Product Engineering Services Market

Product Engineering Services Market by Service (Product Engineering; Process Engineering; Maintenance, Repair, and Operations), Organization Size, Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing) and Region - Global Forecast to 2027

Report Code: TC 5146 Feb, 2023, by marketsandmarkets.com

The global Product Engineering Services Market size is anticipated to grow at a compound annual growth rate (CAGR) of 7.4% during the forecast period, from USD 1056.2 billion in 2022 to USD 1510.0 billion by 2027. The growing need for continuous innovation and iteration, reduce production cost, rising demand for smart homes are the major factors fueling the growth of product engineering services market. Product engineering is the process of designing, developing, and testing software, device, system, or an assembly. Key focus areas include new product development, product design, prototype testing, and maintenance services. The growing demand for enriching customer experience emphasizes cutting-edge product engineering services. A product engineering service provider focuses on reducing the total cost of ownership for new solutions, minimizing Time-to-Market (TTM), and re-designing products. Organizations face the challenge of limited workforce and budget constraints to reduce the product's time-to-market.

Product engineering service providers assist such organizations in accelerating their TTM while maintaining their service or product quality. The emergence of IoT is expected to provide new lucrative opportunities for organizations during the forecast period. IoT offers benefits such as sensor-driven decision analytics, optimized resource consumption, process optimization, enhanced situation awareness, and instantaneous control and response in the complex autonomous system. IoT-driven product innovations build strong business cases, increase Return on Investment (RoI), and reduce time-to-market.

Product Engineering Services Market

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Product Engineering Services Market Dynamics

Drivers: Increase demand of advanced technologies

Almost every industry is in need of custom and high-quality parts. Every sector requires innovation, from automotive to aerospace, electrical connectors to chemical processes. A variety of new and emerging technologies make progressive manufacturing possible. Most advanced manufacturing revenue is reinvested in R&D to improve production methods. Rather than investing in innovation, traditional manufacturing typically invests in higher output at a lower cost.

As a result, instead of developing new equipment, they usually acquire more manufacturing space and machines. Advanced technology is defined as a new or developing IT innovation with few users but promises to provide significant value in the future. While this term differs from advanced manufacturing and manufacturing technology, they are related. Advanced manufacturing uses progressive technology and manufacturing technology to improve supply chain processes and products.

Restraint: High initial upfront cost in designing new product engineering services

Financing smart projects may restrain market growth. High capital expenditure combined with mounting upfront IoT infrastructure designing, new product development, testing, and product launch costs will affect the adoption of product engineering services across various industry verticals. Moreover, with the limited existing budget for enterprises, convincing them of the tangible and intangible benefits of advanced product engineering services can be challenging.

The perception of the high cost associated and lack of awareness about its long-term cost savings can hinder the deployment and growth of the IoT engineering services market. The highly skilled technicians are required to design the field-level devices, replace aging infrastructure, arrange transmission networks between the end users, and manage integrating new and existing solutions within the legacy systems. Some enterprises cannot use product engineering services owing to inadequate budgets, poor technological infrastructures, lack of public awareness, low literacy rate, and various others. Even the developed nations in Europe and North America face difficulties replacing their legacy infrastructures with new and smarter ones.

Opportunities: Increase in number of smart city projects

The smart city is a conceptual model that delivers cutting-edge services and infrastructure. A smart city is achieved through smart technology infrastructure and governance. IoT engineering services play a key role in designing an advanced IoT infrastructure and connecting companies and governments with all innovative prospects, such as smart cities, smart transportation, and smart utilities, in getting real-time location-based data.

Thus, new IoT infrastructure offers significant opportunities for IoT engineering service providers. It helps to draw a rough sketch for real-time remote management and control, monitoring of objects, and analysis of data collected from connected devices such as cameras, sensors, mobile phones, and networking devices. Additionally, smart city projects have created opportunities for various sectors such as energy, healthcare, transportation, and other utilities for better monitoring and efficient management of the entire infrastructure.

Challenges: Lack of technical experts

Leading manufacturers are dealing with uncertainty due to digitization and changing customer expectations. The manufacturing industry is one of the most significant wealth-generating sectors of the global economy, employing a sizable portion of the global workforce to create materials required by organizations in various industries. Furthermore, as the call for innovation and digitization becomes louder, manufacturers must devise new strategies and invest more in technology to gain a stronger foothold. As a result, the advent of technology has presented the industry with a new set of challenges that must be addressed to maintain the growth momentum of the market. While not all manufacturing jobs will necessitate extensive software development or IT training, they will demand knowledge of digital technologies and systems.

