Product Engineering Services market Key Players, Trends, Share, Growth Rate and Forecast

The product engineering services market is expected to grow from USD 676.17 Billion in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.

(EMAILWIRE.COM, July 26, 2018 ) The product engineering services market is expected to grow from USD 676.17 Billion in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period. Several factors such as rising demand for reducing the time to market and need for continuous innovation and cost efficiency has bolstered the growth of product engineering services. Verticals such as healthcare, banking, defense, commercial security, and many more have boosted the product engineering services market.

The product engineering services market is segmented by service, organization size, industry vertical, and region. The product and component design is expected to hold the largest market share during the forecast period, due to increasing demand for cost efficiency in the manufacturing stage; process engineering in the service type is projected to witness the highest growth due to growing need to reduce, rework, and reuse captured knowledge.


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The Small and Medium Businesses (SMBs) segment is expected to grow at the highest CAGR in the product engineering services market by organization size, due to growing competition that is forcing the smaller industry players to look for cost-sensitive solutions and reduce overall operational cost. Product engineering services offer the benefit of cost reduction, enhanced customer experience, and improved time to market. Meanwhile, large enterprises are expected to hold the largest market share in the product engineering services market by organization size, due to increasing price pressure and reduction in shelf life of products, which is forcing enterprises to look for better solutions.

Product engineering services are being increasingly adopted by industries, such as automotive, healthcare, telecom & IT, and energy & utilities, which has led to the growth of the market across the globe. The healthcare segment is expected to grow at the highest CAGR in product engineering services market by industrial vertical, owing to factors such as increase in patient engagement, reduction in healthcare expenditure, and boost in health of population during the forecast period.

The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. APAC is expected to have the largest market share and is expected to dominate the market from 2016 to 2021. This is mainly because of factors such as large talent pool, large domestic demand, good (and improving) infrastructure, government incentives, and breaking down of trade barriers.

However, due to cultural differences in terms of product design and loss of ownership of intellectual property for enterprises, most of the organizations struggle to optimally utilize the full potential of product engineering services. This has been significantly hindering the growth of the market. Technological giants such as HCL and ALTEN Group, along with some of the key innovators such as TVS Infotech , have created leading product engineering service offerings. These players have adopted various growth strategies such as new product launches, partnerships, contracts, collaborations, acquisitions, and expansions to expand their global presence and increase their market shares in the global market.