Product Engineering services Market

Product Engineering services Market- Key Players are IBM Corporation (U.S.), Cognizant (U.S.),
Capgemini (France), Altran (France), ALTEN Group (France)
Product engineering refers to the process of innovating, designing, developing, testing and
deploying a software product. The advent of Web 2.0 technologies and utility based software
delivery through Software as a Service (SaaS) has led to the process of gradual transformation
of client enabling engineering services from traditional software engineering to product
engineering. Product engineering takes care of the entire product life cycle from the innovation
phase, starting from the idea being conceived to the deployment and user acceptance testing
phase. Product engineering goes through various phases such as, product design, product
architecture, product testing, product ideation, product migration and porting, sustaining
engineering, technical support, and professional services among others. Adoption of new age
engineering models and digital technology models are becoming increasingly essential to
produce more innovative products in a much more efficient and faster way. Product
engineering services brings together deep domain and technology expertise for both the digital
and physical world of products.
With the rise in sophisticated demand on manufacturers from various businesses and
consumers across the world, product companies are continuously re-engineering, developing
the process of innovation, optimizing the process, and minimizing the cost involved in meeting
up with the growing demands of the consumers. These factors are expected to dive the growth
trajectories of the global product engineering services market during the forecast
period. Further, growth of industrial internet of things is also anticipated to help the market
grow over the forecast period. Industrial internet of things (IIOT) helps in boosting operational
efficiency, enhance productivity and reduce the complexity of procedures involved in product
engineering services. IIOT also helps in improving safety and quality of products in an industry,
thus boosting the quality of engineering product services. Moreover, growth of the consumer
electronic industry is also likely to play a crucial role in enhancing the growth of the product
engineering services market. Increase in complexity of today’s technology has led to
investments and huge research and technological developments in product engineering
services to provide end-to-end system design, and innovative manufacturing and integration
Emergence of smart technologies such as smart homes, smart electronic devices and in-vehicle
networking systems are some of the factors expected to create further growth opportunities in
the global product engineering services market during the forecast period.
Access Research Summary of the Report
The global product engineering services market has been segmented based on type of services,
end-use industry and region.
Based on type of service, the market has been further segmented into, software engineering,
hardware engineering, process engineering and others. Software engineering includes
designing and writing programs for computer applications, therefore this market segment is
expected to significant market share over the forecast period owing to increase in use of
computer devices and smart phones. However, process engineering is expected to hold the
largest market share during the forecast period owing to the fact that this branch of
engineering is utilized in various industries such as agriculture, chemical, petrochemical, food
and beverages, pharmaceutical, biotechnology and other industries.
Based on end-use industry, the market has been further segmented into, healthcare sector,
automotive, aerospace, information technology, telecommunications, energy, industrial
manufacturing and others. With rapidly evolving technology, there has been an increasing need
by the medical device companies to continuously innovate and improve their product base and
deliver cost efficient technologies for taking care of patients and create a more holistic
environment for disease management solution services.
Some of the key players operating in the global cloud backup market are, IBM Corporation
(U.S.), Cognizant (U.S.), Capgemini (France), Altran (France), ALTEN Group (France), AVL
(Austria), HCL (India), AKKA Technologies (France), Wipro (India) and Tata Consulting Services
(TCS) (India), among others.