Product Engineering Services Market Competitive Landscape and Recent Industry Development Analysis 2031
The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation.
PORTLAND, PORTLAND, OR, UNITED STATES, November 23, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global product engineering services market generated $1085.8 billion in 2021, and is projected to reach $1610.6 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape.
Product engineering services encompass the utilization of embedded technologies for the development of finalized electronic, mechanical, or software products. Consulting firms provide these services across diverse domains, including consumer electronics, industrial products, wearable electronics, medical devices, assistive devices, automotive electronics, and aerospace & defense.
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The global market for product engineering services is experiencing robust growth due to a surge in the demand to expedite Time to Market, a widespread application of digital transformation technology, an increasing necessity for continuous innovation and iteration, the emergence of IoT technologies, and ongoing technological advancements. The expansion of the market has been further propelled by the rising popularity of advanced technologies like AI and ML, as well as the initiation of initiatives to safeguard customer data in developing countries of the Asia-Pacific region during the pandemic.
The global product engineering services market is experiencing growth driven by the demand for expediting Time to Market (TTM), the imperative for continuous innovation and iteration, and the increased adoption of digital transformation technologies. However, challenges such as a shortage of technical expertise and rising security concerns are impeding market growth. Conversely, the emergence of Internet of Things (IoT) technologies is expected to create lucrative opportunities for expansion in the forecast period.
In 2021, the Product Design and Development Services segment secured a significant market share, accounting for nearly two-fifths of the global product engineering services market. This segment is anticipated to uphold its leading position throughout the forecast period. Conversely, the Process Engineering Services segment is projected to experience the swiftest Compound Annual Growth Rate (CAGR) of 7.4% during this period.
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Regarding application, the Customer Enterprise Products segment dominated the market in 2021, claiming over four-fifths of the global product engineering services market share. This segment is expected to continue its leadership into the forecast period. Meanwhile, the Customer Mobile Products segment is poised to demonstrate the highest CAGR of 7.4% during the forecast period.
In terms of industry vertical, the BFSI segment took charge of the market in 2021, holding a quarter of the global product engineering services market share. This segment is forecasted to maintain its dominant position in the upcoming period. In contrast, the healthcare segment is anticipated to exhibit the fastest CAGR of 6.5% during the forecast period.
In terms of enterprise size, large enterprises currently dominate the market share due to their demand for continuous innovation and the cost-effectiveness of these services. Nevertheless, the Small and Medium-sized Enterprises (SMEs) segment is projected to witness the highest growth rate, propelled by the increasing adoption of IT service solutions in recent years.
Geographically, North America held the largest share of the product engineering services market in 2021 and is anticipated to maintain its position, driven by technological advancements in industries such as healthcare, automotive, retail, and BFSI. Meanwhile, Asia-Pacific is poised for significant growth in the forecast period, driven by the rapid transformation of traditional manufacturing plants into automated facilities.
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The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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., Procurement. These players have adopted various strategies to increase their market penetration and strengthen their position in the product engineering services industry.
COVID-19 Scenario:
• The outbreak of COVID-19 has had a positive impact on the growth of the global product engineering services market, owing to the occurrence of lockdowns in various countries across the globe.
• Lockdowns resulted in increased internet penetration as more and more businesses and individuals chose to switch to work from home model. Thus, rigorous initiatives were taken by businesses to protect end-user data in both developing and developed nations.
• In addition, the surge in the popularity of advanced technology such as AI and ML technologies during the pandemic further boosted the growth of the market.
• Thus, the market has had a positive impact during the pandemic.
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