With the introduction of no-code platforms in manufacturing, digitally capable workers have more opportunities than ever to make a difference without having to write production-ready code. More data is generated in modern manufacturing plants than ever before. Manufacturers will increasingly discover a competitive advantage hidden within massive data sets. Organizations will need to recruit capable analysts from schools to remain competitive in manufacturing and find ways to assist experienced workers in developing proficiency with large data sets, basic machine learning, and statistical analysis. So there is a lack of technical experts in the manufacturing, automotive, and aerospace industries which is a challenge for the market.

Based on organization size, large enterprises segment to be the largest contributor to the product engineering services market growth during the forecast period

Most businesses seek faster innovation and lower operational costs. Product engineering services enable organizations to increase the speed and agility of their operations, which aids in customer engagement. An enterprise can use effective digital product development services to create prototypes that will help their business grow. Smart businesses have realized that in order to turn their technology roadmap into a reality, they must maximize their capabilities. To implement the best products within the organization, they must gain platform expertise in the latest tools and technologies, as well as software, and introduce new accelerators and frameworks.

Product Engineering Aids in the Early Stages of Product Development: Any company can benefit from the opportunities offered by the information technology sector, which can also significantly improve its performance. On the other hand, developing amazing software that is both cost-effective and time-effective can be challenging. Product engineering services assist such businesses by utilizing the stages of the product engineering approach.

Based on vertical, healthcare & Life Sciences segment is to be a larger dominator to the product engineering services market during the forecast period

Product engineering services helps to track the personal health of users. There are numerous advantages to using product engineering services, including having access to one's own medical records, health or diagnostic data self-monitoring, active data collection and documentation. It also helps to communicate between users. Technology advancements continue to revolutionize health care, resulting in improved outcomes, diagnosis, and prevention. To perform their functions, medical devices of all types now incorporate powerful processors, proprietary software, and rely on numerous algorithms and network connectivity. However, because health and lives are at stake, the healthcare industry requires products that are as precise as possible at every step. Product engineering and IoT are reshaping the healthcare landscape with innovations that help reduce healthcare costs, encourage patient engagement, improve population health, and, ultimately, make healthcare more accessible and transparent at all levels.

Product engineering typically entails working to resolve issues related to price, product excellence, the implementation process, dependability, maintenance, expected product lifespan, and user features; and the Healthcare industry can benefit significantly from product engineering by developing Healthcare products using a faster go-to-market strategy and ensuring that these products are successful and widely accepted in the market. While many companies work on developing products for the healthcare industry, product engineering service providers should concentrate on developing apps that make healthcare simple and affordable. Product engineering solutions include some of the most commonly used healthcare solutions, such as dynamic and real-time patient monitoring systems (remote monitoring), emergency response systems, and the like. The use of product engineering in the healthcare industry has caused a great revolution because it focuses on next-generation products and technologies. Stronger domain competencies provide end-to-end product development solutions and provisions.

Product Engineering Services Market By Region

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Asia Pacific to grow at the highest CAGR during the forecast period

For decades, export manufacturing has been a driving force behind Southeast Asia's remarkable socioeconomic development. Even though several other Asian manufacturing economies have evolved into global leaders in advanced industries and innovation, the majority of Southeast Asia is still viewed as a low-wage assembly labor market. The Association of Southeast Asian Nations (ASEAN) has a unique opportunity to advance the manufacturing value chain. Meanwhile, next-generation Industry 4.0 technologies and increasing pressures on businesses to reduce greenhouse gas emissions create new opportunities by changing the game. Manufacturing exports from ASEAN's ten member countries increased at a 5% annual rate from 2015 to 2019, outpacing the global average of 3%. While labor-intensive assembly work has driven manufacturing growth, higher-value goods such as machinery and electronics have also seen strong export growth. Domestic investment is also becoming a more important driver. While FDI inflows into Indonesia fell by 14% from 2015 to 2019 compared to the previous five-year period, domestic capital formation increased by 14%.

