Digital Transformation Fuels Growth in Product Engineering Services Market, Reaching $1,472.34 Billion by 2028

The product engineering services market size has grown strongly in recent years. It will grow from $980.78 billion in 2023 to $1063.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to globalization, rising complexity of products, consumer expectations.

The product engineering services market size is expected to see strong growth in the next few years. It will grow to $1472.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to digital transformation, sustainability initiatives, remote work dynamics, cybersecurity concerns, ai and ml integration, industry 4.0 adoption. Major trends in the forecast period include technological advancements, digital twin adoption, edge computing solutions, 5g technology implementation, remote collaboration tools, customization and personalization.

Market Overview -
Product engineering service refers to the process of designing, innovating, developing, testing, and deploying a product. The product engineering services are used to create commercial digital products with a revenue model, not enterprise software, focused on boosting employee efficiency, streamlining operations, and cutting costs.

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Surging Internet Penetration Fuels Growth In The Product Engineering Services Market
Increasing use of internet penetration is expected to propel the growth of the product engineering services market going forward. Internet penetration refers to the number of people using internet services worldwide. Product engineering services such as software engineering services utilize internet computing for the development, management, deployment, and quality assurance of software supporting internet-based systems. As a result, increasing internet penetration increases the demand for product engineering services, as companies are developing new products to meet fast-growing consumer demands. For instance, in June 2021, according to The Economic Times, an India-based newspaper, the number of internet users in India is expected to reach 900 million by 2025, with an increase of 45% in the next five years. Therefore, increasing use of internet penetration is predicted to boost demand for product engineering services during the forecast period.

Competitive Landscape -
Major companies operating in the product engineering services market report are Alten SA, AVL List GmbH, HCL Technologies Limited, AKKA Technologies SE, International Business Machines Corporation, ÅF Pöyry AB., Altran Technologies SA, Capgemini SE, Cognizant Technology Solutions, Endava plc, Globant S. A., Happiest Minds Technologies Limited, Infogain Corporation, Mindtree Limited, Tata Consultancy Services Limited, Wipro Limited, 3D Systems Corporation, ABB Ltd., Advantech Co. Ltd., AECOM Technology Corporation, Altair Engineering Inc., Amazon Web Services Inc., ANSYS Inc., Apple Inc., Applied Materials Inc., Arcadis NV, Autodesk Inc., BAE Systems plc, Bentley Systems Incorporated

Innovative Technological Advancements Reshaping The Product Engineering Services Market
Technological advancements are a key trend gaining popularity in the product engineering services market. Major companies operating in product engineering services are developing innovative solutions to strengthen their position in the market. For instance, AKKA technologies, a Belgium-based company operating in product engineering services expands its presence in Leipzig with the establishment of a new 'Digital Center of Excellence' (DCE). This accelerates digital innovation projects by offering highly innovative solutions in the areas of software development and testing, cloud architecture, embedded software development, machine learning, AI, and data analytics and also drives the digital transformation of its customers.

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Key Segments -
The product engineering services market covered in this report is segmented -
1) By Service Type: Product and Component Design, Process Engineering, Maintenance, Repair and Operations, Other Service Types
2) By Organization Size: SMEs, Large Enterprises
3) By Verticals: Automotive and Transportation, Aerospace and Defense, Healthcare, IT and Telecom, Industrial Manufacturing, Energy and utilities,Media and entertainment,BFSI, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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