Product Engineering Services Market by Service Type, Industry

Description

List of Tables

The Product Engineering Services Market was valued at USD 88.46 billion in 2023, expected to reach USD 95.02 billion in 2024, and is projected to grow at a CAGR of 7.66%, to USD 148.34 billion by 2030.

Product Engineering Services (PES) encompass a broad range of services focused on the design and development of products through their entire lifecycle, from the conception phase to deployment and beyond. These services are essential in helping companies rapidly innovate and reduce time-to-market while maintaining quality and cost-effectiveness. The necessity of PES lies in the growing demand for customized, innovative, and technologically advanced products, which require specialized expertise and resources. The application of these services spans various industries, including automotive, aerospace, healthcare, electronics, and IT, where they help streamline processes and foster innovation. The end-use scope includes SMEs and large enterprises aiming to enhance their product offerings and gain competitive advantages.

KEY MARKET STATISTICS
Base Year [2023]	USD 88.46 billion
Estimated Year [2024]	USD 95.02 billion
Forecast Year [2030]	USD 148.34 billion
CAGR (%)	7.66%

Market growth in PES is influenced by factors such as technological advancements in IoT, AI, and machine learning, increasingly stringent quality standards, and a rising trend toward digital transformation. These elements create new opportunities for service providers to offer cutting-edge solutions tailored to specific market needs. Potential opportunities include expanding services to cater to emerging markets in Asia-Pacific and Latin America, where industrialization and technological adoption are on the rise. Recommendations for capitalizing on these opportunities include investing in talent acquisition and development, leveraging partnerships for tech innovations, and enhancing digital capabilities to offer more value-added services.

However, the market faces limitations due to high capital expenditure, data security concerns, and the complexity of integrating new technologies with existing systems. Challenging factors include maintaining a skilled workforce, rapid technological changes, and intense competition among service providers. For business growth, the best areas of innovation include focusing on developing smart products with integrated IoT solutions, enhancing cloud computing capabilities, and adopting agile practices to improve responsiveness and efficiency. The nature of the PES market is dynamic and highly competitive, requiring continuous innovation and agility to meet evolving customer needs and remain resilient against global market challenges.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Product Engineering Services Market

The Product Engineering Services Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

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

Porter's Five Forces: A Strategic Tool for Navigating the Product Engineering Services Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Product Engineering Services Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Product Engineering Services Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Product Engineering Services Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Product Engineering Services Market

A detailed market share analysis in the Product Engineering Services Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Product Engineering Services Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Product Engineering Services Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Product Engineering Services Market

A strategic analysis of the Product Engineering Services Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Product Engineering Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Akka Technologies Group, Alfanar Group, Algoscale Technologies, Inc., Alten Group, Aquanima S.A., Assystem S.A., Bitcomm Technologies Private Limited, Broadcom Inc., Calsoft Inc., Capgemini SE, Centific Global Solutions, Inc., Citec Group Oy Ab, CloudMoyo, Inc., Cognizant Technology Solutions Corporation, Corbus, LLC, Damco Group, DXC Technology Company, eInfochips, Inc., EPAM Systems, Inc., Genpact, Hakuna Matata Solutions Private Limited, Happiest Minds Technologies Pvt. Ltd., HCL Technologies Limited, Hinduja Tech Limited, Infinite Computer Solutions Inc., Infosys Limited, Intellectsoft LLC, International Business Machines Corporation, ITC Infotech India Ltd., Mphasis Limited, NeST Digital Pvt Ltd., Nexient LLC, Nous Infosystems Pvt. Ltd., Oracle Corporation, Producement, Proxima Systems Private Limited, Ranosys Technologies Private Limited, Safran S.A., Sapphire Software Solutions, Segula Technologies Group, Tata Consultancy Services Limited, Tech Mahindra Limited, Terasol Technologies Pvt. Ltd., ThinkPalm Technologies Pvt. Ltd., TransformHub, Vee Technologies Private Limited, VOLANSYS Technologies Private Limited, Wipro Ltd., WNS Holdings Ltd., and Xoriant Corporation.

