion by 2032 at a CAGR of 8.5% from 2022 to 2032.

 Product Engineering Services refer to the process of designing, developing, testing, and maintaining products throughout their lifecycle. It involves a wide range of activities, including product conceptualization, design and development, prototyping, testing, manufacturing, and product launch. The global Product Engineering Services market has been growing rapidly in recent years due to the increasing demand for innovative and advanced products in various industries, including automotive, aerospace, healthcare, and electronics. The market is expected to continue its growth trajectory in the coming years, driven by technological advancements and the increasing adoption of digital transformation in the product development process. One of the key trends in the Product Engineering Services market is the shift towards cloud-based services and platforms. Cloud-based product engineering services offer several benefits, including scalability, flexibility, and cost-effectiveness, which are driving their adoption among organizations.

Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) technologies in product engineering. These technologies are being used to automate various tasks in the product development process, improve product design and performance, and enhance the overall customer experience. The Product Engineering Services market also presents several opportunities for growth, including the increasing demand for customized and personalized products, the growing adoption of Internet of Things (IoT) and connected devices, and the increasing focus on sustainability and green product development.

Growing demand for innovative and advanced products in various industries is propelling the market growth.

With the rise of digital transformation, organizations are looking to develop new products that can cater to the evolving needs of customers and stay ahead of the competition. In many industries, product engineering is becoming more complex as products are becoming smarter, more connected, and more sophisticated. As a result, organizations are seeking the expertise of product engineering services providers who can help them with product conceptualization, design and development, prototyping, testing, manufacturing, and product launch. Moreover, the adoption of emerging technologies such as AI, ML, and IoT is further driving the demand for product engineering services. These technologies require specialized skills and expertise, which are often not available in-house. Thus, organizations are partnering with product engineering services providers to leverage their expertise and stay ahead of the competition. Overall, the increasing demand for innovative and advanced products is a key driver of the Product Engineering Services market. As organizations continue to focus on innovation and digital transformation, the demand for these services is expected to grow in the coming years.

Segmentation:

By Type of Service

·         Design and Engineering Services

·         Manufacturing Services

·         Maintenance, Repair, and Operations (MRO) Services

·         Consulting and Integration Services

·         Testing and Quality Assurance (QA) Services

By End User

·         Automotive

·         Aerospace and Defense

·         Healthcare and Life Sciences

·         Telecommunications and IT

·         Consumer Electronics

·         Industrial Manufacturing

·         Energy and Utilities

·         Others

Geography:

Currently, North America dominates the Product Engineering Services market due to the high adoption of digital transformation technologies, such as artificial intelligence, machine learning, and cloud computing, among others. The region is home to several prominent product engineering services providers, including IBM Corporation, HCL Technologies, and Accenture, among others, which are driving the growth of the market. Moreover, the presence of a large number of technology and automotive companies in North America, such as General Motors, Ford, and Tesla, among others, is further fueling the demand for product engineering services in the region. However, the Asia-Pacific region is expected to witness significant growth in the coming years, driven by the increasing adoption of emerging technologies and the growing demand for customized and personalized products. The region is home to several prominent product engineering services providers, such as Tata Consultancy Services, Infosys Limited, and Wipro Limited, among others, which are expanding their offerings and capabilities to meet the growing demand. Furthermore, the region's large population base and the presence of several manufacturing hubs, particularly in countries such as China, India, and Japan, are expected to drive the demand for product engineering services in the region.

Impact of COVID-19 on the global Product Engineering Services Market:

The COVID-19 pandemic has had a mixed impact on the Product Engineering Services market. On the one hand, the pandemic has disrupted supply chains and manufacturing activities, leading to delays in product launches and a decline in demand for engineering services. Moreover, the shift to remote work has posed several challenges for product engineering services providers, including the need for new infrastructure, tools, and processes to enable collaboration and communication with clients and teams. On the other hand, the pandemic has accelerated the adoption of digital transformation technologies and remote collaboration tools, creating new opportunities for product engineering services providers. Organizations are increasingly looking to leverage digital technologies to streamline their product development process, reduce costs, and enhance the overall customer experience.

Impact of the Russia-Ukraine War on the global Product Engineering Services Market:

The ongoing Russia-Ukraine war has also created uncertainties and disruptions in the market, particularly in the Eastern European region. The conflict has led to supply chain disruptions and increased costs for product engineering services providers, particularly those with operations or clients in the affected regions. However, the market is expected to recover in the coming years as the situation stabilizes and organizations resume their operations. Moreover, the increasing adoption of emerging technologies and the growing demand for customized and personalized products are expected to drive the growth of the Product Engineering Services market in the long term, despite the short-term challenges posed by the pandemic and the conflict.