The Salim Group of Indonesia invested USD 956 million to increase the domestic manufacturing capacity for vegetable oil, margarine, and other food products. Vingroup, a Vietnamese conglomerate, has invested USD 3.5 billion in its automotive subsidiary Vinfast, beginning with a factory in Haiphong capable of producing 250,000 cars per year. In January, the automobiles and auto parts sector led the Asia manufacturing sector output rankings. For the third time in the last six months, it experienced the fastest growth rate among all categories. In second and third place, respectively, were household and personal use products and machinery and equipment, followed by metals & mining and chemicals. Construction materials expanded moderately as construction activity improved in many countries as lockdowns were lifted. These are driving the growth of this region's product engineering services market.

Key Market Players

Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India), NeST Digital (India), Tvs Next (US), Mphasis (India)  are the key players in the product engineering services market.

Product Engineering Services Market Report Scope

Report Metric

Details

Market size value in 2022

USD 1056.2 billion

Revenue forecast for 2027

USD 1510.0 billion

Growth Rate

7.4 % CAGR

Forecast units

Billion (USD)

Key Market Drivers

  • Need for continuous innovation and iteration
  • Growing need to reduce production cost

Key Market Opportunities

  • Smart manufacturing
  • Emergence of IoT

Segments covered

Service, Organization Size, Vertical, and Region

Geographies covered

North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa

Companies covered

Alten (France), AVL (Austria), HCL (India), Akka Technologies (France), IBM (US), Capgemini (France), TCS (India), Wipro (India), Accenture (Ireland), Happiest Minds (India), NeST Digital (India), Tvs Next (US), Mphasis (India), Luxoft Holdings (Switzerland).

This research report categorizes the product engineering services market based on applications, rack units, organization size, vertical, and region.

Based on Service, the product engineering services market has been segmented as follows:
  • Product Engineering
    • Product Design
    • Product Development
    • Product Testing
    • Deployment and Integration
  • Process Engineering
    • Manufacturing Engineering Support
    • Knowledge-Based Engineering (KBE)
  • Support, Maintenance, and Operations
Based on organization size, the product engineering services market has been segmented as follows
  • Small and Medium-sized Enterprises
  • Large Enterprises
Based on verticals, the product engineering services market has been segmented as follows
  • Automotive & Transportaion
  • Industrial Manufacturing
  • Healthcare & Life Sciences
  • IT & Telecom
  • Aerospace & Defense
  • Banking, Financial Services, and Insurance
  • Energy & Utilities
  • Others (Oil & Gas, Construction, and Retail & eCommerce)
Based on regions, the product engineering services market has been segmented as follows:
  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa
    • KSA (Kingdom of Saudi Arabia)
    • United Arab Emirates (UAE)
    • Rest of Middle East and Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Recent Developments

  • In June 2022, HCL introduces Industry NeXT to help businesses accelerate industry 4.0 transformation. It enables businesses worldwide to plan, prepare, and seamlessly transition into a collaborative ecosystem. HCL’s strong engineering and digital infrastructure heritage, combined with its leadership in emerging technologies and innovation, form the foundation of Industry NeXT.
  • In May 2021, AKKA Technologies has partnered with AURA AERO, to develop electric aircraft. This collaboration would provide AURA AERO with extensive R&D capabilities spanning engineering to customer support.
  • In February 2022, IBM completed its acquisition of Neudesic, a cloud services consulting firm based in the US. The acquisition aimed to broaden IBM’s hybrid multi-cloud services offerings as well as to strengthen the company’s AI and hybrid cloud strategy.
  • In April 2021, Capgemini launched Capgemini Engineering. The company’s goal with this launch was to assist businesses in developing next-generation products and services while also allowing them to comply as the physical and digital worlds converge.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 25)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
           TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2017–2021
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 29)
    2.1 RESEARCH DATA 
           FIGURE 1 PRODUCT ENGINEERING SERVICES MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    TABLE 2 LIST OF KEY PRIMARY INTERVIEW PARTICIPANTS
                    2.1.2.1 Breakup of primary profiles
                               FIGURE 2 BREAKUP OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
                    2.1.2.2 Key industry insights
    2.2 MARKET BREAKUP AND DATA TRIANGULATION 
           FIGURE 3 DATA TRIANGULATION
    2.3 MARKET SIZE ESTIMATION 
           FIGURE 4 PRODUCT ENGINEERING SERVICES MARKET: TOP-DOWN AND BOTTOM-UP APPROACHES
           FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 1 (SUPPLY SIDE): REVENUE OF PRODUCT ENGINEERING SERVICES FROM VENDORS
           FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH (SUPPLY SIDE) - COLLECTIVE REVENUE OF PRODUCT ENGINEERING SERVICES VENDORS
           FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY: CAGR PROJECTIONS FROM SUPPLY SIDE
           FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 2 (BOTTOM-UP), REVENUE GENERATED BY VENDORS FROM EACH COMPONENT
           FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 2 (DEMAND SIDE), REGIONAL LEVEL
    2.4 MARKET FORECAST 
           TABLE 3 MARKET GROWTH FORECAST
           2.4.1 RECESSION IMPACT
    2.5 RESEARCH ASSUMPTIONS 
    2.6 RESEARCH LIMITATIONS 
           FIGURE 10 RESEARCH LIMITATIONS
 
