Fort Collins, Colorado, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Product Engineering Services Market size was valued at USD 1,042.7 Billion in 2022 and is expected to reach USD 2,194.1 Billion by 2032 at a CAGR of 7.8%.
With the emergence of the rising sales of smart electronic devices, smart homes, and in-vehicle networking systems are the major factors that accelerate demand for product engineering services. Electronic devices or products are now technically advanced and developed with the expertise of using digital technologies. These devices are integrated with advanced temperature sensors to determine the optimum working temperature for the smooth working of the equipment.
The advancements in software outsourcing have expanded significantly over recent years. This has helped businesses to implement newer software and upgrade the functionality of these existing hardware. IT industry implements the DevOps software on a larger scale for their product development and services, which drives the market for product engineering services. Also, integrating smart sensors, actuators, and different devices like RFID tags are used for enhancing manufacturing and industrial processes such as energy management, utilities, and oil and gas, which helps drive the product engineering market share.
The product engineering services, when outsourced, provide the firms with access to a plethora of skills and knowledge that can prove difficult to build and develop in-house. The firms generally deploy a team of qualified individuals with different competencies and in-depth industry knowledge. The specific expertise proves to be crucial for the organizations and provides them access to qualified individuals who have in-depth industry knowledge; hence, the project's overall output improves.
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Segmentation Overview:
The global product engineering services market has been segmented into service type, organization size, industry, and region. Based on organization, the product engineering service market is segmented into SMEs and large enterprises. The large enterprises segment is leading the market growth and is expected to dominate during the forecast period. The segment's growth is attributed to the larger organizations' focus on reducing operational costs, acquisition, increasing investments, collaborations, creating new products, and implementing software cost-effectively.
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Product Engineering Services Market Report Highlights:
- The global product engineering services market growth is anticipated at a CAGR of 7.8% by 2032.
- The consumers’ increasing reliance on technology and services led the companies to launch new gadgets and products, which has increased in the product engineering service sector.
- The new product development category dominates the market, with the increase in demand for connected devices. Also, the collaboration between the enterprises and product engineering service providers helps the market growth.
- The healthcare segment dominates the market, and the growing innovations in the healthcare sector for providing services to various medical institutions hospitals have helped the market growth.
- Some prominent players in the product engineering services market report include Accenture, Cognizant, Capegemini, Calsoft, ITC Infotech, HCL, IBM, Happiest Mind Technologies, CloudMoyo, Infinite Computer Solution, Nous Infosystem, and others.
Industry Trends and Insights:
- Deloitte US has acquired Optimal Design, a Chicago-based product engineering service (PES) specializing in IoT and connected devices. The company specializes in hardware engineering, embedded software, prototyping, and connectivity.
- HCL Technologies Introduces Industry NeXT To Help Companies Speed Industry 4.0 Transition. HCL Technologies' Industrial NeXT platform is built on the Industry 4.0 (I4.0) framework and helps organizations worldwide to plan, prepare, and effortlessly transition into a collaborative environment.
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Product Engineering Services Market Segmentation:
- By Service Type: New product development, product deployment, media & entertainment, product management, COBOTS, others
- By Organization Size: SMEs, large enterprises, transportation, packaging
- By Industry: BFSI, aerospace & defense, consumer electronics, automotive & transportation, IT & Telecom.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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