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Product Engineering Services Market By Service Type, By Application, By Enterprise Size, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 345 Pages
  • October 2022
  • Region: Global
  • Allied Market Research
  • ID: 5725207
Product engineering is the process of innovating, designing, developing, testing and deploying a software product. It uses various hardware, embedded, software and IT services solution for the designing and development of products. In addition, it usually entails activity dealing with issues of cost, producibility, quality, performance, reliability, serviceability, and user features. Moreover, Product Engineering Services enables businesses to focus on their core competencies while maintaining a viable technological stack.

Increased demand for accelerating Time to Market (TTM) and need for continuous innovation and iteration boost the growth of the global product engineering services market. In addition, increase in use of digital transformation technology is positively impacts growth of the product engineering services market. However, lack of technical expertise and increasing security concerns is hampering the product engineering services market growth. On the contrary, emergence of IoT technologies is expected to offer remunerative opportunities for expansion of the product engineering services market during the forecast period.

The global product engineering services is segmented on the basis of service type, application, enterprise size, industry vertical, and region. Depending on service type, the market is bifurcated into product design and development services, process engineering services, implementation and integration services, support and maintenance services, others. On the basis of application, the market is fragmented into Customer Enterprise Products, and Customer Mobile Products. As per enterprise size, it is classified into large enterprises and SMEs. In terms of industry vertical, it is differentiated into BFSI, IT and telecom, energy and utilities, manufacturing, media and entertainment, healthcare, retail and e-commerce, others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Some of the key players operating in the global product engineering services market include Accenture PLC, Akka Technologies, Alten, Altran Technologies, SA, AVL, Calsoft, Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions, Inc., Nous Infosystems, TCS, Wipro Ltd., Algoscale Technologies, Inc., Producement. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the product engineering services market analysis from 2021 to 2031 to identify the prevailing product engineering services market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the product engineering services market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global product engineering services market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Service Type

  • Others
  • Product Design and Development Services
  • Type
  • Product Development
  • Design Support
  • Prototype Testing
  • Process Engineering Services
  • Implementation and Integration Services
  • Support and Maintenance Services

By Application

  • Customer Enterprise Products
  • Customer Mobile Products

By Enterprise Size

  • Large Enterprises
  • SMES

By Industry Vertical

  • BFSI
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Sector Type
  • Automotive and Transportation
  • Industrial Machinery and Heavy Equipments
  • Aerospace and Defense
  • Others
  • Media and Entertainment
  • Healthcare
  • Retail and E-commerce
  • Others

By Region

  • North America
  • U. S.
  • Canada
  • Europe
  • France
  • Italy
  • Spain
  • Netherlands
  • Rest Of Europe
  • Germany
  • UK
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • Australia
  • India
  • Rest Of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • Capgemini
  • Accenture plc
  • Akka Technologies
  • alten
  • Altran Technologies, SA
  • AVL
  • Calsoft, Inc.
  • CloudMoyo
  • Happiest Minds Technologies
  • HCL Technologies Limited
  • IBM Corporation
  • Infinite Computer Solutions, Inc.
  • Nous Infosystems
  • Tata Consultancy Services (TCS)
  • Wipro Ltd
  • algoscale technologies, inc.
  • Producement

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market

CHAPTER 4: PRODUCT ENGINEERING SERVICES MARKET, BY SERVICE TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Product Design and Development Services
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.2.4 Product Design and Development Services Product Engineering Services Market by Type
4.2.4.1 Product Development Market size and forecast, by region
4.2.4.2 Product Development Market size and forecast, by country
4.2.4.3 Design Support Market size and forecast, by region
4.2.4.4 Design Support Market size and forecast, by country
4.2.4.5 Prototype Testing Market size and forecast, by region
4.2.4.6 Prototype Testing Market size and forecast, by country
4.3 Process Engineering Services
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 Implementation and Integration Services
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5 Support and Maintenance Services
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country
4.6 Others
4.6.1 Key market trends, growth factors and opportunities
4.6.2 Market size and forecast, by region
4.6.3 Market share analysis by country

CHAPTER 5: PRODUCT ENGINEERING SERVICES MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Customer Enterprise Products
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Customer Mobile Products
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country

