Product Engineering Services Market to Witness Robust Demand as SMBs Continue to Reciprocate the Trend of ‘Outsourcing

The market for product engineering services will remain a consolidated landscape, where leading players, such as Accenture, Cognizant, Persistent System, TCS, and Wipro, among others, command 60-65% market share. These companies continue to zoom in their strategic focus on acquisitions of local service providers, for regional expansion. New launches centered at customer demands will remain among the key strategies of market forerunners as they continue to invest efforts in introducing product designs that appeal to a wider customer base.

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Profound domain knowledge and deep expertise in customers’ business verticals will be considered as an important determinant, offering companies an additional edge in the competition landscape of product engineering services market. The market is lately witnessing increase in the collaborations of stakeholders with enterprises, which are attempting new market entry and thus need assistance from product engineering services providers, right from the initial stage to the post-deployment support phase.

A few companies have been strategizing on foraying in the intelligent and quick product engineering services management, sensing its growing profitability in market. While some of the leading providers of product engineering services have been constantly focused on leveraging their consulting and advisory expertise along with services, others are observed to have shifted the focus to reassessment of their pricing Companies are also likely to concentrate on revisiting their patenting strategies, to better realize revenues in coming years.

Shifting focus of enterprises on transforming legacy systems into advanced ones to survive competition has been creating a significant demand for best-in-class product engineering services, which continues to translate into a broad range of opportunities for vendors. While significant ER&D challenges prevail, facing enterprises, it is highly likely that product engineering services providers will look forward to lucrative avenues. Lack of R&D expertise and inadequate availability of engineering stronghold continue to sustain substantial traction for product engineering services providers across various verticals. With established companies spending in bulk on digital engineering R&D, primarily driven by technology and business model innovation, demand for product engineering services is likely to see an upsurge in the forthcoming years.

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Industrial Internet of Things (IIOT) is helping vendors boost their operational efficiency, improve productivity, and deliver seamless performance, thereby enabling them to build high quality designs for clients. Palpable penetration of IoT is further driving fresh demand for product engineering services, across varied verticals. Emergence of connected/smart technology and the subsequent hike in sales of smart electronic devices, smart homes, and in-vehicle networking systems, are cited as the key factors pushing the demand growth of product engineering services in the global market.

The convergence of technology and engineering is creating significant demand for new ER&D services portfolio, enabling enterprises to drive efficiencies in design, development, and testing processes by using analytics, automation, and design thinking to improve quality and reduce costs. The threat of losing control over IP rights prevails, which continues to add to the reluctance of a large number of enterprises, who wish to outsource product engineering services. This will remain a strong restraining factor, restricting revenue generation opportunities in the product engineering services market.

Fact.MR study states that product engineering services for new product developments will continue to witness maximum demand during the foreseeable future. The shift in technology complexity, coupled with growing consumer demand for a ‘connected’ ecosystem, has triggered collaborations between enterprises and product engineering services providers, which further impacts the market dynamics, technology, and competition bringing changes to virtually every vertical, and making NPD one of the most powerful business activities. Companies providing product engineering services are thus leveraging IIoT to create novel need-based hybrid business models, expand production capacities, and exploit the state-of-the-art technologies to fuel NPDs.

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