HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: April 2017
Report Code: TC 5146

 

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MarketsandMarkets estimates the product engineering services market 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.

Objectives of the study:

The main objective of this report is to define, describe, and forecast the product engineering services market on the basis of segments, which include services, organization sizes, industry verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments such as Mergers and Acquisitions (M&A), new product developments, and Research & Development (R&D) activities in the product engineering services market.

The research methodology used to estimate and forecast the product engineering services market begins with collection and analysis of data on key vendor product offerings and business strategy through secondary research such as press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the global product engineering services market from the revenue of the key software tool providers and service providers in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the below figure:

Product Engineering Services Market

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

Some of the key software vendors in the market ecosystem that offer major product engineering services are mapped to key product offering and given below:

  • Product and Component Design: ALTEN Group, Altran, AVL, HCL, AKKA Technologies, Capgemini, TCS
  • Process Engineering: ALTEN Group, Altran, AVL, HCL, AKKA Technologies
  • Maintenance, Repair & Operations: ALTEN Group, Altran, HCL, TCS

Key Target Audience

  • Enterprise users
  • Defense and security agencies
  • Commercial users  
  • Industrial users
  • Others (personal users)

Scope of the Report

The research report segments the product engineering services market into the following submarkets:

  • By Service Type

The following service types are included in the report with detailed market size and analysis:

    • Product and component design
    • Process engineering
    • Maintenance, repair, and operations
    • Others (customer support and technical publications)
  • By Organization Size

Organizations have been segmented as given below with detailed analysis:

    • Small and Medium Businesses (SMBs)
    • Enterprises
  • By Region

The global market has been segmented into five major regions:

    • APAC
    • Europe
    • North America
    • Latin America
    • MEA
  • By Industry Vertical

The various industries adopting the services are given below:

    • Automotive and transportation
    • Aerospace and defense
    • Healthcare
    • IT and telecom
    • Industrial manufacturing
    • Energy and utilities
    • Media and entertainment
    • Banking, Financial Services, and Insurance (BFSI)
    • Others (food & beverages and retail)
  • By End User

The various end users adopting product engineering services and their market size are given below:

    • Enterprises
    • Defense and security agencies
    • Commercial
    • Industrial
    • Others (personal users)

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix which gives a detailed comparison of product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American Product Engineering Services market
  • Further breakdown of the European market
  • Further breakdown of the APAC market
  • Further breakdown of the MEA market
  • Further breakdown of the Latin American market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
           2.1.3 Breakdown of Primary Interviews
           2.1.4 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions & Limitation
    2.4 Limitations

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 27)
    4.1 Attractive Market Opportunities in the Global Product Engineering Services Market
    4.2 Market, By Service
    4.3 Product Engineering Services Global Market
    4.4 Lifecycle Analysis, By Region

5 Market Overview (Page No. - 30)
    5.1 Introduction
           5.1.1 Market Evolution
    5.2 Market Segmentation
           5.2.1 By Service
           5.2.2 By Organization Size
           5.2.3 By Vertical
           5.2.4 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Demand for Accelerating TTM
                    5.3.1.2 Need for Continuous Innovation and Iteration
                    5.3.1.3 The Growing Need to Reduce Production Cost
           5.3.2 Restraints
                    5.3.2.1 Fear of Losing Control Over Intellectual Property Rights
                    5.3.2.2 Cultural Differences in Terms of Product Philosophy and Design
           5.3.3 Opportunities
                    5.3.3.1 Smart Manufacturing
                    5.3.3.2 Emergence of IoT
           5.3.4 Challenges
                    5.3.4.1 Need for Excellent Feedback Loops and Constant Management
                    5.3.4.2 Differences May Arise in the Testing Phase

6 Industry Trends (Page No. - 38)
    6.1 Introduction
    6.2 Strategic Benchmarking
           6.2.1 Strategic Benchmarking: New Product Launches, Acquisitions, and Partnerships of Top Vendors