CHAPTER 6: PRODUCT ENGINEERING SERVICES MARKET, BY ENTERPRISE SIZE
6.1 Overview
6.1.1 Market size and forecast
6.2 Large Enterprises
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 SMES
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country

CHAPTER 7: PRODUCT ENGINEERING SERVICES MARKET, BY INDUSTRY VERTICAL
7.1 Overview
7.1.1 Market size and forecast
7.2 BFSI
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market share analysis by country
7.3 IT and Telecom
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market share analysis by country
7.4 Energy and Utilities
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market share analysis by country
7.5 Manufacturing
7.5.1 Key market trends, growth factors and opportunities
7.5.2 Market size and forecast, by region
7.5.3 Market share analysis by country
7.5.4 Manufacturing Product Engineering Services Market by Sector Type
7.5.4.1 Automotive and Transportation Market size and forecast, by region
7.5.4.2 Automotive and Transportation Market size and forecast, by country
7.5.4.3 Industrial Machinery and Heavy Equipments Market size and forecast, by region
7.5.4.4 Industrial Machinery and Heavy Equipments Market size and forecast, by country
7.5.4.5 Aerospace and Defense Market size and forecast, by region
7.5.4.6 Aerospace and Defense Market size and forecast, by country
7.5.4.7 Others Market size and forecast, by region
7.5.4.8 Others Market size and forecast, by country
7.6 Media and Entertainment
7.6.1 Key market trends, growth factors and opportunities
7.6.2 Market size and forecast, by region
7.6.3 Market share analysis by country
7.7 Healthcare
7.7.1 Key market trends, growth factors and opportunities
7.7.2 Market size and forecast, by region
7.7.3 Market share analysis by country
7.8 Retail and E-commerce
7.8.1 Key market trends, growth factors and opportunities
7.8.2 Market size and forecast, by region
7.8.3 Market share analysis by country
7.9 Others
7.9.1 Key market trends, growth factors and opportunities
7.9.2 Market size and forecast, by region
7.9.3 Market share analysis by country