Company Profiles:

·         Accenture

·         Altran Technologies

·         Aricent Inc.

·         Capgemini SE

·         Cognizant Technology Solutions Corporation

·         EPAM Systems Inc.

·         HCL Technologies Limited

·         IBM Corporation

·         Infosys Limited

·         L&T Technology Services Limited

·         Mindtree Limited

·         QuEST Global Services

·         Tata Consultancy Services Limited

·         Tech Mahindra Limited

·         Wipro Limited

Global Product Engineering Services Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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Base Year: 2023
Historic Year: 2016-2022
Forecast: 2024-2035


1 Product Engineering Services Introduction and Market Overview
1.1 Objectives of the Study
1.2 Overview of Product Engineering Services
1.3 Product Engineering Services Market Scope and Market Size Estimation
1.3.1 Market Concentration Ratio and Market Maturity Analysis
1.3.2 Global Product Engineering Services Revenue and Growth Rate from 2016-2030
1.4 Market Segmentation
1.4.1 Types of Product Engineering Services
1.4.2 Applications of Product Engineering Services
1.4.3 Research Regions
1.5 Market Dynamics
1.5.1 Product Engineering Services Industry Trends
1.5.2 Product Engineering Services Drivers
1.5.3 Product Engineering Services Market Challenges
1.5.4 Product Engineering Services Market Restraints
1.6 Industry News and Policies by Regions
1.6.1 Industry News
1.6.2 Industry Policies
1.7 Mergers & Acquisitions, Expansion Plans
1.8 Product Engineering Services Industry Development Trends under COVID-19 Outbreak
1.8.1 Global COVID-19 Status Overview
1.8.2 Influence of COVID-19 Outbreak on Product Engineering Services Industry Development

2 Industry Chain Analysis
2.1 Upstream Raw Material Supply and Demand Analysis
2.1.1 Global Product Engineering Services Major Upstream Raw Material and Suppliers
2.1.2 Raw Material Source Analysis
2.2 Major Players of Product Engineering Services
2.2.1 Major Players Manufacturing Base of Product Engineering Services in 2020
2.2.2 Major Players Market Distribution in 2020
2.3 Product Engineering Services Manufacturing Cost Structure Analysis
2.3.1 Production Process Analysis
2.3.2 Manufacturing Cost Structure of Product Engineering Services
2.3.3 Labor Cost of Product Engineering Services
2.4 Market Channel Analysis of Product Engineering Services
2.5 Major Down Stream Customers by Application

3 Global Product Engineering Services Market, by Type
3.1 Global Product Engineering Services Revenue and Market Share by Type (2016-2021)
3.2 Global Product Engineering Services Production and Market Share by Type (2016-2021)
3.3 Global Product Engineering Services Revenue and Growth Rate by Type (2016-2021)
3.3.1 Global Product Engineering Services Revenue and Growth Rate of Firmware
3.3.2 Global Product Engineering Services Revenue and Growth Rate of Embedded Applications
3.3.3 Global Product Engineering Services Revenue and Growth Rate of Others
3.4 Global Product Engineering Services Price Analysis by Type (2016-2021)
3.4.1 Explanation of Different Type Product Price Trends

4 Product Engineering Services Market, by Application
4.1 Downstream Market Overview
4.2 Global Product Engineering Services Consumption and Market Share by Application (2016-2021)
4.3 Global Product Engineering Services Consumption and Growth Rate by Application (2016-2021)
4.3.1 Global Product Engineering Services Consumption and Growth Rate of IOT and Wearable Devices (2016-2021)
4.3.2 Global Product Engineering Services Consumption and Growth Rate of Transportation (2016-2021)
4.3.3 Global Product Engineering Services Consumption and Growth Rate of Industrial (2016-2021)
4.3.4 Global Product Engineering Services Consumption and Growth Rate of Automotive and Energy (2016-2021)
4.3.5 Global Product Engineering Services Consumption and Growth Rate of Others (2016-2021)

