Product Engineering Services Market

Market Overview:

The global product engineering services market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032. The increasing focus on the development of new and innovative products, rising demand for cloud-based solutions, and the integration of machine learning (ML) and artificial intelligence (AI) represent some of the key factors driving the market.

Product engineering services (PES) refers to consulting activities offered by companies to help businesses with the design, development, testing, and production of a new product. These services utilize advanced technologies and specialized hardware, software, interfaces, programming tools, and information technology (IT) solutions for various product development processes. PES is widely used for mechanical and electrical engineering, software and firmware development, quality assurance, design improvement, lifecycle management, regulatory support, product simulation, modeling, testing, customization, and certification. It is a highly efficient and cost-effective service that offers access to specialized expertise, accelerates time-to-market (TTM), provides customized solutions, and optimizes the product performance. As a result, PES finds extensive applications across the banking, financial services, and insurance (BFSI), automotive, aerospace, consumer electronics, telecommunication, healthcare, and retail industries.

Product Engineering Services Market Trends:

The increasing focus on the development of new and innovative products among businesses to stay competitive is one of the primary factors driving the market growth. PES is widely utilized by companies and organizations to refine new ideas, design and develop products at a faster pace, accelerate TTM, integrate advanced technologies, optimize performance, and incorporate recent innovations. In addition to this, the rising adoption of PES to provide a greater level of expertise and specialization due to the growing complexity of new products is acting as another growth-inducing factor. Furthermore, the increasing demand for cost-effective, scalable, and highly secured cloud-based PES solutions that provide easy access to data and tools, enhance collaboration between teams and stakeholders, protect sensitive information, and improve communication is positively influencing the market growth. Additionally, the integration of machine learning (ML) and artificial intelligence (AI) to analyze vast amounts of data, automate concept generation, improve product design, and aid engineers in making informed decisions is providing an impetus to the market growth. Apart from this, the incorporation of augmented and virtual reality (AR/VR) to create immersive design experiences, explore and manipulate three-dimensional (3D) product models, and visualize new concepts is favoring the market growth. Moreover, rising demand for PES due to increasing emphasis on quality control, product sustainability, and regulatory compliance among companies is creating a positive outlook for the market. Other factors, including emerging digitalization trends, rapid industrialization activities, increasing investment in the research and development (R&D) of advanced PES solutions, and rising demand for customized products, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global product engineering services market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on service type, enterprise size, and industry vertical.

Service Type Insights:

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

The report has provided a detailed breakup and analysis of the product engineering services market based on the service type. This includes product design and development services (product development, design support, and prototype testing), process engineering services, implementation and integration services, support and maintenance services, and others. According to the report, product design and development services represented the largest segment.

Enterprise Size Insights:

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)
   

A detailed breakup and analysis of the product engineering services market based on the enterprise size has also been provided in the report. This includes large enterprises and small and medium-sized enterprises (SMEs). According to the report, large enterprises accounted for the largest market share.

Industry Vertical Insights:

• BFSI
• IT and Telecom
• Energy and Utilities
• Manufacturing
• Media and Entertainment
• Healthcare
• Retail and E-commerce
• Others
   

A detailed breakup and analysis of the product engineering services market based on the industry vertical has also been provided in the report. This includes BFSI, IT and telecom, energy and utilities, manufacturing, media and entertainment, healthcare, retail and e-commerce, and others. According to the report, healthcare accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for product engineering services. Some of the factors driving the North America product engineering services market included emerging digitalization trends, rapid industrialization activities, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global product engineering services market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Accenture plc, AKKA Technologies (The Adecco Group), Capgemini SE, Happiest Minds Technologies, HCL Technologies Limited, Nous Infosystems, TATA Consultancy Services Limited, Tech Mahindra Limited, Wipro Limited, Xoriant Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global product engineering services market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global product engineering services market?
• What is the impact of each driver, restraint, and opportunity on the global product engineering services market?
• What are the key regional markets?
• Which countries represent the most attractive product engineering services market?
• What is the breakup of the market based on the service type?
• Which is the most attractive service type in the product engineering services market?
• What is the breakup of the market based on the enterprise size?
• Which is the most attractive enterprise size in the product engineering services market?
• What is the breakup of the market based on industry vertical?
• Which is the most attractive industry vertical in the product engineering services market?
• What is the competitive structure of the global product engineering services market?
• Who are the key players/companies in the global product engineering services market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the product engineering services market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global product engineering services market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the product engineering services industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.