IMARC Group, a leading market research company, has recently releases report titled “Product Engineering Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global product engineering services market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the product engineering services market?
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.
What is Product Engineering Services?
Product engineering services (PES) represent consulting activities that are provided by companies to aid businesses with the design, development, testing, and production of a new product. These services use advanced technologies and specialized hardware, software, interfaces, programming tools, and information technology (IT) solutions for numerous product development processes. They are extensively utilized for mechanical and electrical engineering, software and firmware development, quality assurance, design improvement, lifecycle management, regulatory support, product simulation, modeling, testing, customization, certification, etc. Consequently, these consulting activities find extensive applications across several sectors, such as banking, financial services and insurance (BFSI), automotive, aerospace, telecommunications, healthcare, retail, etc.
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Product Engineering Services Market Trends:
The widespread adoption of PES by companies and organizations to refine new ideas, integrate advanced technologies, optimize performance, incorporate recent innovations, etc., is primarily augmenting the product engineering services market. Furthermore, they are also utilized to provide a greater level of expertise and specialization, which is bolstering the market growth. Apart from this, the growing integration of Machine Learning (ML) and Artificial Intelligence (AI) to analyze vast amounts of data, automate concept generation, improve product design, aid engineers in making informed decisions, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for augmented and virtual reality (AR/VR) to create immersive design experiences, explore and manipulate three-dimensional (3D) item models, visualize new concepts, etc., is further catalyzing the global market. Besides this, the inflating industrialization levels and the increasing investments in R&D activities by key market players to introduce advanced PES solutions are expected to fuel the product engineering services market in the coming years.
Product Engineering Services Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the product engineering services market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players 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.
Key Market Segmentation:
The report has segmented the global product engineering services market based on service type, enterprise size, industry vertical and region.
Breakup by Service Type:
- Product Design and Development Services
- Product Development
- Design Support
- Prototype Testing
- Process Engineering Services
- Implementation and Integration Services
- Support and Maintenance Services
- Others
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Breakup by Industry Vertical:
- BFSI
- IT and Telecom
- Energy and Utilities
- Manufacturing
- Media and Entertainment
- Healthcare
- Retail and E-commerce
- Others
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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