Product Engineering Services Market Plying for Significant Growth during 2029 || Market Players - Accenture, Cognizant, Persistent System, TCS, & Wipro

According to a new study of Fact.MR, the global demand for product engineering services is envisaged to account for the revenues worth US$ 26 Bn by the end of 2019. While gains will be particularly underpinned by the aggravating demand for shorter product life cycles, it is highly likely that myriad opportunities are underway for vendors of product engineering services, following the dramatic rise of new product launches across various industry verticals. Software and product development and engineering services have garnered the center stage in IT and telecom sector in the recent past, according to the report.

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The Fact.MR study opines that though product engineering services are comparatively new for several small and medium businesses (SMBs), a considerably high number of businesses are already opting for outsourced product engineering services for enhanced operational efficiency. SMBs are likely to create notable traction for product engineering services over the years to come, owing to the enhanced customer experience and cost reduction benefits of these services.

Product Engineering Services Market in Numbers

Product engineering services market is envisaged to account for revenues worth US$ 26 Bn in 2019. Increasing need of businesses to achieve faster time to market (TTM) and deliver superior customer experience in the midst of uncertainties continue to create a demand for product engineering services across enterprises.

Projected to witness a robust ~10% CAGR through 2029, the product engineering services market is likely to remain influenced by the fact that ER&D capability is indispensable for organizations, not just for competitive advantages but also for survival.

North America will continue to be the leading market for product engineering services market, in line with the rapidly emerging smart technologies in the region, and strong market presence of key companies.

South Asia is anticipated to emerge as a high growth region in product engineering services industry, owing to a notable rise in demand for organizing a massive workforce in the region.

A majority of leading providers of product engineering services are currently focused on the development of strong expertise in digital technologies.

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.

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.

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