North America product engineering services market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). The major factors contributing to the growth of the market include the presence of the key market players in the region, such as IBM Corp. and UST Global Inc. Additionally, the continuous rise in the manufacturing sector with the integration of AI and IoT is expected to propel the market growth.
The large enterprises segment is anticipated to hold the largest market share during the forecast period. The segmental growth is attributed to the rise in competition and the increasing range of activities across the production lifecycle. The small & medium enterprises segment is expected to grow with the highest CAGR, owing to the growing digitalization across small enterprises.
Browse the full report description of “North America 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 2024-2031” at https://www.omrglobal.com/industry-reports/north-american-product-engineering-services-market
The manufacturing segment holds the largest market share, owing to increasing demand for faster production with higher quality and lesser cost. Furthermore, the healthcare and life science segment is expected to grow with the highest CAGR, as the services aid in faster product development and optimized cost. Additionally, the growing technological development in the sector is propelling the demand for product engineering services.
The key players of the 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 players are contributing significantly to the market growth by providing various products and adopting several strategies such as merger and acquisition, partnerships and collaboration, technological development, and others.
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