5 Global Product Engineering Services Consumption, Revenue ($) by Region (2016-2021)
5.1 Global Product Engineering Services Revenue and Market Share by Region (2016-2021)
5.2 Global Product Engineering Services Consumption and Market Share by Region (2016-2021)
5.3 Global Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4 North America Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.4.1 North America Product Engineering Services Market Under COVID-19
5.4.2 North America Product Engineering Services SWOT Analysis
5.5 Europe Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.5.1 Europe Product Engineering Services Market Under COVID-19
5.5.2 Europe Product Engineering Services SWOT Analysis
5.6 China Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.6.1 China Product Engineering Services Market Under COVID-19
5.6.2 China Product Engineering Services SWOT Analysis
5.7 Japan Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.7.1 Japan Product Engineering Services Market Under COVID-19
5.7.2 Japan Product Engineering Services SWOT Analysis
5.8 Middle East and Africa Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.8.1 Middle East and Africa Product Engineering Services Market Under COVID-19
5.8.2 Middle East and Africa Product Engineering Services SWOT Analysis
5.9 India Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.9.1 India Product Engineering Services Market Under COVID-19
5.9.2 India Product Engineering Services SWOT Analysis
5.10 South America Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.10.1 South America Product Engineering Services Market Under COVID-19
5.10.2 South America Product Engineering Services SWOT Analysis
5.11 South Korea Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.11.1 South Korea Product Engineering Services Market Under COVID-19
5.11.2 South Korea Product Engineering Services SWOT Analysis
5.12 Southeast Asia Product Engineering Services Consumption, Revenue, Price and Gross Margin (2016-2021)
5.12.1 Southeast Asia Product Engineering Services Market Under COVID-19
5.12.2 Southeast Asia Product Engineering Services SWOT Analysis

6 Global Product Engineering Services Production by Top Regions (2016-2021)
6.1 Global Product Engineering Services Production by Top Regions (2016-2021)
6.2 North America Product Engineering Services Production and Growth Rate
6.3 Europe Product Engineering Services Production and Growth Rate
6.4 China Product Engineering Services Production and Growth Rate
6.5 Japan Product Engineering Services Production and Growth Rate
6.6 India Product Engineering Services Production and Growth Rate

7 Global Product Engineering Services Consumption by Regions (2016-2021)
7.1 Global Product Engineering Services Consumption by Regions (2016-2021)
7.2 North America Product Engineering Services Consumption and Growth Rate
7.3 Europe Product Engineering Services Consumption and Growth Rate
7.4 China Product Engineering Services Consumption and Growth Rate
7.5 Japan Product Engineering Services Consumption and Growth Rate
7.6 Middle East & Africa Product Engineering Services Consumption and Growth Rate
7.7 India Product Engineering Services Consumption and Growth Rate
7.8 South America Product Engineering Services Consumption and Growth Rate
7.9 South Korea Product Engineering Services Consumption and Growth Rate
7.10 Southeast Asia Product Engineering Services Consumption and Growth Rate

