Information and Communication Technology

Global Product Engineering Services Market to See High CAGR Growth of 9.25% by 2026

Product Engineering Services Market

Global product engineering services market is set to witness a substantial CAGR of 9.25% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market value can be attributed due to the introduction of web 2.0 technologies and utility based software delivery through SaaS.

Product engineering refers to the process of designing, innovating, developing, deploying and testing a software product. Product engineering services are the engineering consulting services which involves various hardware, embedded, software and IT solutions for the manufacturing of product in the cost effective manner.

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Competitive Analysis

Global product engineering services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of product engineering services market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Major Market Competitors/Players

Few of the major competitors currently working in the global product engineering services market are ALTRAN, IBM Corporation, Lightbend, Inc., Wipro Limited, Happiest Minds, AVL List GmbH, Capgemini, Accenture, ALTEN Group, Tata Consultancy Services Limited, HCL Technologies Limited, HARMAN International, Nexient, EPAM Systems, Inc., Pactera Edge, Tech Mahindra Limited, Genpact, Infosys Limited, Cognizant, BITCOMM TECHNOLOGIES, LUXOFT, eInfochips, VOLANSYS Technologies, ITC Infotech India Ltd., CYGNET INFOTECH, Trigent Software, Inc. among others.

Segmentation: Global Product Engineering Services Market

  • By Service (Product and Component Design, Process Engineering, Maintenance, Repair and Operations, Others)
  • By Organization Size (Small and Medium Enterprises, Large Enterprises)
  • By Industry Vertical (Automotive, Aerospace & Defense, Healthcare, IT, Industrial Manufacturing, Energy & Utilities, Telecom, Others)
  • By Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)

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Market Drivers:

  • Surging demand for the accelerating time to market, is driving the growth of the market
  • The need and demand for continuous innovation and technological upgradation, is driving the growth of the market
  • The rising need among the manufacturers to reduce the production cost, is boosting the growth of the market
  • The increasing adoption rate of internet of things, is driving the growth of the market
  • The increasing rate of R&D by the SME’s, is propelling the growth of the market

Market Restraints:

  • The fear among the manufacturers of losing control over intellectual property rights, is restricting the growth of the market
  • The wide difference of culture in respect to product philosophy and design, hampers the market growth

Key Insights in the report:

  • Complete and distinct analysis of the market drivers and restraints
  • Key Market players involved in this industry
  • Detailed analysis of the Market Segmentation
  • Competitive analysis of the key players involved

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