Market Segmentation & Coverage

This research report categorizes the Product Engineering Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Service Type, market is studied across Maintenance & Support, Product Engineering, and Sustenance/Re-engineering. The Product Engineering is further studied across Deployment, Design, Development, and Testing.
Based on Industry, market is studied across Aerospace & Defense, Automotive & Transportation, Building & Construction, Chemical & Petrochemical, Energy & Power, Healthcare & Life Sciences, Industrial Manufacturing, and IT & Telecommunications.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-672369228669

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing adoption of product engineering services in healthcare & lifesciences sector to improve patient safety and meet regulatory requirements
  - 5.1.1.2. Adoption of new age engineering and digital technology models to produce innovative products across automotive sector
  - 5.1.1.3. Growing the need for sustainable and cost effective solutions in aerospace & defense industry
- 5.1.2. Restraints
  - 5.1.2.1. Need for numerous software iterations and bug testing for product development
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of industrial internet of things in product engineering services to boost operational efficiency
  - 5.1.3.2. Adaptation of advanced techniques including agile, and just-in-time in product engineering services
- 5.1.4. Challenges
  - 5.1.4.1. Issues pertaining to data privacy in product engineering services
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Product Engineering Services Market, by Service Type

6.1. Introduction
6.2. Maintenance & Support
6.3. Product Engineering
- 6.3.1. Deployment
- 6.3.2. Design
- 6.3.3. Development
- 6.3.4. Testing
6.4. Sustenance/Re-engineering

7. Product Engineering Services Market, by Industry

7.1. Introduction
7.2. Aerospace & Defense
7.3. Automotive & Transportation
7.4. Building & Construction
7.5. Chemical & Petrochemical
7.6. Energy & Power
7.7. Healthcare & Life Sciences
7.8. Industrial Manufacturing
7.9. IT & Telecommunications

8. Americas Product Engineering Services Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Product Engineering Services Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Product Engineering Services Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. Turkey
10.21. United Arab Emirates
10.22. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. Cognizant to acquire Mobica to enhance its IoT software engineering service offerings
- 11.3.2. L&T Technology Services Selected as Strategic Engineering Partner to Airbus for Advanced Capabilities and Digital Manufacturing Services
- 11.3.3. S&P Global Announces Agreement to Sell Engineering Solutions Business to KKR
- 11.3.4. ACL Digital Acquires AFour Technologies, a Next-Generation 360° Software Product Engineering Company to Expand and Scale its Product Engineering & Digital Capabilities
- 11.3.5. Tech Mahindra and SoftTech Join Forces to Digitally Transform the Global Construction and Infrastructure Industry
- 11.3.6. Yield Engineering Systems Partners with Benchmark for Global Engineering and Manufacturing Support
- 11.3.7. NTT DATA Announces Intent to Acquire Umvel
- 11.3.8. IBM Acquires Dialexa to Speed Digital Innovation
- 11.3.9. Spirit AeroSystems Enters Five-year Collaboration with Infosys to Co-innovate Aerostructure and Systems Engineering Services
11.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Accenture PLC
2. Akka Technologies Group
3. Alfanar Group
4. Algoscale Technologies, Inc.
5. Alten Group
6. Aquanima S.A.
7. Assystem S.A.
8. Bitcomm Technologies Private Limited
9. Broadcom Inc.
10. Calsoft Inc.
11. Capgemini SE
12. Centific Global Solutions, Inc.
13. Citec Group Oy Ab
14. CloudMoyo, Inc.
15. Cognizant Technology Solutions Corporation
16. Corbus, LLC
17. Damco Group
18. DXC Technology Company
19. eInfochips, Inc.
20. EPAM Systems, Inc.
21. Genpact
22. Hakuna Matata Solutions Private Limited
23. Happiest Minds Technologies Pvt. Ltd.
24. HCL Technologies Limited
25. Hinduja Tech Limited
26. Infinite Computer Solutions Inc.
27. Infosys Limited
28. Intellectsoft LLC
29. International Business Machines Corporation
30. ITC Infotech India Ltd.
31. Mphasis Limited
32. NeST Digital Pvt Ltd.
33. Nexient LLC
34. Nous Infosystems Pvt. Ltd.
35. Oracle Corporation
36. Producement
37. Proxima Systems Private Limited
38. Ranosys Technologies Private Limited
39. Safran S.A.
40. Sapphire Software Solutions
41. Segula Technologies Group
42. Tata Consultancy Services Limited
43. Tech Mahindra Limited
44. Terasol Technologies Pvt. Ltd.
45. ThinkPalm Technologies Pvt. Ltd.
46. TransformHub
47. Vee Technologies Private Limited
48. VOLANSYS Technologies Private Limited
49. Wipro Ltd.
50. WNS Holdings Ltd.
51. Xoriant Corporation