Product Engineering Services Market
Global Product Engineering Services Market Size, Share & Trends Analysis Report by Component (Product and Component Design, Process Engineering, Maintenance, Repair & Operations, and Others), by Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by End-Use Industry (Healthcare, Automotive, Aerospace & Defense, Energy & Utilities, Industrial Manufacturing, and Others) and Forecast 2020-2026 Update Available - Forecast 2024-2030
The global product engineering services market is growing at a significant CAGR of around 12.8% during the forecast period (2020-2026). Product engineering services is expected to revolutionize the industrial sector during the forecast period. The market growth is driven by the rising industrial sector and the increasing demand for TTM (Time To Market) and reduction in the production cost in the industrial sector. The competition among the emerging economies is rapidly rising in the manufacturing sector. China, India, Vietnam, and Mexico are some of the fastest-growing nations across the globe. The governments of these nations are thoroughly drafting laws and initiatives that are offering growth to these economies. For instance, the ‘Made in China 2025’ and ‘Make in India’ initiatives of the respective governments aim at the expansion of the manufacturing industries and transform the respective economies into a high-end producer of goods.
Moreover, the continuous innovation in technology with the introduction of AI, IoT, and smart manufacturing will further offer growth opportunity to the market players during the forecast period. There are several market players that are offering AI/IoT-based product engineering services. For instance, Persistent Systems and VOLANSYS Technologies are among the major providers of IoT-based product engineering services. However, the lack of awareness in the underdeveloped economies and risk with intellectual property rights will hamper the market growth during the forecast period. With the outbreak of COVID-19, the decrease in the production due to decline in demand for goods with the implementation of lockdown during April-May 2020 is expected to impact the global market value of product engineering service in 2020. Though, in 2021, the customers of product engineering services is expected to increase the spending on such services, to cope up with the severe impact of COVID-19 on their business.
Segmental Outlook
The product engineering services market on the basis of service, organization size, and end-use industry. Based on service, the market is segmented into product and component design, process engineering, maintenance, repair & operations, and others. The product and component design services segment is further classified into new product development, design support services, software engineering, hardware engineering, and others. Based on organization size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises. Based on end-use industry, the market is segmented into automotive, aerospace & defense, healthcare, energy & utilities, industrial manufacturing, and others.
Global Product Engineering Services Market Share by End-Use Industry, 2019 (%)
Healthcare care will increase the use cases of product engineering services
Healthcare industry is estimated to project a considerable CAGR in the product engineering services market during the forecast period. The rapid evolution of advanced technologies in the healthcare sector, the demand for medical devices manufactured with considerable efficiency is increasing. Therefore, the product engineering services assist the medical device companies in the product innovation, R&D, and testing, leading to the cost-efficient and rapid delivery of health solutions to the rising patient base of chronic diseases across the globe.
Regional Outlook
The global product engineering services market is classified on the basis of geography, which includes North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific holds a significant share in the global product engineering services market. The majority of the market share in the Asia-Pacific product engineering services market is contributed by China in 2019. This is due to the presence of number of contract research and development organizations for every sector in China. Moreover, the continuous expansion of market players in India, China, and Vietnam, is further contributing to the market growth in Asia-Pacific.
Global Product Engineering Services Market Growth, by Region 2020-2026
North America is expected to propel with a considerable growth rate in the global market
North America is estimated to project a considerable CAGR in the global product engineering services market. The major countries which will contribute to the market are the US and Canada. The US is the biggest player in product engineering services market in North America, holding a share of around 35.0% in the market throughout the forecast period. The high adoption rate of advanced technologies in the healthcare sector, such as AI, IoT, and other technologies such as smart manufacturing in automotive and aerospace & defense, is rising the integration of product engineering services in these industries in the region.
Market Players Outlook
The key players in the product engineering services market are contributing significantly by providing advanced technology-based products and through expanding their geographical presence across the globe. The key players operating in the global product engineering services market include IBM Corp., Accenture PLC, Damco Group, Wipro Ltd., Infosys Ltd., Pactera Technologies NA, Inc., Altran, UST Global, Inc., and Tech Mahindra Ltd. These market players adopt various strategies such as product launch, partnerships, collaborations, merger, and acquisitions to sustain a strong position in the market. For instance, in July 2020, UST Global, Inc. announced a strategic investment in Smart Software Testing Solutions (SSTS) Inc. The company has planned to combine OpKey and pCloudy with its engineering services and its framework SkriptMate and NoSkript, with an aim to accelerate digital transformation into its services for its customers.