CHAPTER 8: PRODUCT ENGINEERING SERVICES MARKET, BY REGION
8.1 Overview
8.1.1 Market size and forecast
8.2 North America
8.2.1 Key trends and opportunities
8.2.2 North America Market size and forecast, by Service Type
8.2.2.1 North America Product Design and Development Services Product Engineering Services Market by Type
8.2.3 North America Market size and forecast, by Application
8.2.4 North America Market size and forecast, by Enterprise Size
8.2.5 North America Market size and forecast, by Industry Vertical
8.2.5.1 North America Manufacturing Product Engineering Services Market by Sector Type
8.2.6 North America Market size and forecast, by country
8.2.6.1 U. S.
8.2.6.1.1 Key market trends, growth factors and opportunities
8.2.6.1.2 Market size and forecast, by Service Type
8.2.6.1.2.1 U. S. Product Design and Development Services Product Engineering Services Market by Type
8.2.6.1.3 Market size and forecast, by Application
8.2.6.1.4 Market size and forecast, by Enterprise Size
8.2.6.1.5 Market size and forecast, by Industry Vertical
8.2.6.1.5.1 U. S. Manufacturing Product Engineering Services Market by Sector Type
8.2.6.2 Canada
8.2.6.2.1 Key market trends, growth factors and opportunities
8.2.6.2.2 Market size and forecast, by Service Type
8.2.6.2.2.1 Canada Product Design and Development Services Product Engineering Services Market by Type
8.2.6.2.3 Market size and forecast, by Application
8.2.6.2.4 Market size and forecast, by Enterprise Size
8.2.6.2.5 Market size and forecast, by Industry Vertical
8.2.6.2.5.1 Canada Manufacturing Product Engineering Services Market by Sector Type
8.3 Europe
8.3.1 Key trends and opportunities
8.3.2 Europe Market size and forecast, by Service Type
8.3.2.1 Europe Product Design and Development Services Product Engineering Services Market by Type
8.3.3 Europe Market size and forecast, by Application
8.3.4 Europe Market size and forecast, by Enterprise Size
8.3.5 Europe Market size and forecast, by Industry Vertical
8.3.5.1 Europe Manufacturing Product Engineering Services Market by Sector Type
8.3.6 Europe Market size and forecast, by country
8.3.6.1 Germany
8.3.6.1.1 Key market trends, growth factors and opportunities
8.3.6.1.2 Market size and forecast, by Service Type
8.3.6.1.2.1 Germany Product Design and Development Services Product Engineering Services Market by Type
8.3.6.1.3 Market size and forecast, by Application
8.3.6.1.4 Market size and forecast, by Enterprise Size
8.3.6.1.5 Market size and forecast, by Industry Vertical
8.3.6.1.5.1 Germany Manufacturing Product Engineering Services Market by Sector Type
8.3.6.2 UK
8.3.6.2.1 Key market trends, growth factors and opportunities
8.3.6.2.2 Market size and forecast, by Service Type
8.3.6.2.2.1 UK Product Design and Development Services Product Engineering Services Market by Type
8.3.6.2.3 Market size and forecast, by Application
8.3.6.2.4 Market size and forecast, by Enterprise Size
8.3.6.2.5 Market size and forecast, by Industry Vertical
8.3.6.2.5.1 UK Manufacturing Product Engineering Services Market by Sector Type
8.3.6.3 France
8.3.6.3.1 Key market trends, growth factors and opportunities
8.3.6.3.2 Market size and forecast, by Service Type
8.3.6.3.2.1 France Product Design and Development Services Product Engineering Services Market by Type
8.3.6.3.3 Market size and forecast, by Application
8.3.6.3.4 Market size and forecast, by Enterprise Size
8.3.6.3.5 Market size and forecast, by Industry Vertical
8.3.6.3.5.1 France Manufacturing Product Engineering Services Market by Sector Type
8.3.6.4 Italy
8.3.6.4.1 Key market trends, growth factors and opportunities
8.3.6.4.2 Market size and forecast, by Service Type
8.3.6.4.2.1 Italy Product Design and Development Services Product Engineering Services Market by Type
8.3.6.4.3 Market size and forecast, by Application
8.3.6.4.4 Market size and forecast, by Enterprise Size
8.3.6.4.5 Market size and forecast, by Industry Vertical
8.3.6.4.5.1 Italy Manufacturing Product Engineering Services Market by Sector Type
8.3.6.5 Spain
8.3.6.5.1 Key market trends, growth factors and opportunities
8.3.6.5.2 Market size and forecast, by Service Type
8.3.6.5.2.1 Spain Product Design and Development Services Product Engineering Services Market by Type
8.3.6.5.3 Market size and forecast, by Application
8.3.6.5.4 Market size and forecast, by Enterprise Size
8.3.6.5.5 Market size and forecast, by Industry Vertical
8.3.6.5.5.1 Spain Manufacturing Product Engineering Services Market by Sector Type
8.3.6.6 Netherlands
8.3.6.6.1 Key market trends, growth factors and opportunities
8.3.6.6.2 Market size and forecast, by Service Type
8.3.6.6.2.1 Netherlands Product Design and Development Services Product Engineering Services Market by Type
8.3.6.6.3 Market size and forecast, by Application
8.3.6.6.4 Market size and forecast, by Enterprise Size
8.3.6.6.5 Market size and forecast, by Industry Vertical
8.3.6.6.5.1 Netherlands Manufacturing Product Engineering Services Market by Sector Type
8.3.6.7 Rest of Europe
8.3.6.7.1 Key market trends, growth factors and opportunities
8.3.6.7.2 Market size and forecast, by Service Type
8.3.6.7.2.1 Rest of Europe Product Design and Development Services Product Engineering Services Market by Type
8.3.6.7.3 Market size and forecast, by Application
8.3.6.7.4 Market size and forecast, by Enterprise Size
8.3.6.7.5 Market size and forecast, by Industry Vertical
8.3.6.7.5.1 Rest of Europe Manufacturing Product Engineering Services Market by Sector Type
