[183 Pages Report] The Product Engineering Services Market size was estimated at USD 88.46 billion in 2023 and expected to reach USD 95.02 billion in 2024, at a CAGR 7.66% to reach USD 148.34 billion by 2030.
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.
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.
The market dynamics represent an ever-changing landscape of the Product Engineering Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Increasing adoption of product engineering services in healthcare & lifesciences sector to improve patient safety and meet regulatory requirements
- Adoption of new age engineering and digital technology models to produce innovative products across automotive sector
- Growing the need for sustainable and cost effective solutions in aerospace & defense industry
- Market Restraints
- Need for numerous software iterations and bug testing for product development
- Market Opportunities
- Integration of industrial internet of things in product engineering services to boost operational efficiency
- Adaptation of advanced techniques including agile, and just-in-time in product engineering services
- Market Challenges
- Issues pertaining to data privacy in product engineering services
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Product Engineering Services Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Product Engineering Services Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Product Engineering Services Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Product Engineering Services Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Product Engineering Services Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Product Engineering Services Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Product Engineering Services Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Product Engineering Services Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Product Engineering Services Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Product Engineering Services Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Product Engineering Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Product Engineering Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Cognizant to acquire Mobica to enhance its IoT software engineering service offerings
Cognizant recently announced their acquisition of Mobica, a leading product engineering and services company based in the United Kingdom. This move has given Cognizant a leadership position in the software engineering services market, as they now have an increased capacity to provide customers with a range of solutions that enable IoT innovation. In particular, Mobica’s end-to-end engineering and development capabilities are expected to enhance Cognizant’s ability to deliver high quality IoT solutions. With this enhanced capability, Cognizant can look forward to giving customers access to flexible solutions for more effectively leveraging the full potential of digital transformation technologies. [Published On: 2023-01-23]
L&T Technology Services Selected as Strategic Engineering Partner to Airbus for Advanced Capabilities and Digital Manufacturing Services
L&T Technology Services has been selected as a strategic engineering partner to Airbus, a major global aircraft manufacturer. This partnership provides Airbus with access to advanced capabilities and digital manufacturing services, while also expanding the portfolio of services offered by LT Technology Services within this market. The alliance between both companies focuses on offering innovative technological solutions that exceed customer requirements while also providing cost savings. This move strengthens LT Technology Services' reputation as a leader in product engineering services and it serves to further solidify its commitment to providing quality products and services. Both companies are confident that this strategic partnership will catalyse innovations, open new growth avenues, and create value for the organisations involved and their customers. [Published On: 2023-01-19]
S&P Global Announces Agreement to Sell Engineering Solutions Business to KKR
SP Global recently announced a binding agreement to sell its engineering solutions business to KKR, a respected leader in the market of product engineering services. With the help of a research-backed engineering team, KKR plans to undergo vast team expansion and improve scalability while focusing on innovative product development. This move is expected to enhance SP Global’s focus on growth opportunities as well as improve its flexibility with customers and partners. Moreover, KKR looks forward to creating meaningful job opportunities for talented engineers to tap into the market of product engineering services. The completion of this deal is projected for later this year and is sure to add value for both corporations involved. [Published On: 2023-01-17]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Product Engineering Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Product Engineering Services Market, highlighting leading vendors and their innovative profiles. These include Capgemini SE, Nous Infosystems Pvt. Ltd., Oracle Corporation, Tata Consultancy Services Limited, Wipro Ltd., Calsoft Inc., Alten Group, Corbus, LLC, Mphasis Limited, ITC Infotech India Ltd., Sapphire Software Solutions, Centific Global Solutions, Inc., Citec Group Oy Ab, Proxima Systems Private Limited, Algoscale Technologies, Inc., EPAM Systems, Inc., Terasol Technologies Pvt. Ltd., CloudMoyo, Inc., Hinduja Tech Limited, Tech Mahindra Limited, Happiest Minds Technologies Pvt. Ltd., Intellectsoft LLC, VOLANSYS Technologies Private Limited, Genpact, Infinite Computer Solutions Inc., HCL Technologies Limited, Xoriant Corporation, ThinkPalm Technologies Pvt. Ltd., eInfochips, Inc., Accenture PLC, Aquanima S.A., Bitcomm Technologies Private Limited, Damco Group, NeST Digital Pvt Ltd., Nexient LLC, Producement, Safran S.A., Alfanar Group, Cognizant Technology Solutions Corporation, Ranosys Technologies Private Limited, Broadcom Inc., Infosys Limited, Assystem S.A., Segula Technologies Group, International Business Machines Corporation, Hakuna Matata Solutions Private Limited, DXC Technology Company, Akka Technologies Group, Vee Technologies Private Limited, TransformHub, and WNS Holdings Ltd..
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
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Product Engineering Services Market, by Service Type
- Product Engineering Services Market, by Industry
- Americas Product Engineering Services Market
- Asia-Pacific Product Engineering Services Market
- Europe, Middle East & Africa Product Engineering Services Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 20]
- List of Tables [Total: 298]
- List of Companies Mentioned [Total: 51]
Enhanced Patient Safety:
In healthcare, patient safety is paramount. Product engineering services can help ensure that medical devices and equipment meet regulatory requirements and are safe for patients to use. It is essential to have a robust product design process in place to ensure the medical devices are designed, developed, and tested with patient safety in mind. Product engineering services can help in designing effective and efficient products that can save lives.
Improved Regulatory Compliance:
The healthcare industry is highly regulated, and there are stringent criteria that medical devices and equipment have to pass to be allowed on the market. Product engineering services ensure that medical devices meet regulatory requirements before they hit the market. These services work to ensure that products are compliant with regulations and standards set by the FDA, the European Medicines Agency (EMA), and other regulatory bodies.
Cost Reduction:
The cost of developing a new medical device is high, and this is where product engineering services can help. By outsourcing product engineering services, companies can save money on research and development, prototyping, testing, and manufacturing. This also means that companies can invest more in product innovation to meet the needs of patients and healthcare providers.
Increased Speed to Market:
Product engineering services can help medical devices reach the market faster since the product design and development process is outsourced. In-house teams can focus on other aspects of the business, such as marketing, while the product engineering services company takes care of the product design and development.
Competitive Advantage:
By partnering with a product engineering services company, healthcare, and life sciences, companies can stay ahead of the competition, deliver more innovative products, and increase revenue. They can also improve patient safety and meet regulatory requirements, all while reducing costs.
Product engineering services play a critical role in the healthcare and life sciences industries. These services offer numerous benefits, including enhanced patient safety, improved regulatory compliance, cost reduction, increased speed to market, and competitive advantage. As the healthcare industry continues to evolve and technological advancements continue to emerge, the demand for product engineering services will continue to increase. Partnering with a reputable and reliable product engineering services company is key to staying ahead of the competition and delivering innovative solutions that improve patient safety and meet regulatory requirements.
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