Product Engineering Services Market in Numbers
- Product engineering services market is envisaged to account for revenues worth US$ 26 Bn in 2019. Increasing need of businesses to achieve faster time to market (TTM) and deliver superior customer experience in the midst of uncertainties continue to create a demand for product engineering services across enterprises.
- Projected to witness a robust ~10% CAGR through 2029, the product engineering services market is likely to remain influenced by the fact that ER&D capability is indispensable for organizations, not just for competitive advantages but also for survival.
- North America will continue to be the leading market for product engineering services market, in line with the rapidly emerging smart technologies in the region, and strong market presence of key companies.
- South Asia is anticipated to emerge as a high growth region in product engineering services industry, owing to a notable rise in demand for organizing a massive workforce in the region.
- A majority of leading providers of product engineering services are currently focused on the development of strong expertise in digital technologies.
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Competition Landscape
The market for product engineering services will remain a consolidated landscape, where leading players, such as Accenture, Cognizant, Persistent System, TCS, and Wipro, among others, command 60-65% market share. These companies continue to zoom in their strategic focus on acquisitions of local service providers, for regional expansion. New launches centered at customer demands will remain among the key strategies of market forerunners as they continue to invest efforts in introducing product designs that appeal to a wider customer base.
Profound domain knowledge and deep expertise in customers’ business verticals will be considered as an important determinant, offering companies an additional edge in the competition landscape of product engineering services market. The market is lately witnessing increase in the collaborations of stakeholders with enterprises, which are attempting new market entry and thus need assistance from product engineering services providers, right from the initial stage to the post-deployment support phase.
A few companies have been strategizing on foraying in the intelligent and quick product engineering services management, sensing its growing profitability in market. While some of the leading providers of product engineering services have been constantly focused on leveraging their consulting and advisory expertise along with services, others are observed to have shifted the focus to reassessment of their pricing Companies are also likely to concentrate on revisiting their patenting strategies, to better realize revenues in coming years.
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Key Factors Determining Growth of the Product Engineering Services Market
- Shifting focus of enterprises on transforming legacy systems into advanced ones to survive competition has been creating a significant demand for best-in-class product engineering services, which continues to translate into a broad range of opportunities for vendors.
- While significant ER&D challenges prevail, facing enterprises, it is highly likely that product engineering services providers will look forward to lucrative avenues. Lack of R&D expertise and inadequate availability of engineering stronghold continue to sustain substantial traction for product engineering services providers across various verticals. With established companies spending in bulk on digital engineering R&D, primarily driven by technology and business model innovation, demand for product engineering services is likely to see an upsurge in the forthcoming years.
- Industrial Internet of Things (IIOT) is helping vendors boost their operational efficiency, improve productivity, and deliver seamless performance, thereby enabling them to build high quality designs for clients. Palpable penetration of IoT is further driving fresh demand for product engineering services, across varied verticals.
- Emergence of connected/smart technology and the subsequent hike in sales of smart electronic devices, smart homes, and in-vehicle networking systems, are cited as the key factors pushing the demand growth of product engineering services in the global market.
- The convergence of technology and engineering is creating significant demand for new ER&D services portfolio, enabling enterprises to drive efficiencies in design, development, and testing processes by using analytics, automation, and design thinking to improve quality and reduce costs.
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Product Engineering Services Market - Key Restraining Factors
- The threat of losing control over IP rights prevails, which continues to add to the reluctance of a large number of enterprises, who wish to outsource product engineering services. This will remain a strong restraining factor, restricting revenue generation opportunities in the product engineering services market.
- Increasing preference of enterprises for onsite resources in order to achieve faster TTM, coupled with rapid implementation of advanced technologies in business processes, has been increasing the cost burden of service providers, which remains an important factor, influencing the profit margins of product engineering services providers.
Product Engineering Services Market – Additional Insight
A Consistent Rise in the Number of NPDs across Verticals to Underpin Significant Gains
Fact.MR study states that product engineering services for new product developments will continue to witness maximum demand during the foreseeable future. The shift in technology complexity, coupled with growing consumer demand for a ‘connected’ ecosystem, has triggered collaborations between enterprises and product engineering services providers, which further impacts the market dynamics, technology, and competition bringing changes to virtually every vertical, and making NPD one of the most powerful business activities. Companies providing product engineering services are thus leveraging IIoT to create novel need-based hybrid business models, expand production capacities, and exploit the state-of-the-art technologies to fuel NPDs.
Product Engineering Services Market – Research Methodology
An accurate methodology along with holistic approach form the foundation of the valuable insights mentioned in the product engineering services market. The Fact.MR study delivers exhaustive information pertaining to the growth projections of product engineering services industry and systematic breakdown of the determinants that are impacting the growth of the market.
In-depth primary and secondary research has been performed to jolt down the incisive insights into the forecast analysis of product engineering services market. The report on product engineering services market has also undergone several authentication tunnels to ensure that the report is one of its kind with exclusive information published in it.
