Product Engineering Services Market worth $1510.0 billion by 2027, Growing at a CAGR of 7.4%: Report by MarketsandMarkets™
The major factors driving the growth of the Product Engineering Services market include increasing demand for advanced technology, IoT engineering, smart homes and electronic vehicles.
Chicago, March 29, 2023 (GLOBE NEWSWIRE) -- The Global Product Engineering Services Market size is expected to grow from USD 1056.2 Billion in 2022 to USD 1510.0 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.4% according to a new report by MarketsandMarkets™.
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243 - Tables
56 - Figures
277 - Pages
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Scope of the Report
| Report Metric | Details |
| Market size value in 2022 | USD 1056.2 billion |
| Revenue forecast for 2027 | USD 1510.0 billion |
| Growth Rate | 7.4 % CAGR |
| Market size available for years | 2018–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Billion (USD) |
| Key Market Drivers |
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| Key Market Opportunities |
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| Segments covered | Service, Organization Size, Vertical, and Region |
| Geographies covered | North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa |
| Companies covered | Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India), NeST Digital (India), Tvs Next (US), Mphasis (India), Luxoft Holdings (Switzerland). |
Product engineering services offer business values such as reduction in product development expenditure and cycle times, standardization of design processes, improved product performance, reduced rework cycles, and capturing of reusable information in a structured format. Changing customer expectations and growing competition in established and emerging markets have put significant pressure on companies to accelerate product lifecycles, improve quality, ensure positive user experience, and quicken the pace of product innovation. The consumer insists on enhanced designs, superior quality, improved materials, the latest technologies, and an enriched user experience in products. The changing customer preference has pressured the manufacturer to focus on continuous innovation to enhance the customer value proposition. As a result, organizations are continuously re-engineering, innovating, localization, customization, process optimization, and cost rationalization to meet these demands.
The product engineering segment is expected to have the largest market share during the forecast period. Product engineering is designing and developing a device, assembly, or system to be manufactured as a saleable item via some product manufacturing process. Product engineering is typically concerned with cost, producibility, quality, performance, reliability, serviceability, intended lifespan, and user features. These product characteristics are generally sought to make the resulting product appealing to its intended market and a successful contributor to the organization that intends to offer the product to that market. It includes product design, development, and transition to manufacturing. The term includes developing the product's concept and designing and developing its hardware and software components. Product engineering is the process of transitioning a product from its initial design and development to mass production. Product engineering is a branch of engineering that deals with the design and manufacturing of a product. Product engineers serve as the technical liaison between the component development team and the production side (front end and back end), particularly after the development phase and qualification when high-volume production is in operation. Product engineers improve product quality and ensure product reliability by balancing the cost of tests and test coverage, which can impact production fall-off. Customers' requests for failure analysis are supported.
The geographic analysis of the product engineering services market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific is expected to be the leader in the adoption and implementation of product engineering services followed by Europe and Middle East & Africa. The market is driven by Asian countries' vast manufacturing potential. China and India are providing low-cost manufacturing services, and the industry is transforming with the help of advanced technology. While Singapore, a precision engineering hub, anticipates strong demand from other parts of the world to drive the market. Two critical factors influencing market growth are a supporting government initiative to build economic infrastructure and an increasing rate of urbanization in Asia Pacific. East Asia and the Pacific are the world's fastest urbanizing regions, with an average annual rate of 3%. The market for engineering services in Asia Pacific is expected to grow due to several factors. India and China are the two most populous countries in Asia Pacific. China is investing heavily in infrastructure to expand 163,000 kilometers of gas pipeline, 37,000 kilometers of crude pipeline, and 40,000 kilometers of the oil product pipeline. By 2025, the new 40,000-kilometer gas pipeline will connect 470 million new people. Given the functional benefits that these services can provide, such investments provide opportunities for engineering services to flourish in the region.
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Furthermore, governments are investing in the aviation industry to increase global trade in the country, which will drive the market even further. For example, India intends to build 100 new airports by 2024, as well as 1,000 new routes connecting the country's smaller towns and villages. As a result, this type of development would result in more infrastructure construction in the area, which would benefit the engineering services market. Singapore established the Southeast Asian Manufacturing Alliance in 2020, and will be officially launched in March 2021. It integrates manufacturers from ASEAN countries, connecting Malaysia, Vietnam, and Indonesia, in the spirit of the alliance. It will form a close regional cooperation alliance to help manufacturers build a digital supply chain in more than ten industrial zones and increase their market share, aiming at large-scale foreign and local manufacturers. Smart manufacturing benefits SMEs by allowing them to manage their daily operations more efficiently and differentiate themselves from competitors through innovative mechanisms. A critical component of smart manufacturing is obtaining real-time data from the manufacturing process for business decision-making and prediction/problem-solving.
Major vendors in in the Product Engineering Services Market study include Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India).
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