3 EXECUTIVE SUMMARY (Page No. - 43)
    FIGURE 11 PRODUCT ENGINEERING SERVICES MARKET: GLOBAL SNAPSHOT 
    3.1 MARKET: OVERVIEW OF RECESSION IMPACT 
    3.2 MARKET: OVERVIEW OF SEGMENTS 
           FIGURE 12 FASTEST-GROWING SEGMENTS OF MARKET
           FIGURE 13 PRODUCT ENGINEERING SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD
           FIGURE 14 PRODUCT DEVELOPMENT SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
           FIGURE 15 MANUFACTURING ENGINEERING SUPPORT SEGMENT TO HOLD LARGER MARKET SHARE DURING FORECAST PERIOD
           FIGURE 16 AUTOMOTIVE & TRANSPORTATION SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
           FIGURE 17 MARKET: REGIONAL SNAPSHOT
 
4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PRODUCT ENGINEERING SERVICES MARKET 
           FIGURE 18 COLLABORATION BETWEEN ORIGINAL EQUIPMENT MANUFACTURERS AND ENGINEERING SERVICE PROVIDERS TO DRIVE MARKET
    4.2 MARKET, BY SERVICE, 2022 VS. 2027 
           FIGURE 19 PRODUCT ENGINEERING SEGMENT TO HOLD LARGER MARKET SHARE
    4.3 MARKET, BY PRODUCT ENGINEERING TYPE, 2022 VS. 2027 
           FIGURE 20 PRODUCT DEVELOPMENT SEGMENT TO DOMINATE MARKET
    4.4 MARKET, BY PROCESS ENGINEERING TYPE, 2022 VS. 2027 
           FIGURE 21 MANUFACTURING ENGINEERING SUPPORT SEGMENT TO HOLD LARGER MARKET SHARE
    4.5 MARKET, BY ORGANIZATION SIZE, 2022 VS. 2027 
           FIGURE 22 LARGE ENTERPRISES SEGMENT TO HOLD LARGER MARKET SHARE
    4.6 MARKET, BY VERTICAL, 2022 VS. 2027 
           FIGURE 23 AUTOMOTIVE & TRANSPORTATION VERTICAL TO HOLD LARGEST MARKET SHARE
    4.7 MARKET, BY REGION, 2022 VS. 2027 
           FIGURE 24 ASIA PACIFIC TO EMERGE AS BEST MARKET FOR INVESTMENTS IN NEXT FIVE YEARS
           FIGURE 25 MARKET IN INDIA TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
 
