Product Engineering Services Market Size to Worth Around USD 150 Bn by 2030

The worldwide Product Engineering Services market measurement is anticipated to achieve USD 150 billion by 2030 and is anticipated to increase at a CAGR of 8.8% from 2021 to 2030.

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Product engineering refers to the process of innovating, designing, developing, testing, and deploying a software product. The advent of Web 2.0 technologies and utility-based software delivery through Software as a Service (SaaS) have led to the process of gradual transformation of client enabling engineering services from traditional software engineering to product engineering. The market is expected to become lucrative and investors are anticipated to enter the product engineering services market, owing to the rise in the demand for manufacturing new and innovative products from various businesses and consumers across the world.

Adoption of new age engineering models and digital technology models are becoming increasingly essential to produce more innovative products in a much more efficient and faster manner. Product engineering services bring together deep domain and technology expertise for both the digital and physical world of products. The trend of smart technology has considerably increased over the past couple of years, especially in India, South Asia, and Brazil. Furthermore, smart technologies such as smart homes, smart electronic devices, and in-vehicle networking systems are some of the factors expected to create further growth opportunities in the global product engineering services market during the forecast period.

Key Driver

Time to market (TTM) is the period of time taken from a product being conceived until it is available in the market for sale. The TTM is important for companies or enterprises where products are deployed quickly. Enterprises use product engineering services to cut expenses, minimize resources, and deliver the product as scheduled. In addition, companies also use processes such as project risk management and Six Sigma to enhance product management, engineering, marketing, sales, and support needed to ensure an agile environment across the entire product development life cycle (PDLC), which is expected to accelerate the growth of the product engineering services market.

TTM is an important scale that enhances business efficiency for industries. Companies are implementing product engineering services to decrease development time as well as TTM. Hence, providers of product engineering services offer their services and solutions to help industries, enterprises, and customers to maintain product specifications, compliance, and service quality, while decreasing the TTM. This, in turn, is expected to fuel the growth of the product engineering services market.

Moreover, product engineering has refined over the years. Faster TTM and agility are the core focus of modern product companies and their customers, while launching and developing a product. This also triggers the growth of the market.

Integration of Artificial Intelligence Transforming Product Engineering Services

Currently, penetration of artificial intelligence (AI) in product engineering services is considerably low. However, integration of artificial intelligence is likely to offer significant opportunities in upgrading and developing product engineering, since artificial intelligence in product engineering can simplify and automate the process of producing and developing products. Besides, artificial intelligence in product engineering reduces the processing time, as well as helps companies or industries to accelerate productivity. Hence, integrating artificial intelligence in developing better forms of product engineering services would significantly improve productivity to meet today’s engineering needs, which creates opportunity growth for the product engineering services market.

Furthermore, integrating artificial intelligence in product engineering services is an applied field that uses a framework to simplify and automate the process of workflow and provide industry insights. Companies or industries are integrating advanced product engineering services throughout the entire product lifecycle for product sustenance and innovation. Rising need for product analytics across industries with artificial intelligence and machine learning capabilities can be met through product engineering. This, in turn, is expected to create growth opportunity for the product engineering services market.

Regional Scope

The market in North America is expected to expand at a moderate growth rate during the forecast period due to technological developments and increase in demand for product engineering services across enterprises. The need and demand for continuous innovation and technological upgrade in various industries such as aerospace & defense, automotive, industrial manufacturing, and IT & telecom is boosting the product engineering services market in the region. The U.S. and Canada contribute significantly to the market in North America. The adoption of product engineering services has resulted in the emergence of the connected/smart technology in countries of North America. This is propelling the product engineering services market in the region.

The product engineering services market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, due to growing popularity of Industrial Internet of Things (IIoTs) in countries such as China, India, and Japan in the region. Additionally, IIoT are creating new business models for the expansion of IT industries in the region. This, in turn, is likely to trigger the growth of the product engineering services market. Furthermore, developing infrastructure in China, India, Japan, and Singapore has been opening up new business avenues for vendors, contributing to the growth of the product engineering services market in the region. This is projected to offer significant opportunities to the product engineering services market.