7 Product Engineering Services Market Analysis, By Service (Page No. - 41)
    7.1 Introduction
    7.2 Product and Component Design
           7.2.1 New Product Development
           7.2.2 Design Support
           7.2.3 Software Engineering
                    7.2.3.1 Embedded Software Services
                    7.2.3.2 Independent Software Services
           7.2.4 Hardware Engineering
           7.2.5 Prototype Testing
    7.3 Process Engineering
           7.3.1 Manufacturing Engineering Support
           7.3.2 Knowledge-Based Engineering (KBE)
    7.4 Maintenance, Repair, and Operations
    7.5 Others

8 Product Engineering Services Market Analysis, By Organization Size (Page No. - 53)
    8.1 Introduction
    8.2 Small and Medium Enterprises
    8.3 Large Enterprises

9 Product Engineering Services Market Analysis, By Vertical (Page No. - 57)
    9.1 Introduction
    9.2 Automotive
    9.3 Aerospace and Defense
    9.4 Healthcare
    9.5 IT
    9.6 Industrial Manufacturing
    9.7 Energy and Utilities
    9.8 Telecom
    9.9 Others

10 Geographic Analysis (Page No. - 65)
     10.1 Introduction
     10.2 North America
     10.3 Europe
     10.4 Asia-Pacific
     10.5 Middle East and Africa
     10.6 Latin America

11 Competitive Landscape (Page No. - 83)
     11.1 Overview
     11.2 Competitive Situations and Trends
             11.2.1 New Product Launches
             11.2.2 Partnerships, Agreements, and Collaborations
             11.2.3 Mergers and Acquisitions

12 Company Profiles (Page No. - 89)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     12.1 Introduction
     12.2 Altran
     12.3 Alten Group
     12.4 AVL
     12.5 HCL Technologies Limited
     12.6 Akka Technologies
     12.7 International Business Machines (IBM) Corporation
     12.8 Capgemini
     12.9 Tata Consultancy Services (TCS) Limited
     12.10 Wipro Limited
     12.11 Accenture PLC
     12.12 Happiest Minds Technologies
     12.13 Key Innovators
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 122)
     13.1 Industry Excerpts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (62 Tables)

