According to a new study of Fact.MR, the global demand for product engineering services is envisaged to account for the revenues worth US$ 26 Bn by the end of 2019. While gains will be particularly underpinned by the aggravating demand for shorter product life cycles, it is highly likely that myriad opportunities are underway for vendors of product engineering services, following the dramatic rise of new product launches across various industry verticals. Software and product development and engineering services have garnered the center stage in IT and telecom sector in the recent past, according to the report.
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The Fact.MR study opines that though product engineering services are comparatively new for several small and medium businesses (SMBs), a considerably high number of businesses are already opting for outsourced product engineering services for enhanced operational efficiency. SMBs are likely to create notable traction for product engineering services over the years to come, owing to the enhanced customer experience and cost reduction benefits of these services.
Both large enterprise and SMBs are turning to outsourcing product engineering services to leverage the advantages of latest technologies and stay ahead of the competition. Product engineering services providers help enterprises overcome ER&D challenges, such as high costs of ER&D tools, labs & infrastructure, and associated process & documentation requirements. Enhanced customer experience ensured by customer-centric product designs continues to be imperative for growth of organizations amid rapidly evolving industrial trends, thereby, fuelling investments in the product engineering services market.
According to Fact.MR’s report, increased need of organizations to alleviate the ‘time to market’ (TTM) cycle is a key determinant providing an impetus to the growth of product engineering services market. While the need for speed grows, a large number of verticals, such as IT and telecom and healthcare in particular are considerably outsourcing their product engineering needs. The study estimates that demand from IT & telecom and healthcare verticals will collectively account for a revenue share of 60% in the product engineering services market over the forthcoming years.
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High penalty for developing products with errors has never been greater, and the study indicates that margins of enterprises are increasingly getting squeezed through growing manufacturing costs. In view of the fact that enterprises that get product to market faster by reducing product development cycles are more likely to survive, which clearly advocates for the rising demand for product engineering services.
The study opines that the consumer electronics industry will create lucrative opportunities for product engineering services providers owing to increasing emphasis of enterprises on boosting customer satisfaction and improve competitiveness. Soaring demand for smarter consumer electronics, particularly in developed countries, is augmenting market value of product engineering services in regions, such as North America and Europe.
The study indicates that product engineering services are likely to witness significant transformation on account of the rapidly expanding digital technologies. Advanced technology areas, including DevOps, agile and other digital technologies, are shaping different sections of product engineering services for better. With growing number of companies transforming their product offerings to align them with emerging digital technologies, the demand for product sustenance services is expected to surge through 2029. Growing focus of enterprises on building their own digital platforms is highly likely to shape the future technology landscape of software product engineering services.
According to the study, the highly dynamic and evolving nature of markets and the shifting demand for products in line with rapidly altering customer needs and advancing technologies, are augmenting the demand for product engineering services. With enterprises facing high pressure to continuously evaluate existing product line and consider ways to ensure their offerings are upgraded and in sync with their customer preferences, product engineering services will continue to garner significant limelight through 2029.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the product engineering services market include IBM Corporation, Cognizant, Capgemini, Altran, ALTEN Group, AVL, HCL, AKKA Technologies, Wipro and Tata Consulting Services, among others.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Product Engineering Services Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/product-engineering-services-market/download-sampleMarket DynamicsRising sophisticated demand for manufacturers from various businesses and consumers globally, product companies are continuously re-engineering, developing the process of innovation, optimizing the process, and minimizing the cost involved in meeting up with the growing demands of the consumers.
These factors are projected to drive the market's growth trajectories over the forecast period.
Further, the growth of the industrial internet of things is also anticipated to help the market growth over the forecast period.
The industrial internet of things (IIOT) helps boost operational efficiency, enhance productivity and reduce the complexity of procedures involved in product engineering services.
This report provides detailed synopsis about opportunities, competitive landscape, emerging technologies, key trends and dynamics in the Product Engineering Services Market.
According to a new market research report "Product Engineering Services Market by Service (Product & Component Design, Process Engineering, Maintenance Repair & Operation), Organization Size (SMEs, and Large Enterprise), Vertical, and Region - Global Forecast to 2021" published by MarketsandMarkets™, the Product Engineering Services Market estimated to grow from USD 676.17 Billion in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2%.
Browse in-depth TOC on "Product Engineering Services Market”62- Tables 45- Figures 131- Pages Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227956689 Increasing demand for improved time to market, need for continuous innovation, and cost efficiency are some of the factors driving the Product Engineering Services Market.
The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the Product Engineering Services Market during the forecast period.The small and medium enterprises segment is expected to grow at the highest CAGR in the Product Engineering Services Market by organization size during the forecast period of 2016–2021A growing number of SMEs targeting R to increase the scope of growth are anticipated to drive the product engineering market in the coming years.
This region is also facing issues such as aging population, retiring baby boomers, and increasing number of multigenerational workforce, which needs to be managed and therefore product engineering services are in demand.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=227956689The major vendors in the Product Engineering Services Market include Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
The research study titled, “Product Engineering Services Market” provides an extraordinary analysis for evaluating the market, highlighting opportunities and supporting strategic and skilful decision-making.According to a new market research report "Product Engineering Services Market by Service (Product & Component Design, Process Engineering, Maintenance Repair & Operation), Organization Size (SMEs, and Large Enterprise), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets™, the Product Engineering Services Market estimated to grow from USD 676.17 Billion in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2%.Browse in-depth TOC on "Product Engineering Services Market”62- Tables45- Figures131- PagesAsk for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227956689Increasing demand for improved time to market, need for continuous innovation, and cost efficiency are some of the factors driving the Product Engineering Services Market.
Product and component design services segment is expected to hold the largest market share in the Product Engineering Services Market by service type during the forecast periodGrowing popularity of Industrial Internet of Things (IIoTs) is anticipated to have a positive impact on industry growth over the forecast period.
The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the Product Engineering Services Market during the forecast period.The small and medium enterprises segment is expected to grow at the highest CAGR in the Product Engineering Services Market by organization size during the forecast period of 2016–2021A growing number of SMEs targeting R to increase the scope of growth are anticipated to drive the product engineering market in the coming years.
Growing competition is forcing the industry player to look for cost optimizing solutions and reduce the overall operational cost.
This region is also facing issues such as aging population, retiring baby boomers, and increasing number of multigenerational workforce, which needs to be managed and therefore product engineering services are in demand.The major vendors in the Product Engineering Services Market include Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