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global product engineering services market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Rules & Regulations
3. Competitive Landscape
3.1. Company Share Analysis
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Product Engineering Services Market by Service
5.1.1. Product and Component Design
5.1.1.1. New Product Development
5.1.1.2. Design Support Services
5.1.1.3. Software Engineering
5.1.1.4. Hardware Engineering
5.1.1.5. Others
5.1.2. Process Engineering
5.1.3. Maintenance, Repair, and Operations
5.1.4. Others
5.2. Global Product Engineering Services Market by Organization Size
5.2.1. Small and Medium Enterprises (<1000 Employees)
5.2.2. Large Enterprises (>1000 Employees)
5.3. Global Product Engineering Services Market by End-Use Industry
5.3.1. Healthcare
5.3.2. Automotive
5.3.3. Aerospace & Defense
5.3.4. Energy & Utilities
5.3.5. Industrial Manufacturing
5.3.6. Others
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. Accenture plc
7.2. Alten Group
7.3. Altran (Capgemini Service SAS)
7.4. Cognizant Organization Size Solutions Corp.
7.5. Cygnet Group of Companies
7.6. Damco Group
7.7. EPAM Systems, Inc.
7.8. Happiest Minds Technologies Pvt. Ltd.
7.9. IBM Corp.
7.10. Infosys Ltd.
7.11. Luxoft Holding, Inc.
7.12. Mistral Solutions Pvt. Ltd.
7.13. Nous Infosystems
7.14. Pactera Technologies NA, Inc.
7.15. Rapidvalue Solutions
7.16. Sourceedge Software Technologies Pvt. Ltd.
7.17. Tata Consultancy Services Ltd.
7.18. Tech Mahindra Ltd.
7.19. Trigent Software, Inc.
7.20. UST Global, Inc.
7.21. Wipro Ltd.
1. GLOBAL PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY SERVICE, 2019-2026 ($ MILLION)
2. GLOBAL PRODUCT AND COMPONENT DESIGN SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
3. GLOBAL PROCESS ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
4. GLOBAL MAINTENANCE, REPAIR, & OPERATION SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
5. GLOBAL OTHER PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
6. GLOBAL PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2019-2026 ($ MILLION)
7. GLOBAL PRODUCT ENGINEERING SERVICES IN SMES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
8. GLOBAL PRODUCT ENGINEERING SERVICES IN LARGE ENTERPRISES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
9. GLOBAL PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2019-2026 ($ MILLION)
10. GLOBAL PRODUCT ENGINEERING SERVICES IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
11. GLOBAL PRODUCT ENGINEERING SERVICES IN AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
12. GLOBAL PRODUCT ENGINEERING SERVICES IN AEROSPACE & DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
13. GLOBAL PRODUCT ENGINEERING SERVICES IN ENERGY & UTILITIES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
14. GLOBAL PRODUCT ENGINEERING SERVICES IN INDUSTRIAL MANUFACTURING MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
15. GLOBAL OTHER END-USE INDUSTRIES MARKET RESEARCH AND ANALYSIS BY REGION, 2019-2026 ($ MILLION)
16. GLOBAL PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2019-2026 ($ MILLION)
17. NORTH AMERICAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
18. NORTH AMERICAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY SERVICE, 2019-2026 ($ MILLION)
19. NORTH AMERICAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2019-2026 ($ MILLION)
20. NORTH AMERICAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2019-2026 ($ MILLION)
21. EUROPEAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
22. EUROPEAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY SERVICE, 2019-2026 ($ MILLION)
23. EUROPEAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2019-2026 ($ MILLION)
24. EUROPEAN PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2019-2026 ($ MILLION)
25. ASIA-PACIFIC PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2019-2026 ($ MILLION)
26. ASIA-PACIFIC PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY SERVICE, 2019-2026 ($ MILLION)
27. ASIA-PACIFIC PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2019-2026 ($ MILLION)
28. ASIA-PACIFIC PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2019-2026 ($ MILLION)
29. REST OF THE WORLD PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY SERVICE, 2019-2026 ($ MILLION)
30. REST OF THE WORLD PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY ORGANIZATION SIZE, 2019-2026 ($ MILLION)
31. REST OF THE WORLD PRODUCT ENGINEERING SERVICES MARKET RESEARCH AND ANALYSIS BY END-USE INDUSTRY, 2019-2026 ($ MILLION)
1. GLOBAL PRODUCT ENGINEERING SERVICES MARKET SHARE BY SERVICE, 2019 VS 2026 (%)
2. GLOBAL PRODUCT ENGINEERING SERVICES MARKET SHARE BY ORGANIZATION SIZE, 2019 VS 2026 (%)
3. GLOBAL PRODUCT ENGINEERING SERVICES MARKET SHARE BY END-USE INDUSTRY, 2019 VS 2026 (%)
4. GLOBAL PRODUCT ENGINEERING SERVICES MARKET SHARE BY GEOGRAPHY, 2019 VS 2026 (%)
5. US PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
6. CANADA PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
7. UK PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
8. FRANCE PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
9. GERMANY PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
10. ITALY PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
11. SPAIN PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
12. ROE PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
13. INDIA PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
14. CHINA PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
15. JAPAN PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
16. REST OF ASIA-PACIFIC PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
17. REST OF THE WORLD PRODUCT ENGINEERING SERVICES MARKET SIZE, 2019-2026 ($ MILLION)
