Product Engineering services Market: An Insight On the Important Factors and Trends Influencing the Market
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.
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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 services.
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.
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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.
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