About Product Engineering Services
Globalization and technological evolution are compelling manufacturers to innovate product offerings. Software product firms are under pressure to prepare for future business challenges to remain competitive in the market. Original equipment manufacturers (OEMs) are looking for innovative IT services that can help them achieve cost control and promote agile product development methodologies. Manufacturers are facing intense competition in domestic and international markets because most manufacturers are building similar products. Product life cycle management (PLM) solutions are the need of the hour to obtain competitive advantage in the marketplace. Product development process requires the right mix of engineering solutions and technical expertise.
Product engineering services are helping client firms to resolve key business challenges through the use of innovative engineering solutions. The implementation of product engineering solutions in industry verticals is helping manufacturers to innovate constantly by shortening production cycles. Further, such solutions help companies to differentiate their products from the competition. Demand for intelligent engineering solutions is rising and market players have responded by stepping up new product development to craft new software solutions. In addition, the rising implementation of embedded systems in products is encouraging market operators to add new features and extend their product portfolios.
Technavio’s analysts forecast the global product engineering services market to grow at a CAGR of 9.95% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global product engineering services market for 2016-2020. To calculate the market size, the report considers the revenue generated from product engineering services offered by vendors in the market. Vendor business models include both captive and service provider operations.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Product Engineering Services Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Product Engineering Services Market: Accenture, Cognizant, HCL, TCS, and Wipro.
Other Prominent Vendors in the market are: Alten Calsoft Labs, Aricent, Capgemini, EPAM, Genpact, Happiest Mind, HARMAN, iGATE, Nexient, Pactera, and Tech Mahindra.
Commenting on the report, an analyst from Technavio’s team said: “IoT solutions are gaining traction in the market as demand for connected and intelligent solutions expands. IoT is no more a buzzword in the IT market and numerous vendors are offering IoT solutions for engineering services for numerous industry verticals, such as healthcare, energy, manufacturing, and automotive.”
According to the report, time to market remains an important benchmark that helps improve business agility. Enterprises can gain significant benefits in terms of pricing and brand name by introducing products faster than competitors. Firms are adopting product engineering solutions to reduce development time and accelerate time to market.
Further, the report states that manufacturers are facing difficulties in the development of products due to numerous complexities involved in product development. The complexities are increasing due to the growing trend of implementing embedded software and electronic components in product development.
Accenture, Cognizant, HCL, TCS, Wipro, Alten Calsoft Labs, Aricent, Capgemini, EPAM, Genpact, Happiest Mind, HARMAN, iGATE, Nexient, Pactera, Tech Mahindra.