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Product Engineering Services Market Size

Report ID: GMI5754
Published Date: May 2023
Report Format: PDF

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Product Engineering Services Market Size

Product Engineering Services Market size was valued at USD 950 billion in 2022 and is anticipated to grow at a CAGR of over 5% between 2023 and 2032, driver by the increasing demand for accelerating the Time to Market (TTM) and the growing demand for faster product deliveries

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The digital transformation of various industry verticals including BFSI, healthcare, and energy is also positively contributing to the market expansion. Also, the rising demand for smart homes, smart electronic devices and in-vehicle networking systems is expected to generate huge demand in the product engineering services market.

Product Engineering Services Market Report Attributes
Report Attribute	Details
Base Year:	2022
Product Engineering Services Market Size in 2022:	USD 950 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 2,000 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	295
Segments covered:	Component, Organization Size, End-Use and Region
Growth Drivers:	Growing demand for technological device aids by buyers Increasing digital transformation across various industry segments Rising deployment of product engineering services by businesses to lower time to market Growing innovation in product engineering services Increasing adoption of product engineering services by SME policies
Pitfalls & Challenges:	Limited technical knowledge & expertise

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The major factors restraining market growth are the growing security concerns related to legacy systems and infrastructure issues along with integration & interface issues concerning product engineering services. However, the proliferation of IoT technologies is expected to offer numerous growth opportunities to the market during the forecast period.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for product engineering services was USD 950 billion in 2022 and will record more than 5% CAGR from 2023-2032 owing to the growing need for accelerating the time to market (TTM)

Product engineering services industry share from the healthcare industry vertical segment will observe over 10% CAGR from 2023-2032 due to the rising adoption of product engineering and IoT.

Asia Pacific market for product engineering services will witness over 5% CAGR from 2023-2032 driven by the large presence of SMEs in the region.

Accenture, Capgemini, Cyient, HARMAN International (Samsung), HCL Technologies Limited, IBM Corporation, Persistent Systems, and TATA Consultancy Services Limited are some of the key product engineering services industry players.