Product Engineering Services Market Grow at a CAGR of 8.2% to Reach USD 1,003.12 Billion by 2021

The product engineering services market size is expected to grow from USD 676.17 billion in 2016 to USD 1,003.12 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 8.2% from 2016 to 2021. The product engineering services offer the benefit of cost reduction, enhanced customer experience, and reduced Time-To-Market (TTM).Improved TTM generates more sales and greater profitability. With growing competition and changing customer preference, TTM has become a key factor influencing the competitive landscape of the market.

The main challenge faced by organizations in the marketplace is developing new products at reduced cost. Increasing cost efficiency is a planned engineering work that requires a dynamic approach and needs to be effective. Fear of losing control over intellectual property rights and cultural differences in terms of product philosophy and design are the major restraints of the market.

Browse 62 market data tables & 45 figures spread through 131 pages and in-depth TOC on “Product Engineering Services Market" at www.rnrmarketresearch.com/product-engineering-services-market-by-service-product-component-design-process-engineering-maintenance-repair-operation-organization-size-smes-and-large-enterprise-vertical-and-region-global-forecast-to-2021-market-report.html

Product engineering services are being increasingly adopted by industries such as automotive, healthcare, telecom & IT, and energy & utilities, which has led to the growth of the market across the globe. The healthcare segment is expected to grow at the highest CAGR in product engineering services by industrial vertical, owing to factors such as increase in patient engagement, reduction in healthcare expenditure, and boost in the health of population during the forecast period.

The Asia-Pacific (APAC) region is expected to have major traction of product engineering services due to rise in demand for organizing the huge workforce in the region. This region is also facing issues such as aging population, retiring baby boomers, and increasing number of multigenerational workforce, which needs to be managed and therefore product engineering services are in demand.

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The product engineering services ecosystem comprises major vendors such as Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).The report includes in-depth competitive analysis of these key players in the product engineering services market, with their company profiles, recent developments, and key market strategies. The research report segments the product engineering services market by service, organization size, industry vertical, and region.

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