Table 1 Product Engineering Services Market Size and Growth, 2014–2021 (USD Billion, Y-O-Y %)
Table 2 Market Size, By Service, 2014–2021 (USD Billion)
Table 3 Product and Component Design: Market Size, By Region, 2014–2021 (USD Billion)
Table 4 Product and Component Design: Market Size, By Type , 2014–2021 (USD Billion)
Table 5 New Product Development Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 6 Design Support Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 7 Software Engineering Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 8 Embedded Software Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 9 Independent Software Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 10 Hardware Engineering Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 11 Prototype Testing Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 12 Process Engineering Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 13 Manufacturing Engineering Support Services: Market Size, By Region, 2014–2021 (USD Billion)
Table 14 Knowledge-Based Engineering: Market Size, By Region, 2014–2021 (USD Billion)
Table 15 Maintenance, Repair, and Operations: Market Size, By Region, 2014–2021 (USD Billion)
Table 16 Others: Market Size, By Region, 2014–2021 (USD Billion)
Table 17 Product Engineering Services Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 18 Small and Medium Enterprises: Market Size, By Region, 2014–2021 (USD Billion)
Table 19 Large Enterprises: Market Size, By Region, 2014–2021 (USD Billion)
Table 20 Product Engineering Services Market Size, By Vertical, 2014–2021 (USD Billion)
Table 21 Automotive: Market Size, By Region, 2014–2021 (USD Billion)
Table 22 Aerospace and Defense: Market Size, By Region, 2014–2021 (USD Billion)
Table 23 Healthcare: Market Size, By Region, 2014–2021 (USD Billion)
Table 24 IT: Market Size, By Region, 2014–2021 (USD Billion)
Table 25 Industrial Manufacturing: Market Size, By Region, 2014–2021 (USD Billion)
Table 26 Energy and Utilities: Market Size, By Region, 2014–2021 (USD Billion)
Table 27 Telecom: Market Size, By Region, 2014–2021 (USD Billion)
Table 28 Others: Market Size, By Region, 2014–2021 (USD Billion)
Table 29 Product Engineering Services Market Size, By Region, 2014–2021 (USD Billion)
Table 30 North America: Market Size, By Service, 2014–2021 (USD Billion)
Table 31 North America: Market Size, By Product and Component Design Service, 2014–2021 (USD Billion)
Table 32 North America: Market Size, By Software Engineering Services, 2014–2021 (USD Billion)
Table 33 North America: Market Size, By Process Engineering Service, 2014–2021 (USD Billion)
Table 34 North America: Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 35 North America: Market Size, By Vertical, 2014–2021 (USD Billion)
Table 36 Europe: Product Engineering Services Market Size, By Service, 2014–2021 (USD Billion)
Table 37 Europe: Market Size, By Product and Component Design Service, 2014–2021 (USD Billion)
Table 38 Europe: Market Size, By Software Engineering Service, 2014–2021 (USD Billion)
Table 39 Europe: Market Size, By Process Engineering Service, 2014–2021 (USD Billion)
Table 40 Europe: Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 41 Europe: Market Size, By Vertical, 2014–2021 (USD Billion)
Table 42 Asia-Pacific: Product Engineering Services Market Size, By Service, 2014–2021 (USD Billion)
Table 43 Asia-Pacific: Market Size, By Product and Component Design Service, 2014–2021 (USD Billion)
Table 44 Asia-Pacific: Market Size, By Software Engineering Service, 2014–2021 (USD Billion)
Table 45 Asia-Pacific: Market Size, By Process Engineering Service, 2014–2021 (USD Billion)
Table 46 Asia-Pacific: Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 47 Asia-Pacific: Market Size, By Vertical, 2014–2021 (USD Billion)
Table 48 Middle East and Africa: Product Engineering Services Market Size, By Service, 2014–2021 (USD Billion)
Table 49 Middle East and Africa: Market Size, By Product and Component Design Service, 2014–2021 (USD Billion)
Table 50 Middle East and Africa: Market Size, By Software Engineering Service, 2014–2021 (USD Billion)
Table 51 Middle East and Africa: Market Size, By Process Engineering Service, 2014–2021 (USD Billion)
Table 52 Middle East and Africa: Product Engineering Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 53 Middle East and Africa: Product Engineering Market Size, By Vertical, 2014–2021 (USD Billion)
Table 54 Latin America: Product Engineering Services Market Size, By Service, 2014–2021 (USD Billion)
Table 55 Latin America: Market Size, By Product and Component Design Service, 2014–2021 (USD Billion)
Table 56 Latin America: Market Size, By Software Engineering Service, 2014–2021 (USD Billion)
Table 57 Latin America: Market Size, By Process Engineering Service, 2014–2021 (USD Billion)
Table 58 Latin America: Product Engineering Market Size, By Organization Size, 2014–2021 (USD Billion)
Table 59 Latin America: Product Engineering Market Size, By Vertical, 2014–2021 (USD Billion)
Table 60 New Product Launches, 2016-2017
Table 61 Partnerships, Agreements, and Collaborations, 2015-2017
Table 62 Mergers and Acquisitions, 2016–2017


List of Figures (45 Figures)