8.4 Asia-Pacific
8.4.1 Key trends and opportunities
8.4.2 Asia-Pacific Market size and forecast, by Service Type
8.4.2.1 Asia-Pacific Product Design and Development Services Product Engineering Services Market by Type
8.4.3 Asia-Pacific Market size and forecast, by Application
8.4.4 Asia-Pacific Market size and forecast, by Enterprise Size
8.4.5 Asia-Pacific Market size and forecast, by Industry Vertical
8.4.5.1 Asia-Pacific Manufacturing Product Engineering Services Market by Sector Type
8.4.6 Asia-Pacific Market size and forecast, by country
8.4.6.1 China
8.4.6.1.1 Key market trends, growth factors and opportunities
8.4.6.1.2 Market size and forecast, by Service Type
8.4.6.1.2.1 China Product Design and Development Services Product Engineering Services Market by Type
8.4.6.1.3 Market size and forecast, by Application
8.4.6.1.4 Market size and forecast, by Enterprise Size
8.4.6.1.5 Market size and forecast, by Industry Vertical
8.4.6.1.5.1 China Manufacturing Product Engineering Services Market by Sector Type
8.4.6.2 Japan
8.4.6.2.1 Key market trends, growth factors and opportunities
8.4.6.2.2 Market size and forecast, by Service Type
8.4.6.2.2.1 Japan Product Design and Development Services Product Engineering Services Market by Type
8.4.6.2.3 Market size and forecast, by Application
8.4.6.2.4 Market size and forecast, by Enterprise Size
8.4.6.2.5 Market size and forecast, by Industry Vertical
8.4.6.2.5.1 Japan Manufacturing Product Engineering Services Market by Sector Type
8.4.6.3 South Korea
8.4.6.3.1 Key market trends, growth factors and opportunities
8.4.6.3.2 Market size and forecast, by Service Type
8.4.6.3.2.1 South Korea Product Design and Development Services Product Engineering Services Market by Type
8.4.6.3.3 Market size and forecast, by Application
8.4.6.3.4 Market size and forecast, by Enterprise Size
8.4.6.3.5 Market size and forecast, by Industry Vertical
8.4.6.3.5.1 South Korea Manufacturing Product Engineering Services Market by Sector Type
8.4.6.4 Australia
8.4.6.4.1 Key market trends, growth factors and opportunities
8.4.6.4.2 Market size and forecast, by Service Type
8.4.6.4.2.1 Australia Product Design and Development Services Product Engineering Services Market by Type
8.4.6.4.3 Market size and forecast, by Application
8.4.6.4.4 Market size and forecast, by Enterprise Size
8.4.6.4.5 Market size and forecast, by Industry Vertical
8.4.6.4.5.1 Australia Manufacturing Product Engineering Services Market by Sector Type
8.4.6.5 India
8.4.6.5.1 Key market trends, growth factors and opportunities
8.4.6.5.2 Market size and forecast, by Service Type
8.4.6.5.2.1 India Product Design and Development Services Product Engineering Services Market by Type
8.4.6.5.3 Market size and forecast, by Application
8.4.6.5.4 Market size and forecast, by Enterprise Size
8.4.6.5.5 Market size and forecast, by Industry Vertical
8.4.6.5.5.1 India Manufacturing Product Engineering Services Market by Sector Type
8.4.6.6 Rest of Asia-Pacific
8.4.6.6.1 Key market trends, growth factors and opportunities
8.4.6.6.2 Market size and forecast, by Service Type
8.4.6.6.2.1 Rest of Asia-Pacific Product Design and Development Services Product Engineering Services Market by Type
8.4.6.6.3 Market size and forecast, by Application
8.4.6.6.4 Market size and forecast, by Enterprise Size
8.4.6.6.5 Market size and forecast, by Industry Vertical
8.4.6.6.5.1 Rest of Asia-Pacific Manufacturing Product Engineering Services Market by Sector Type
8.5 LAMEA
8.5.1 Key trends and opportunities
8.5.2 LAMEA Market size and forecast, by Service Type
8.5.2.1 LAMEA Product Design and Development Services Product Engineering Services Market by Type
8.5.3 LAMEA Market size and forecast, by Application
8.5.4 LAMEA Market size and forecast, by Enterprise Size
8.5.5 LAMEA Market size and forecast, by Industry Vertical
8.5.5.1 LAMEA Manufacturing Product Engineering Services Market by Sector Type
8.5.6 LAMEA Market size and forecast, by country
8.5.6.1 Latin America
8.5.6.1.1 Key market trends, growth factors and opportunities
8.5.6.1.2 Market size and forecast, by Service Type
8.5.6.1.2.1 Latin America Product Design and Development Services Product Engineering Services Market by Type
8.5.6.1.3 Market size and forecast, by Application
8.5.6.1.4 Market size and forecast, by Enterprise Size
8.5.6.1.5 Market size and forecast, by Industry Vertical
8.5.6.1.5.1 Latin America Manufacturing Product Engineering Services Market by Sector Type
8.5.6.2 Middle East
8.5.6.2.1 Key market trends, growth factors and opportunities
8.5.6.2.2 Market size and forecast, by Service Type
8.5.6.2.2.1 Middle East Product Design and Development Services Product Engineering Services Market by Type
8.5.6.2.3 Market size and forecast, by Application
8.5.6.2.4 Market size and forecast, by Enterprise Size
8.5.6.2.5 Market size and forecast, by Industry Vertical
8.5.6.2.5.1 Middle East Manufacturing Product Engineering Services Market by Sector Type
8.5.6.3 Africa
8.5.6.3.1 Key market trends, growth factors and opportunities
8.5.6.3.2 Market size and forecast, by Service Type
8.5.6.3.2.1 Africa Product Design and Development Services Product Engineering Services Market by Type
8.5.6.3.3 Market size and forecast, by Application
8.5.6.3.4 Market size and forecast, by Enterprise Size
8.5.6.3.5 Market size and forecast, by Industry Vertical
8.5.6.3.5.1 Africa Manufacturing Product Engineering Services Market by Sector Type