Request Methodology of this Report.
A recently compiled study of Fact.MR, titled “Product Engineering Services Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2019-2029,” provides a comprehensive analysis on the product engineering services market worldwide. Size of the product engineering services market has been evaluated in a comprehensive way and is delivered in terms of value (US$ Mn). The report also offers detailed analysis and forecast on the segments and the competitive landscape of the product engineering services market.
Chapter 1- Product Engineering Services Market Executive Summary
A succinct summary product engineering services market is given in the first chapter of the report, which gives a synopsis of key findings in the market and information regarding the market structure. Opportunity assessment for different companies operating in the product engineering services market has been given in with the aid of Wheel of Fortune. Latest trends that are impacting the product engineering services market growth are also given in this section of the report.
Chapter 2- Product Engineering Services Market Overview
The report provides a landscape overview of the product engineering services market, which covers the introduction and definition of the target product. A systematic breakdown of the product engineering services market is also provided in the second chapter of the report.
Chapter 3- Product Engineering Services Key Market Trends
In the third chapter of the report, information pertaining to the latest trends that are shaping the growth of the market are given. The unique development trends in the product engineering services market are also mentioned in the report.
Chapter 4- Product Engineering Services Market Background
This chapter of the report on product engineering services market highlights the background of the market, wherein a plethora of factors that have been shaping the demand for product engineering services are discussed. This chapter also offers information regarding the type of product engineering services to help the audience analyze and build a mindset about product engineering services market.
Chapter 5- Global Product Engineering Services Market Demand Analysis 2014 - 2018 and Forecast, 2019-2029
The comprehensive analysis and forecast on product engineering services market has been given in this chapter. Imperative numbers, such as the historical, current and forecast size of the product engineering services market is provided in terms of value.
Chapter 6 - Global Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029, by Service Type
This chapter of the report on product engineering services market provides laser sharp details about the key market particulars, breakdown and forecast of the market on the basis of service type of the target product. By service type, the product engineering service market is bifurcated into NPD, product testing, product sustenance, product support, product deployment, and product management.
Chapter 7 - Global Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029, by Organization Size.
This part of the report on product engineering services market gives information about the vital market particulars, breakdown and forecast of the market based on organization size. By organization size the market is bifurcated into SME’s and large enterprises.
Chapter 8 - Global Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029, by Vertical.
This part of the report on product engineering services market gives information about the important market particulars, breakdown and forecast of the market on the basis of vertical.
Chapter 9 - Global Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029, by Region.
This chapter of the report on product engineering services market offers information about the key market particulars, breakdown and forecast of the market across various regions,
Chapter 10 - North America Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This chapter of the report on product engineering services market sheds light on the insights related to North America product engineering services market, along with the regional trends that are shaping the growth of the market in this region.
Chapter 11 – Latin America Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This part of the report on product engineering services market offers insights about market for product engineering services in Latin America, and also sheds light on the regional trends that are impacting the growth of the market in this region.
Chapter 12 - Europe Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This chapter of the report on product engineering services market offers insights about the Europe product engineering services market, and also mentions the development trends shaping the growth of the market in this region.
Chapter 13 – East Asia Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This section of the report on product engineering services market gives insights about the East Asia product engineering services market, and also includes the latest trends shaping the growth of the market in this region.
Chapter 14 – South Asia Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This chapter of the report on product engineering services market sheds light on the key insights shaping the growth of the market in different countries across South Asia.
Chapter 15 – Oceania Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This chapter of the report on product engineering services market sheds light on the key insights impacting the growth of the market in of Oceania.
Chapter 16 – Middle East & Africa Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This section of the report on product engineering services market provides key insights that are impacting the growth of the market in of different parts of Middle East & Africa.
Chapter 17 – Emerging Countries Product Engineering Services Market Analysis 2014 - 2018 and Forecast 2019-2029
This section of the report mentions key factors that are impacting the growth of the market in the emerging countries, such as India, and China. Incisive insights pertaining to the performance of product engineering services market in these countries have been provided on the basis of service type, organization type, and vertical in this chapter.
Chapter 18 – Market Structure Analysis
This chapter of the report on the market structure analysis of product engineering services market offers comprehensive outlook of the competition dashboard and market structure, and company share analysis, apart from enlisting the players in the market.
Chapter 19 - Competition Analysis
This weighted chapter of the report offers comprehensive assessment on the product engineering services market’s structure, and includes company profiles of all leading market players. Some of the companies profiled in
- Wipro
- Cognizant
- Accenture
- Persistent System
- HCL
- EPAM
- Infosys
- Happiest Mind
- Tieto
- Luxoft
- Tata Consultancy Services (TCS)
- Global Logic
- Tech Mahindra
- Mindtree.
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Product Engineering Services Market Forecast, Trend Analysis & Competition Tracking: Global Market Insights 2019 to 2029