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The Product Engineering Services Market size was estimated at USD 88.46 billion in 2023, USD 95.02 billion in 2024, and is expected to grow at a CAGR of 7.66% to reach USD 148.34 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Product engineering services are used to create products using industrial design, embedded software, and hardware design. The product engineering services process manages the entire life cycle of a product, including product feasibility study, design, and deployment. Furthermore, product engineering services enable businesses to optimize their investment, accelerating the overall business operations and reducing developmental costs. Issues pertaining to data privacy in product engineering services, are hampering the market's growth. Moreover, increasing operational efficiency owing to the incorporation of cutting-edge technology, such as the industrial Internet of Things in product engineering services, is expected to create opportunities for market growth.
Regional Insights
The United States is a technologically advanced nation with strong market players' presence in this region, contributing to the growth of the product engineering services market. Furthermore, the European Union and EU member states are heavily investing in technology management platforms and digital innovation hubs, which are designed to support the scaling of market players and stimulate cooperation across national, regional, and local innovation, subsequently expanding the market. The Association of Southeast Asian Nations (ASEAN) has advanced the manufacturing value chain by developing next-generation Industry 4.0 technologies, as increased requirements on corporations to reduce greenhouse gas (GHG) emissions propel the market's growth. ASEAN may benefit from Industry 4.0 with rising technological innovation, producing more skilled jobs, lowering capital requirements, and enhancing product customization. Additionally, strategic activities among the market players, including L&T Technology Services, IBM, and HCLTech, support product innovation, further creating an opportunity for the market to grow across all regions.FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Product Engineering Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Product Engineering Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Key Company Profiles
The report delves into recent significant developments in the Product Engineering Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Akka Technologies Group, Alfanar Group, Algoscale Technologies, Inc., Alten Group, Aquanima S.A., Assystem S.A., Bitcomm Technologies Private Limited, Broadcom Inc., Calsoft Inc., Capgemini SE, Centific Global Solutions, Inc., Citec Group Oy Ab, CloudMoyo, Inc., Cognizant Technology Solutions Corporation, Corbus, LLC, Damco Group, DXC Technology Company, eInfochips, Inc., EPAM Systems, Inc., Genpact, Hakuna Matata Solutions Private Limited, Happiest Minds Technologies Pvt. Ltd., HCL Technologies Limited, Hinduja Tech Limited, Infinite Computer Solutions Inc., Infosys Limited, Intellectsoft LLC, International Business Machines Corporation, ITC Infotech India Ltd., Mphasis Limited, NeST Digital Pvt Ltd., Nexient LLC, Nous Infosystems Pvt. Ltd., Oracle Corporation, Producement, Proxima Systems Private Limited, Ranosys Technologies Private Limited, Safran S.A., Sapphire Software Solutions, Segula Technologies Group, Tata Consultancy Services Limited, Tech Mahindra Limited, Terasol Technologies Pvt. Ltd., ThinkPalm Technologies Pvt. Ltd., TransformHub, Vee Technologies Private Limited, VOLANSYS Technologies Private Limited, Wipro Ltd., WNS Holdings Ltd., and Xoriant Corporation.Market Segmentation & Coverage
This research report categorizes the Product Engineering Services Market to forecast the revenues and analyze trends in each of the following sub-markets:- Service Type
- Maintenance & Support
- Product Engineering
- Deployment
- Design
- Development
- Testing
- Sustenance/Re-engineering
- Industry
- Aerospace & Defense
- Automotive & Transportation
- Building & Construction
- Chemical & Petrochemical
- Energy & Power
- Healthcare & Life Sciences
- Industrial Manufacturing
- IT & Telecommunications
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Product Engineering Services Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Product Engineering Services Market?
- What are the technology trends and regulatory frameworks in the Product Engineering Services Market?
- What is the market share of the leading vendors in the Product Engineering Services Market?
- Which modes and strategic moves are suitable for entering the Product Engineering Services Market?
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Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Product Engineering Services Market, by Service Type
7. Product Engineering Services Market, by Industry
8. Americas Product Engineering Services Market
9. Asia-Pacific Product Engineering Services Market
10. Europe, Middle East & Africa Product Engineering Services Market
11. Competitive Landscape
12. Competitive Portfolio
13. Appendix
List of Figures
List of Tables
Companies Mentioned
- Accenture PLC
- Akka Technologies Group
- Alfanar Group
- Algoscale Technologies, Inc.
- Alten Group
- Aquanima S.A.
- Assystem S.A.
- Bitcomm Technologies Private Limited
- Broadcom Inc.
- Calsoft Inc.
- Capgemini SE
- Centific Global Solutions, Inc.
- Citec Group Oy Ab
- CloudMoyo, Inc.
- Cognizant Technology Solutions Corporation
- Corbus, LLC
- Damco Group
- DXC Technology Company
- eInfochips, Inc.
- EPAM Systems, Inc.
- Genpact
- Hakuna Matata Solutions Private Limited
- Happiest Minds Technologies Pvt. Ltd.
- HCL Technologies Limited
- Hinduja Tech Limited
- Infinite Computer Solutions Inc.
- Infosys Limited
- Intellectsoft LLC
- International Business Machines Corporation
- ITC Infotech India Ltd.
- Mphasis Limited
- NeST Digital Pvt Ltd.
- Nexient LLC
- Nous Infosystems Pvt. Ltd.
- Oracle Corporation
- Producement
- Proxima Systems Private Limited
- Ranosys Technologies Private Limited
- Safran S.A.
- Sapphire Software Solutions
- Segula Technologies Group
- Tata Consultancy Services Limited
- Tech Mahindra Limited
- Terasol Technologies Pvt. Ltd.
- ThinkPalm Technologies Pvt. Ltd.
- TransformHub
- Vee Technologies Private Limited
- VOLANSYS Technologies Private Limited
- Wipro Ltd.
- WNS Holdings Ltd.
- Xoriant Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 191 |
| Published | March 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 95.02 Billion |
| Forecasted Market Value ( USD | $ 148.34 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 51 |