Key Players

Key players operating in the global product engineering services market are Accenture PLC, Akka Technologies, ALTEN, Altran Technologies, SA (part of Capgemini), AVL, Calsoft Inc., Capgemini, CloudMoyo, Happiest Minds Technologies, HCL Technologies Limited, IBM Corporation, Infinite Computer Solutions Inc., Nous Infosystems , ITC InfoTech, Tata Consultancy Services (TCS) Limited, Wipro Limited, VOLANSYS Technologies, and Xoriant Corporation.

Market Segmentation

Market By Service Type

  • Product and Component Design
    • New Product Development
    • Design Support
    • Software Engineering
      • Embedded Software Services
      • Independent Software Services
    • Hardware Engineering
    • Prototype Testing
  • Process Engineering
    • Manufacturing Engineering Support
    • Knowledge-Based Engineering (KBE)
  • Maintenance, Repair, and Operations
  • Others

Markert By Enterprise Size

  • Small & Medium Enterprises (SMEs)
  • Large Enterprises

Market By Industry

  • Aerospace and Defense
  • Automotive
  • BFSI
  • Energy and Utilities
  • Healthcare
  • Industrial Manufacturing
  • IT & Telecom
  • Others

Market By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • Kuwait
    • United Arab Emirates
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Research Methodology

The research methodology adopted by analysts to compile the product engineering services market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the product engineering services market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the product engineering services market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the product engineering services market.

Table of Contents

Chapter 1.    Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.    Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.    Executive Summary

3.1.  Market Snapshot

Chapter 4.    Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.     Raw Material Procurement Analysis

4.3.2.     Sales and Distribution Channel Analysis

4.3.3.     Downstream Buyer Analysis

Chapter 5.    Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.     Market Drivers

5.1.2.     Market Restraints

5.1.3.     Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.     Bargaining power of suppliers

5.2.2.     Bargaining power of buyers

5.2.3.     Threat of substitute

5.2.4.     Threat of new entrants

5.2.5.     Degree of competition

Chapter 6.    Competitive Landscape

6.1.1.     Company Market Share/Positioning Analysis

6.1.2.     Key Strategies Adopted by Players

6.1.3.     Vendor Landscape

6.1.3.1.          List of Suppliers

6.1.3.2.          List of Buyers

Chapter 7.    Global Product Engineering Services Market, By Service Type

7.1.  Product Engineering Services Market, by Service Type, 2021-2030

7.1.1.     Product and Component Design

7.1.1.1.          Market Revenue and Forecast (2016-2030)

7.1.2.     Process Engineering

7.1.2.1.          Market Revenue and Forecast (2016-2030)

7.1.3.     Maintenance, Repair, and Operations

7.1.3.1.          Market Revenue and Forecast (2016-2030)

7.1.4.     Others

7.1.4.1.          Market Revenue and Forecast (2016-2030)

Chapter 8.    Global Product Engineering Services Market, By Enterprise Size

8.1.  Product Engineering Services Market, by Enterprise Size, 2021-2030

8.1.1.     Small & Medium Enterprises (SMEs)

8.1.1.1.          Market Revenue and Forecast (2016-2030)

8.1.2.     Large Enterprises

8.1.2.1.          Market Revenue and Forecast (2016-2030)

Chapter 9.    Global Product Engineering Services Market, By Industry

9.1.  Product Engineering Services Market, by Industry, 2021-2030

9.1.1.     Aerospace and Defense

9.1.1.1.          Market Revenue and Forecast (2016-2030)

9.1.2.     Automotive

9.1.2.1.          Market Revenue and Forecast (2016-2030)

9.1.3.     BFSI

9.1.3.1.          Market Revenue and Forecast (2016-2030)

9.1.4.     Energy and Utilities

9.1.4.1.          Market Revenue and Forecast (2016-2030)

9.1.5.     Healthcare

9.1.5.1.          Market Revenue and Forecast (2016-2030)

9.1.6.     Industrial Manufacturing

9.1.6.1.          Market Revenue and Forecast (2016-2030)

9.1.7.     IT & Telecom

9.1.7.1.          Market Revenue and Forecast (2016-2030)

9.1.8.     Others

9.1.8.1.          Market Revenue and Forecast (2016-2030)

Chapter 10.Global Product Engineering Services Market, Regional Estimates and Trend Forecast

10.1.          North America

10.1.1.  Market Revenue and Forecast, by Service Type (2016-2030)

10.1.2.  Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.1.3.  Market Revenue and Forecast, by Industry (2016-2030)

