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
“Increasing demand for reduction in time to market is driving the product engineering services market”
The product engineering services market size is expected 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% from 2016 to 2021. The product engineering services offer the benefit of cost reduction, enhanced customer experience, and reduced Time-To-Market (TTM). Improved TTM generates more sales and greater profitability. With growing competition and changing customer preference, TTM has become a key factor influencing the competitive landscape of the market.
The main challenge faced by organizations in the marketplace is developing new products at reduced cost. Increasing cost efficiency is a planned engineering work that requires a dynamic approach and needs to be effective. Fear of losing control over intellectual property rights and cultural differences in terms of product philosophy and design are the major restraints of the market.
“The healthcare segment is expected to grow at the highest CAGR in the product engineering services market by industrial vertical during the forecast period”
Product engineering services are being increasingly adopted by industries such as automotive, healthcare, telecom & IT, and energy & utilities, which has led to the growth of the market across the globe. The healthcare segment is expected to grow at the highest CAGR in product engineering services by industrial vertical, owing to factors such as increase in patient engagement, reduction in healthcare expenditure, and boost in the health of population during the forecast period.
“The APAC region is expected to experience extensive growth opportunities in the next few years”
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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of the profiles of primary participants is as follows:
• By Company: Tier 1: 36 %, Tier 2: 21%, and Tier 3: 43%
• By Designation: C level: 75%, Director level: 15%, Others: 10%
• By Region: North America: 70%, Europe: 15%, APAC: 15%
The product engineering services ecosystem comprises major vendors such as Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).
The report includes in-depth competitive analysis of these key players in the product engineering services market, with their company profiles, recent developments, and key market strategies. The research report segments the product engineering services market by service, organization size, industry vertical, and region.
Reasons to buy the Report
The product engineering services market has been segmented on the basis of services, organization sizes, industry verticals, and regions. The report will help the market leaders/new entrants in this market in the following ways:
1. The report segments the product engineering services market comprehensively and provides the closest approximation of the revenue numbers for the overall market and subsegments. The market numbers are further split across different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better position their businesses. There is a separate section on competitive landscape, including competitor ecosystem and mergers & acquisitions. Besides, there are company profiles of 12 players offering services in this market. In this section, market internals are provided that can put them ahead of the competitors. The report also covers key innovators in the market.