CHAPTER 9: COMPANY LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Key developments

CHAPTER 10: COMPANY PROFILES
10.1 Capgemini
10.1.1 Company overview
10.1.2 Company snapshot
10.1.3 Operating business segments
10.1.4 Product portfolio
10.1.5 Business performance
10.1.6 Key strategic moves and developments
10.2 Accenture plc
10.2.1 Company overview
10.2.2 Company snapshot
10.2.3 Operating business segments
10.2.4 Product portfolio
10.2.5 Business performance
10.2.6 Key strategic moves and developments
10.3 Akka Technologies
10.3.1 Company overview
10.3.2 Company snapshot
10.3.3 Operating business segments
10.3.4 Product portfolio
10.3.5 Business performance
10.3.6 Key strategic moves and developments
10.4 alten
10.4.1 Company overview
10.4.2 Company snapshot
10.4.3 Operating business segments
10.4.4 Product portfolio
10.4.5 Business performance
10.4.6 Key strategic moves and developments
10.5 Altran Technologies, SA
10.5.1 Company overview
10.5.2 Company snapshot
10.5.3 Operating business segments
10.5.4 Product portfolio
10.5.5 Business performance
10.5.6 Key strategic moves and developments
10.6 AVL
10.6.1 Company overview
10.6.2 Company snapshot
10.6.3 Operating business segments
10.6.4 Product portfolio
10.6.5 Business performance
10.6.6 Key strategic moves and developments
10.7 Calsoft, Inc.
10.7.1 Company overview
10.7.2 Company snapshot
10.7.3 Operating business segments
10.7.4 Product portfolio
10.7.5 Business performance
10.7.6 Key strategic moves and developments
10.8 CloudMoyo
10.8.1 Company overview
10.8.2 Company snapshot
10.8.3 Operating business segments
10.8.4 Product portfolio
10.8.5 Business performance
10.8.6 Key strategic moves and developments
10.9 Happiest Minds Technologies
10.9.1 Company overview
10.9.2 Company snapshot
10.9.3 Operating business segments
10.9.4 Product portfolio
10.9.5 Business performance
10.9.6 Key strategic moves and developments
10.10 HCL Technologies Limited
10.10.1 Company overview
10.10.2 Company snapshot
10.10.3 Operating business segments
10.10.4 Product portfolio
10.10.5 Business performance
10.10.6 Key strategic moves and developments
10.11 IBM Corporation
10.11.1 Company overview
10.11.2 Company snapshot
10.11.3 Operating business segments
10.11.4 Product portfolio
10.11.5 Business performance
10.11.6 Key strategic moves and developments
10.12 Infinite Computer Solutions, Inc.
10.12.1 Company overview
10.12.2 Company snapshot
10.12.3 Operating business segments
10.12.4 Product portfolio
10.12.5 Business performance
10.12.6 Key strategic moves and developments
10.13 Nous Infosystems
10.13.1 Company overview
10.13.2 Company snapshot
10.13.3 Operating business segments
10.13.4 Product portfolio
10.13.5 Business performance
10.13.6 Key strategic moves and developments
10.14 Tata Consultancy Services (TCS)
10.14.1 Company overview
10.14.2 Company snapshot
10.14.3 Operating business segments
10.14.4 Product portfolio
10.14.5 Business performance
10.14.6 Key strategic moves and developments
10.15 Wipro Ltd
10.15.1 Company overview
10.15.2 Company snapshot
10.15.3 Operating business segments
10.15.4 Product portfolio
10.15.5 Business performance
10.15.6 Key strategic moves and developments
10.16 algoscale technologies, inc.
10.16.1 Company overview
10.16.2 Company snapshot
10.16.3 Operating business segments
10.16.4 Product portfolio
10.16.5 Business performance
10.16.6 Key strategic moves and developments
10.17 Producement
10.17.1 Company overview
10.17.2 Company snapshot
10.17.3 Operating business segments
10.17.4 Product portfolio
10.17.5 Business performance
10.17.6 Key strategic moves and developments