10.1.4.  U.S.

10.1.4.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.1.4.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.1.4.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.1.5.  Rest of North America

10.1.5.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.1.5.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.1.5.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.2.          Europe

10.2.1.  Market Revenue and Forecast, by Service Type (2016-2030)

10.2.2.  Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.2.3.  Market Revenue and Forecast, by Industry (2016-2030)

10.2.4.  UK

10.2.4.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.2.4.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.2.4.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.2.5.  Germany

10.2.5.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.2.5.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.2.5.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.2.6.  France

10.2.6.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.2.6.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.2.6.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.2.7.  Rest of Europe

10.2.7.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.2.7.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.2.7.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.3.          APAC

10.3.1.  Market Revenue and Forecast, by Service Type (2016-2030)

10.3.2.  Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.3.3.  Market Revenue and Forecast, by Industry (2016-2030)

10.3.4.  India

10.3.4.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.3.4.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.3.4.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.3.5.  China

10.3.5.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.3.5.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.3.5.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.3.6.  Japan

10.3.6.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.3.6.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.3.6.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.3.7.  Rest of APAC

10.3.7.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.3.7.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.3.7.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.4.          MEA

10.4.1.  Market Revenue and Forecast, by Service Type (2016-2030)

10.4.2.  Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.4.3.  Market Revenue and Forecast, by Industry (2016-2030)

10.4.4.  GCC

10.4.4.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.4.4.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.4.4.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.4.5.  North Africa

10.4.5.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.4.5.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.4.5.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.4.6.  South Africa

10.4.6.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.4.6.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.4.6.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.4.7.  Rest of MEA

10.4.7.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.4.7.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.4.7.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.5.          Latin America

10.5.1.  Market Revenue and Forecast, by Service Type (2016-2030)

10.5.2.  Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.5.3.  Market Revenue and Forecast, by Industry (2016-2030)

10.5.4.  Brazil

10.5.4.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.5.4.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.5.4.3.       Market Revenue and Forecast, by Industry (2016-2030)

10.5.5.  Rest of LATAM

10.5.5.1.       Market Revenue and Forecast, by Service Type (2016-2030)

10.5.5.2.       Market Revenue and Forecast, by Enterprise Size (2016-2030)

10.5.5.3.       Market Revenue and Forecast, by Industry (2016-2030)

Chapter 11.   Company Profiles

11.1.                 Accenture PLC

11.1.1.  Company Overview

11.1.2.  Product Offerings

11.1.3.  Financial Performance

11.1.4.  Recent Initiatives

11.2.                 Akka Technologies

11.2.1.  Company Overview

11.2.2.  Product Offerings

11.2.3.  Financial Performance

11.2.4.  Recent Initiatives

11.3.                 ALTEN

11.3.1.  Company Overview

11.3.2.  Product Offerings

11.3.3.  Financial Performance

11.3.4.  Recent Initiatives

11.4.                 Altran Technologies

11.4.1.  Company Overview

11.4.2.  Product Offerings

11.4.3.  Financial Performance

11.4.4.  Recent Initiatives

11.5.                 SA (part of Capgemini)

11.5.1.  Company Overview

11.5.2.  Product Offerings

11.5.3.  Financial Performance

11.5.4.  Recent Initiatives

11.6.                 AVL

11.6.1.  Company Overview

11.6.2.  Product Offerings

11.6.3.  Financial Performance

11.6.4.  Recent Initiatives

11.7.                 Calsoft Inc.

11.7.1.  Company Overview

11.7.2.  Product Offerings

11.7.3.  Financial Performance

11.7.4.  Recent Initiatives

11.8.                 Capgemini

11.8.1.  Company Overview

11.8.2.  Product Offerings

11.8.3.  Financial Performance

11.8.4.  Recent Initiatives

11.9.                 CloudMoyo

11.9.1.  Company Overview

11.9.2.  Product Offerings

11.9.3.  Financial Performance

11.9.4.  Recent Initiatives

11.10.              Happiest Minds Technologies

11.10.1.                   Company Overview

11.10.2.                   Product Offerings

11.10.3.                   Financial Performance

11.10.4.                   Recent Initiatives

Chapter 12.   Research Methodology

12.1.                 Primary Research

12.2.                 Secondary Research

12.3.                 Assumptions

Chapter 13.   Appendix

13.1.                 About Us

13.2.                 Glossary of Terms

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