8 Competitive Landscape
8.1 Competitive Profile
8.2 Tata Consultancy Services (TCS) Limited Market Performance Analysis
8.2.1 Company Profiles
8.2.2 Product Engineering Services Product Profiles, Application and Specification
8.2.3 Tata Consultancy Services (TCS) Limited Sales, Revenue, Price, Gross Margin 2016-2021
8.2.4 Company Recent Development
8.2.5 Strategies for Company to Deal with the Impact of COVID-19
8.3 HCL Technologies Limited Market Performance Analysis
8.3.1 Company Profiles
8.3.2 Product Engineering Services Product Profiles, Application and Specification
8.3.3 HCL Technologies Limited Sales, Revenue, Price, Gross Margin 2016-2021
8.3.4 Company Recent Development
8.3.5 Strategies for Company to Deal with the Impact of COVID-19
8.4 Accenture PLC Market Performance Analysis
8.4.1 Company Profiles
8.4.2 Product Engineering Services Product Profiles, Application and Specification
8.4.3 Accenture PLC Sales, Revenue, Price, Gross Margin 2016-2021
8.4.4 Company Recent Development
8.4.5 Strategies for Company to Deal with the Impact of COVID-19
8.5 Altran Market Performance Analysis
8.5.1 Company Profiles
8.5.2 Product Engineering Services Product Profiles, Application and Specification
8.5.3 Altran Sales, Revenue, Price, Gross Margin 2016-2021
8.5.4 Company Recent Development
8.5.5 Strategies for Company to Deal with the Impact of COVID-19
8.6 Capgemini Market Performance Analysis
8.6.1 Company Profiles
8.6.2 Product Engineering Services Product Profiles, Application and Specification
8.6.3 Capgemini Sales, Revenue, Price, Gross Margin 2016-2021
8.6.4 Company Recent Development
8.6.5 Strategies for Company to Deal with the Impact of COVID-19
8.7 Wipro Limited Market Performance Analysis
8.7.1 Company Profiles
8.7.2 Product Engineering Services Product Profiles, Application and Specification
8.7.3 Wipro Limited Sales, Revenue, Price, Gross Margin 2016-2021
8.7.4 Company Recent Development
8.7.5 Strategies for Company to Deal with the Impact of COVID-19
8.8 Alten Group Market Performance Analysis
8.8.1 Company Profiles
8.8.2 Product Engineering Services Product Profiles, Application and Specification
8.8.3 Alten Group Sales, Revenue, Price, Gross Margin 2016-2021
8.8.4 Company Recent Development
8.8.5 Strategies for Company to Deal with the Impact of COVID-19
8.9 Happiest Minds Technologies Market Performance Analysis
8.9.1 Company Profiles
8.9.2 Product Engineering Services Product Profiles, Application and Specification
8.9.3 Happiest Minds Technologies Sales, Revenue, Price, Gross Margin 2016-2021
8.9.4 Company Recent Development
8.9.5 Strategies for Company to Deal with the Impact of COVID-19
8.10 AVL Market Performance Analysis
8.10.1 Company Profiles
8.10.2 Product Engineering Services Product Profiles, Application and Specification
8.10.3 AVL Sales, Revenue, Price, Gross Margin 2016-2021
8.10.4 Company Recent Development
8.10.5 Strategies for Company to Deal with the Impact of COVID-19
8.11 Akka Technologies Market Performance Analysis
8.11.1 Company Profiles
8.11.2 Product Engineering Services Product Profiles, Application and Specification
8.11.3 Akka Technologies Sales, Revenue, Price, Gross Margin 2016-2021
8.11.4 Company Recent Development
8.11.5 Strategies for Company to Deal with the Impact of COVID-19
8.12 International Business Machines (IBM) Corporation Market Performance Analysis
8.12.1 Company Profiles
8.12.2 Product Engineering Services Product Profiles, Application and Specification
8.12.3 International Business Machines (IBM) Corporation Sales, Revenue, Price, Gross Margin 2016-2021
8.12.4 Company Recent Development
8.12.5 Strategies for Company to Deal with the Impact of COVID-19

9 Global Product Engineering Services Market Analysis and Forecast by Type and Application
9.1 Global Product Engineering Services Market Revenue & Volume Forecast, by Type (2021-2026)
9.1.1 Firmware Market Revenue and Volume Forecast (2021-2026)
9.1.2 Embedded Applications Market Revenue and Volume Forecast (2021-2026)
9.1.3 Others Market Revenue and Volume Forecast (2021-2026)
9.2 Global Product Engineering Services Market Revenue & Volume Forecast, by Application (2021-2026)
9.2.1 IOT and Wearable Devices Market Revenue and Volume Forecast (2021-2026)
9.2.2 Transportation Market Revenue and Volume Forecast (2021-2026)
9.2.3 Industrial Market Revenue and Volume Forecast (2021-2026)
9.2.4 Automotive and Energy Market Revenue and Volume Forecast (2021-2026)
9.2.5 Others Market Revenue and Volume Forecast (2021-2026)

10 Product Engineering Services Market Supply and Demand Forecast by Region
10.1 North America Market Supply and Demand Forecast (2021-2026)
10.2 Europe Market Supply and Demand Forecast (2021-2026)
10.3 China Market Supply and Demand Forecast (2021-2026)
10.4 Japan Market Supply and Demand Forecast (2021-2026)
10.5 Middle East and Africa Market Supply and Demand Forecast (2021-2026)
10.6 India Market Supply and Demand Forecast (2021-2026)
10.7 South America Market Supply and Demand Forecast (2021-2026)
10.8 South Korea Market Supply and Demand Forecast (2021-2026)
10.9 Southeast Asia Market Supply and Demand Forecast (2021-2026)
10.10 Explanation of Market Size Trends by Region
10.11 Product Engineering Services Market Trends Analysis

11 New Project Feasibility Analysis
11.1 Industry Barriers and New Entrants SWOT Analysis
11.2 Analysis and Suggestions on New Project Investment

12 Expert Interview Record
13 Research Finding and Conclusion
14 Appendix
14.1 Methodology
14.2 Research Data Source
 

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

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The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.


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