The report "Product
Engineering Services Market by Service (Product & Component Design,
Process Engineering, Maintenance Repair & Operation), Organization Size
(SMEs, and Large Enterprise), Vertical, and Region - Global Forecast to 2021", The product
engineering services market size is estimated to grow from USD 676.17 Billion
in 2016 to USD 1,003.12 Billion by 2021, at a Compound Annual Growth Rate
(CAGR) of 8.2%. Increasing demand for improved time to market, need for
continuous innovation, and cost efficiency are some of the factors driving the
product engineering services market.
https://www.marketsandmarkets.com/Market-Reports/product-engineering-services-market-227956689.html
Growing popularity of Industrial Internet of Things (IIoTs) is anticipated to have a positive impact on industry growth over the forecast period. Manufacturers are anticipated to use IIoT to create new hybrid business model, boost revenue by increasing production, and exploit the latest technologies to fuel new product development. The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the product engineering services market during the forecast period.
https://www.marketsandmarkets.com/Market-Reports/product-engineering-services-market-227956689.html
Growing popularity of Industrial Internet of Things (IIoTs) is anticipated to have a positive impact on industry growth over the forecast period. Manufacturers are anticipated to use IIoT to create new hybrid business model, boost revenue by increasing production, and exploit the latest technologies to fuel new product development. The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the product engineering services market during the forecast period.
A
growing number of SMEs targeting R&D to increase the scope of growth are
anticipated to drive the product engineering market in the coming years.
Growing competition is forcing the industry player to look for cost optimizing
solutions and reduce the overall operational cost. Product engineering services
offer the benefit of cost reduction, enhanced customer experience, and improved
time to market.
The
Asia-Pacific (APAC) region is expected to have major traction of product
engineering services due to rise in demand for organizing the huge workforce in
the region. This region is also facing issues such as aging population,
retiring baby boomers, and increasing number of multigenerational workforce,
which needs to be managed and therefore product engineering services are in
demand.
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The major vendors in the product
engineering services market include Altran (France), ALTEN Group (France), AVL
(Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and
Capgemini (France).
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