Figure 1 Regional Scope
Figure 2 Global Product Engineering Services Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Top Three Segments for the Product Engineering Services Market During the Period 2016–2021
Figure 8 Asia-Pacific is Estimated to Hold the Largest Market Share of the Product Engineering Services Market in 2016
Figure 9 Increasing Demand for Accelerating Time-To-Market is Expected to Drive the Product Engineering Services Market During the Forecast Period
Figure 10 Small and Medium Enterprise Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 11 Automotive Vertical and Asia-Pacific are Estimated to Hold the Largest Shares of the Product Engineering Services Market in 2016
Figure 12 The Product Engineering Services Market in Asia-Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 13 Evolution of the Product Engineering Services Market
Figure 14 Market Segmentation: By Service
Figure 15 Market Segmentation: By Organization Size
Figure 16 Market Segmentation: By Vertical
Figure 17 Market Segmentation: By Region
Figure 18 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Product Engineering Services: Value Chain
Figure 20 Strategic Benchmarking: New Product Launches, Acquisitions, and Partnerships of Top Vendors
Figure 21 Product and Component Design is Expected to Dominate the Product Engineering Services Market During the Forecast Period
Figure 22 Small and Medium Enterprises Segment is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 23 Product Engineering Services are Expected to Witness A High Rate of Adoption in the Healthcare Vertical During the Next Five Years
Figure 24 Asia-Pacific is Expected to Hold the Largest Market Share During the Forecast Period
Figure 25 Regional Snapshot: Asia-Pacific is an Emerging Region in Product Engineering Services Market
Figure 26 Asia-Pacific Market Snapshot
Figure 27 Companies Adopted Partnerships, Agreements, and Collaborations as Their Key Growth Strategy During the Period 2015–2017
Figure 28 Market Evaluation Framework
Figure 29 Battle for Market Share: New Product Launches and Partnerships, Agreements & Collaborations Were the Key Strategies
Figure 30 Geographic Revenue Mix of Top 5 Market Players
Figure 31 Altran: Company Snapshot
Figure 32 Alten Group: Company Snapshot
Figure 33 HCL Technologies Limited: Company Snapshot
Figure 34 HCL Technologies Limited: SWOT Analysis
Figure 35 Akka Technologies: Company Snapshot
Figure 36 International Business Machines Corporation: Company Snapshot
Figure 37 International Business Machines Corporation: SWOT Analysis
Figure 38 Capgemini: Company Snapshot
Figure 39 Capgemini: SWOT Analysis
Figure 40 Tata Consultancy Services Limited: Company Snapshot
Figure 41 Tata Consultancy Services Limited: SWOT Analysis
Figure 42 Wipro Limited: Company Snapshot
Figure 43 Wipro Limited: SWOT Analysis
Figure 44 Accenture PLC: Company Snapshot
Figure 45 Accenture PLC: SWOT Analysis

The product engineering servcies market 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% during the forecast period. Several factors such as rising demand for reducing the time to market and need for continuous innovation and cost efficiency has bolstered the growth of product engineering services. Verticals such as healthcare, banking, defense, commercial security, and many more have boosted the product engineering services market.

The product engineering services market is segmented by service, organization size, industry vertical, and region. The product and component design is expected to hold the largest market share during the forecast period, due to increasing demand for cost efficiency in the manufacturing stage; process engineering in the service type is projected to witness the highest growth due to growing need to reduce, rework, and reuse captured knowledge.

The Small and Medium Businesses (SMBs) segment is expected to grow at the highest CAGR in the product engineering services market by organization size, due to growing competition that is forcing the smaller industry players to look for cost-sensitive solutions and reduce overall operational cost. Product engineering services offer the benefit of cost reduction, enhanced customer experience, and improvedtime to market. Meanwhile, large enterprises are expected to hold the largest market share in the product engineering services market by organization size, due to increasing price pressure and reduction in shelf life of products, which is forcing enterprises to look for better solutions.

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 market by industrial vertical, owing to factors such as increase in patient engagement, reduction in healthcare expenditure, and boost in health of population during the forecast period.

Product Engineering Services Market

The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. APAC is expected to have the largest market share and is expected to dominate the market from 2016 to 2021. This is mainly because of factors such as large talent pool, large domestic demand, good (and improving) infrastructure, government incentives, and breaking down of trade barriers.

However, due to cultural differences in terms of product design and loss of ownership of intellectual property for enterprises, most of the organizations struggle to optimally utilize the full potential of product engineering services. This has been significantly hindering the growth of the market. Technological giants such as HCL and ALTEN Group, along with some of the key innovators such as TVS Infotech , have created leading product engineering service offerings. These players have adopted various growth strategies such as new product launches, partnerships, contracts, collaborations, acquisitions, and expansions to expand their global presence and increase their market shares in the global market.

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