Executive Summary

According to this report, titled, 'Product Engineering Services Market,' the product engineering services market was valued at $1085.78 billion in 2021, and is estimated to reach $1610.6 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Product engineering services refers to the use of embedded technologies to develop a finished electronic, mechanical, or software product. The consulting companies offer product engineering services across a wide spectrum of domains such as consumer electronics, industrial products, wearable electronics, medical devices, assistive devices, automotive electronics, and aerospace & defense.

Furthermore, demand for accelerating Time to Market (TTM) and need for continuous innovation and iteration boost the growth of the global product engineering services market. In addition, increase in use of digital transformation technology is positively impacts growth of the product engineering services market. However, lack of technical expertise and increasing security concerns is hampering the product engineering services market growth. On the contrary, emergence of IoT technologies is expected to offer remunerative opportunities for expansion during the product engineering services market forecast.

By enterprise size, the product engineering services market share was dominated by large enterprises, owing to demand for continuous innovation and cost effectiveness of the services. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to surge in adoption of IT service solution in the past few years.

On the basis of region, the product engineering services market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the technological advancements in end-use industries such as healthcare, automotive, retail, and BFSI in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rapid transformation of traditional manufacturing plants into automated plants.

With the rapid spread of COVID-19, the majority of people faced sudden surges in demand for financial resources. This is because consumers of technological products are likely to expect their product engineering services to help with decreased billing rates and increased support to keep inventing as spending decreases as a result of the negative impact of COVID-19 on their market and sales. Small and medium-sized businesses, on the other hand, are left with little choice but to offer services at lower prices due to decreased worldwide investments and losses in every sector of the economy. On the other hand, market participants offering product engineering services have the chance to plan and implement cutting-edge technology product solutions with their clients. This is to guarantee that the providers of product engineering services will have the know-how to provide services that are distinctive and change when global economies resume operating at full capacity. For instance, in May 2021, Akka Technologies partnered with AURA AERO for the development of electric aircraft. This collaboration will provide extensive R&D capabilities to AURA AERO on a wide range of capabilities, from engineering to customer support. Thus, such initiatives are expected to drive the growth of the product engineering services industry.

KEY FINDINGS OF THE STUDY

By service type, the product design and development services segment accounted for the largest product engineering services market share in 2021.

By region, North America generated highest revenue in 2021.

By enterprise size, the large enterprise segment generated the highest revenue in 2021.

Some of the key players operating in the global product engineering services market analysis include Accenture PLC, Akka Technologies, Alten, Altran Technologies, SA, AVL, Calsoft, Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions, Inc., Nous Infosystems, TCS, Wipro Ltd., Algoscale Technologies, Inc., Producement. These players have adopted various strategies to increase their market penetration and strengthen their position in the product engineering services industry.

Companies Mentioned

  • Capgemini
  • Accenture PLC
  • Akka Technologies
  • Alten
  • Altran Technologies, SA
  • Avl
  • Calsoft, Inc.
  • Cloudmoyo
  • Happiest Minds Technologies
  • Hcl Technologies Limited
  • IBM Corporation
  • Infinite Computer Solutions, Inc.
  • Nous Infosystems
  • Tata Consultancy Services (Tcs)
  • Wipro Ltd.
  • Algoscale Technologies, Inc.
  • Producement

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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