Product Engineering Services Market Share Expected to Surge to USD 1710.45 Billion by 2030

The Product Engineering Services Market Share was valued at nearly US$ 1,037.42 billion in 2023, and it is estimated to reach a size of US$ 1710.45 billion by 2030, growing at a CAGR of 7.4% during the forecast period (2024 -2030). This massive expansion is fueled by increasing consumer dependency on technological gadgets and the ongoing development of smart infrastructures.



Factors and Opportunities which are driving the Market growth

The rise in demand for smart home and consumer electronics, along with the demand for in-vehicle networking systems, shows the increasing technology dependence of consumers and drives the Product Engineering Services market. This has led to businesses innovating at speed to provide better quality, high-performance products, more features and functionalities while meeting customer expectations on timely delivery. In this setting, there exist significant opportunities for firms in the product engineering services space, as they aid in reengineering product cycles and offering low-cost solutions. Additionally, the use of artificial intelligence (AI) and machine learning (ML) to improve product engineering processes opens new ways of innovating and driving efficiency. Such technologies provide predictive maintenance, design optimization, and improved experience for the users, giving the early market players an edge.

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Segmentation Analysis

Product Engineering Services Market is segmented by type, organization size and industry verticals.

Market by Type of Services: The services market is segmented as product and component design, process engineering, maintenance, repair, and operations. This is followed by manufacturing engineering support services which cover a larger market share due to the essence of engineering support in product development and product lifecycle management.

by Enterprise Size: The market is divided into two categories; large enterprise and small and medium enterprises (SMEs). Currently, the market is dominated by large enterprises, which are the leading players in the market, with more than 75 percent of the market share in 2022. This is due to their rapid investments for product development and innovation. Nonetheless, SMEs need product engineering services to become competitive and with SMEs accounting for a major share of the overall industrial consumption in regions like Asia Pacific, they are embracing such activities.

by Industry Verticals: Product engineering services are used in automotive and transportation, aerospace and defense, healthcare, IT and telecommunications, industrial manufacturing,energy and utilities, and consumer electronics. The automotive and transportation vertical is expected to hold the largest share of the market owing to the focus on innovations and advancements in technology in the automotive industry.

Country-Level Analysis

United States — The U.S. market is projected to grow at the highest rate in the coming years as early adopters of new technologies enable the transition of smart homes, workplaces, and industrial automation. A lot of IT-based businesses also strengthens the need for product engineering services providing them with innovation and efficiency.

Germany: The demand for advanced technologies such as AI and ML is driving the product engineering services market in Germany. India is known for its strong industrial base and focus on technology, thus providing a conducive atmosphere for product engineering services.

China: The Chinese market benefits from its large manufacturing base and a national policy that emphasizes innovation. The need for global competitiveness relies on the integration of product engineering services, which plays a vital role in improving product quality.

India is projected to experience the highest growth rate in the product engineering services market during the forecast period. This surge is driven by the rapid expansion of the information technology industry and the increasing adoption of advanced technologies across various sectors.

Japan: Due to emphasis on automation and robotics and a robust manufacturing sector, product engineering services are highly demanded by Japanese companies. With a firm commitment towards technological innovation, the country plays a crucial role in the market.

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Competitor Analysis

A few of the key players operating in the Product Engineering Services market includes:

IBM is another big name in the space of technology services, offering end-to-end product engineering solutions by using its capabilities in AI and cloud to create value-driven innovation.

Broadcom — Focusing on semiconductor and infrastructure software solutions, Broadcom delivers product engineering services to help improve connectivity and performance.

Oracle The product engineering services offered by Oracle primarily centre around infusing advanced software solutions to achieve seamless business process integration and product functionality enhancement.

Accenture provides a full spectrum of product engineering services with a focus on digitalization and the adoption of disruptive technologies for product development optimization

Infosys Limited: Offers complete product engineering solutions and helps drive innovation with its digital services and consulting expertise.

Some Recent Developments: Larsen & Toubro (L&T) has forayed into launch vehicle & satellite manufacturing as part of their expansion into the aerospace sector. This is also part of India's ongoing efforts to encourage greater private sector participation in space, while reducing dependence on imported technologies and encouraging local development.

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Conclusion

The Product Engineering Services Market is witnessing a significant growth globally owing to technological advancements and rise in demand for high-end innovative products among all sectors. By investing in product engineering services, companies can stay ahead in the competition, improve operational efficiency, and satisfy changing consumer demand. Even with the industries heading for digital transformation, product engineering services play a key role in how product development & technology integration evolve in future.

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Business Process Re-engineering Market https://www.maximizemarketresearch.com/market-report/global-business-process-re-engineering-market/95357/ 

Cloud Engineering Market https://www.maximizemarketresearch.com/market-report/global-cloud-engineering-market/6950/ 

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