Product Engineering Services Market Size, Share, Trends and Forecast 2023-2028

by Tim Wood on May 9, 2023 Business 81 Views

IMARC Group, a leading market research company, has recently releases report titled “Product Engineering Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The study provides a detailed analysis of the industry, including the global product engineering services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the product engineering services market?

Report Attributes Details
Market Size in 2022 US$ 1.13 Billion
Market Forecast in 2028 US$ 1.59 Billion
Growth rate (2023 to 2028) CAGR of 5.42%
Base Year of the Analysis 2022
Forecast Period 2023-2028

 

What are Product Engineering Services Market?

Product engineering services (PES) represent consulting activities that are provided by companies to aid businesses with the design, development, testing, and production of a new product. These services use advanced technologies and specialized hardware, software, interfaces, programming tools, and information technology (IT) solutions for numerous product development processes. They are extensively utilized for mechanical and electrical engineering, software and firmware development, quality assurance, design improvement, lifecycle management, regulatory support, product simulation, modeling, testing, customization, certification, etc. Consequently, these consulting activities find extensive applications across several sectors, such as banking, financial services and insurance (BFSI), automotive, aerospace, telecommunications, healthcare, retail, etc.

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What are the growth prospects and trends in the product engineering services market trends:

The widespread adoption of PES by companies and organizations to refine new ideas, integrate advanced technologies, optimize performance, incorporate recent innovations, etc., is primarily augmenting the product engineering services market. Furthermore, they are also utilized to provide a greater level of expertise and specialization, which is bolstering the market growth. Apart from this, the growing integration of Machine Learning (ML) and Artificial Intelligence (AI) to analyze vast amounts of data, automate concept generation, improve product design, aid engineers in making informed decisions, etc., is acting as another significant growth-inducing factor. Moreover, the escalating demand for augmented and virtual reality (AR/VR) to create immersive design experiences, explore and manipulate three-dimensional (3D) item models, visualize new concepts, etc., is further catalyzing the global market. Besides this, the inflating industrialization levels and the increasing investments in R&D activities by key market players to introduce advanced PES solutions are expected to fuel the product engineering services market in the coming years.

Who are the key players operating in the industry?

The report covers the major market players including:

  • Accenture plc
  • AKKA Technologies (The Adecco Group)
  • Capgemini SE
  • Happiest Minds Technologies
  • HCL Technologies Limited
  • Nous Infosystems
  • TATA Consultancy Services Limited
  • Tech Mahindra Limited
  • Wipro Limited
  • Xoriant Corporation, etc.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Service Type:

  • Product Design and Development Services
    • Product Development
    • Design Support
    • Prototype Testing
  • Process Engineering Services
  • Implementation and Integration Services
  • Support and Maintenance Services
  • Others

Breakup by Enterprise Size:

  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

Breakup by Industry Vertical:

  • BFSI
  • IT and Telecom
  • Energy and Utilities
  • Manufacturing
  • Media and Entertainment
  • Healthcare
  • Retail and E-commerce
  • Others

Breakup by Region:

  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
  • Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/product-engineering-services-market

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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Article source: https://article-realm.com/article/Business/44093-Product-Engineering-Services-Market-Size-Share-Trends-and-Forecast-2023-2028.html

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