Product Engineering Services market - Emerging Trends, Growth Restraints, Challenges & Opportunities

The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the product engineering services market during the forecast period.

(EMAILWIRE.COM, August 31, 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.

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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.

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.

The Asia-Pacific (APAC) region is expected to have major traction of product engineering services due to rise in demand for organizing the huge workforce in the region. This region is also facing issues such as aging population, retiring baby boomers, and increasing number of multigenerational workforce, which needs to be managed and therefore product engineering services are in demand.
The major vendors in the product engineering services market include Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).

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