Product Engineering Services Market by Service Type (Maintenance & Support, Product Engineering, Sustenance/Re-engineering), Industry (Aerospace & Defense, Automotive & Transportation, Building & Construction) - Global Forecast 2024-2030

[193 Pages Report] The Product Engineering Services Market size was estimated at USD 88.46 billion in 2023 and expected to reach USD 95.02 billion in 2024, at a CAGR 7.66% to reach USD 148.34 billion by 2030.

Product engineering services are used to create products using industrial design, embedded software, and hardware design. The product engineering services process manages the entire life cycle of a product, including product feasibility study, design, and deployment. Furthermore, product engineering services enable businesses to optimize their investment, accelerating the overall business operations and reducing developmental costs. Issues pertaining to data privacy in product engineering services, are hampering the market's growth. Moreover, increasing operational efficiency owing to the incorporation of cutting-edge technology, such as the industrial Internet of Things in product engineering services, is expected to create opportunities for market growth.

The United States is a technologically advanced nation with strong market players' presence in this region, contributing to the growth of the product engineering services market. Furthermore, the European Union and EU member states are heavily investing in technology management platforms and digital innovation hubs, which are designed to support the scaling of market players and stimulate cooperation across national, regional, and local innovation, subsequently expanding the market. The Association of Southeast Asian Nations (ASEAN) has advanced the manufacturing value chain by developing next-generation Industry 4.0 technologies, as increased requirements on corporations to reduce greenhouse gas (GHG) emissions propel the market's growth. ASEAN may benefit from Industry 4.0 with rising technological innovation, producing more skilled jobs, lowering capital requirements, and enhancing product customization. Additionally, strategic activities among the market players, including L&T Technology Services, IBM, and HCLTech, support product innovation, further creating an opportunity for the market to grow across all regions.

The market dynamics represent an ever-changing landscape of the Product Engineering Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Increasing adoption of product engineering services in healthcare & lifesciences sector to improve patient safety and meet regulatory requirements
  • Adoption of new age engineering and digital technology models to produce innovative products across automotive sector
  • Growing the need for sustainable and cost effective solutions in aerospace & defense industry
• Market Restraints
  • Need for numerous software iterations and bug testing for product development
• Market Opportunities
  • Integration of industrial internet of things in product engineering services to boost operational efficiency
  • Adaptation of advanced techniques including agile, and just-in-time in product engineering services
• Market Challenges
  • Issues pertaining to data privacy in product engineering services

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Product Engineering Services Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Product Engineering Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Product Engineering Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

• Cognizant to acquire Mobica to enhance its IoT software engineering service offerings

  Cognizant recently announced their acquisition of Mobica, a leading product engineering and services company based in the United Kingdom. This move has given Cognizant a leadership position in the software engineering services market, as they now have an increased capacity to provide customers with a range of solutions that enable IoT innovation. In particular, Mobica’s end-to-end engineering and development capabilities are expected to enhance Cognizant’s ability to deliver high quality IoT solutions. With this enhanced capability, Cognizant can look forward to giving customers access to flexible solutions for more effectively leveraging the full potential of digital transformation technologies. [Published On: January 23, 2023]

• L&T Technology Services Selected as Strategic Engineering Partner to Airbus for Advanced Capabilities and Digital Manufacturing Services

  L&T Technology Services has been selected as a strategic engineering partner to Airbus, a major global aircraft manufacturer. This partnership provides Airbus with access to advanced capabilities and digital manufacturing services, while also expanding the portfolio of services offered by LT Technology Services within this market. The alliance between both companies focuses on offering innovative technological solutions that exceed customer requirements while also providing cost savings. This move strengthens LT Technology Services' reputation as a leader in product engineering services and it serves to further solidify its commitment to providing quality products and services. Both companies are confident that this strategic partnership will catalyse innovations, open new growth avenues, and create value for the organisations involved and their customers. [Published On: January 19, 2023]

• S&P Global Announces Agreement to Sell Engineering Solutions Business to KKR

  SP Global recently announced a binding agreement to sell its engineering solutions business to KKR, a respected leader in the market of product engineering services. With the help of a research-backed engineering team, KKR plans to undergo vast team expansion and improve scalability while focusing on innovative product development. This move is expected to enhance SP Global’s focus on growth opportunities as well as improve its flexibility with customers and partners. Moreover, KKR looks forward to creating meaningful job opportunities for talented engineers to tap into the market of product engineering services. The completion of this deal is projected for later this year and is sure to add value for both corporations involved. [Published On: January 17, 2023]

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Product Engineering Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

The report delves into recent significant developments in the Product Engineering Services Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Akka Technologies Group, Alfanar Group, Algoscale Technologies, Inc., Alten Group, Aquanima S.A., Assystem S.A., Bitcomm Technologies Private Limited, Broadcom Inc., Calsoft Inc., Capgemini SE, Centific Global Solutions, Inc., Citec Group Oy Ab, CloudMoyo, Inc., Cognizant Technology Solutions Corporation, Corbus, LLC, Damco Group, DXC Technology Company, eInfochips, Inc., EPAM Systems, Inc., Genpact, Hakuna Matata Solutions Private Limited, Happiest Minds Technologies Pvt. Ltd., HCL Technologies Limited, Hinduja Tech Limited, Infinite Computer Solutions Inc., Infosys Limited, Intellectsoft LLC, International Business Machines Corporation, ITC Infotech India Ltd., Mphasis Limited, NeST Digital Pvt Ltd., Nexient LLC, Nous Infosystems Pvt. Ltd., Oracle Corporation, Producement, Proxima Systems Private Limited, Ranosys Technologies Private Limited, Safran S.A., Sapphire Software Solutions, Segula Technologies Group, Tata Consultancy Services Limited, Tech Mahindra Limited, Terasol Technologies Pvt. Ltd., ThinkPalm Technologies Pvt. Ltd., TransformHub, Vee Technologies Private Limited, VOLANSYS Technologies Private Limited, Wipro Ltd., WNS Holdings Ltd., and Xoriant Corporation.

This research report categorizes the Product Engineering Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Service Type
  • Maintenance & Support
  • Product Engineering
    • Deployment
    • Design
    • Development
    • Testing
  • Sustenance/Re-engineering
• Industry
  • Aerospace & Defense
  • Automotive & Transportation
  • Building & Construction
  • Chemical & Petrochemical
  • Energy & Power
  • Healthcare & Life Sciences
  • Industrial Manufacturing
  • IT & Telecommunications

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?