5 MARKET OVERVIEW AND INDUSTRY TRENDS (Page No. - 56)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 26 PRODUCT ENGINEERING SERVICES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing demand for accelerating TTM
                    5.2.1.2 Need for continuous innovation and iteration
                    5.2.1.3 Growing need to reduce production cost
                    5.2.1.4 Rising demand for smart homes & electronics and automatic vehicles
                    5.2.1.5 Growing demand for advanced technologies
           5.2.2 RESTRAINTS
                    5.2.2.1 Fear of losing control over intellectual property rights
                    5.2.2.2 Cultural differences in terms of product philosophy and design
                    5.2.2.3 High initial upfront cost in designing new product engineering services
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Smart manufacturing
                    5.2.3.2 Emergence of IoT
                    5.2.3.3 Increase in number of smart city projects
           5.2.4 CHALLENGES
                    5.2.4.1 Need for excellent feedback loops and constant management
                    5.2.4.2 Differences may arise in testing phase
                    5.2.4.3 Lack of technical expertise
    5.3 CASE STUDY ANALYSIS 
           5.3.1 CASE STUDY 1: ENGINEERING HEALTHCARE TO ACHIEVE BETTER OUTCOMES
           5.3.2 CASE STUDY 2: AUTOMATION APPLICATION TO ENHANCE USER EXPERIENCE
           5.3.3 CASE STUDY 3: INTEGRATED MODULES DEPLOYED FOR EFFECTIVE MANAGEMENT
           5.3.4 CASE STUDY 4: DRIVING INNOVATION IN AUTOMOTIVE DIGITAL COCKPIT
           5.3.5 CASE STUDY 5: IMPROVISING INTEROPERABILITY AMONG SOLUTIONS
           5.3.6 CASE STUDY 6: ENGINEERING FOR HVAC PROVIDERS
    5.4 ECOSYSTEM 
           FIGURE 27 PRODUCT ENGINEERING SERVICES MARKET: ECOSYSTEM
    5.5 VALUE CHAIN ANALYSIS 
           FIGURE 28 MARKET: VALUE CHAIN ANALYSIS
    5.6 TECHNOLOGICAL ANALYSIS 
           5.6.1 DIGITAL TWINS
           5.6.2 IOT AND IIOT
           5.6.3 ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING
           5.6.4 AUGMENTED REALITY AND VIRTUAL REALITY
           5.6.5 5G
    5.7 PATENT ANALYSIS 
           FIGURE 29 NUMBER OF PATENT DOCUMENTS PUBLISHED DURING 2012–2022
           FIGURE 30 TOP FIVE PATENT OWNERS (GLOBAL)
           TABLE 4 TOP 10 PATENT APPLICANTS
    5.8 PRICING ANALYSIS 
           5.8.1 AVERAGE SELLING PRICES
                    TABLE 5 AVERAGE PRICING FOR DIFFERENT TYPES OF PRODUCT DESIGN:
    5.9 PORTER'S FIVE FORCES ANALYSIS 
           FIGURE 31 PRODUCT ENGINEERING SERVICES MARKET: PORTER'S FIVE FORCES ANALYSIS
           TABLE 6 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT OF NEW ENTRANTS
           5.9.2 THREAT OF SUBSTITUTES
           5.9.3 BARGAINING POWER OF SUPPLIERS
           5.9.4 BARGAINING POWER OF BUYERS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP END USERS
                    TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP END USERS (%)
           5.10.2 BUYING CRITERIA
                    FIGURE 33 KEY BUYING CRITERIA FOR TOP END USERS
                    TABLE 8 KEY BUYING CRITERIA FOR TOP END USERS
    5.11 REGULATORY LANDSCAPE 
           5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.11.2 REGULATIONS, BY REGION
                    5.11.2.1 North America
                    5.11.2.2 Europe
                    5.11.2.3 Asia Pacific
                    5.11.2.4 Middle East and South Africa
                    5.11.2.5 Latin America
    5.12 TRENDS/DISRUPTIONS IMPACTING BUYERS 
                    FIGURE 34 PRODUCT ENGINEERING SERVICES MARKET: TRENDS/DISRUPTIONS IMPACTING BUYERS
    5.13 KEY CONFERENCES AND EVENTS IN 2023 
                    TABLE 13 MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
 
6 PRODUCT ENGINEERING SERVICES MARKET, BY SERVICE (Page No. - 82)
    6.1 INTRODUCTION 
           FIGURE 35 PROCESS ENGINEERING SEGMENT TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
           6.1.1 SERVICES: MARKET DRIVERS
                    TABLE 14 MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 15 MARKET, BY SERVICE, 2022–2027 (USD BILLION)
    6.2 PRODUCT ENGINEERING 
           6.2.1 PRODUCT DEVELOPMENT, DESIGN SUPPORT, SOFTWARE ENGINEERING, AND PROTOTYPE TESTING TO DRIVE MARKET
                    FIGURE 36 PRODUCT DESIGN SEGMENT TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
                    TABLE 16 PRODUCT ENGINEERING: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 17 PRODUCT ENGINEERING: MARKET, BY REGION, 2022–2027 (USD BILLION)
                    TABLE 18 MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 19 MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
           6.2.2 PRODUCT DESIGN
                    6.2.2.1 Broad coefficient and effective idea generation & development process to lead to new products
                               TABLE 20 PRODUCT DESIGN: PRODUCT ENGINEERING SERVICES MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 21 PRODUCT DESIGN: MARKET, BY REGION, 2022–2027 (USD BILLION)
           6.2.3 PRODUCT DEVELOPMENT
                    6.2.3.1 New product development engineering services offer improved innovation and reduced product development expenditure
                               TABLE 22 PRODUCT DEVELOPMENT: MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 23 PRODUCT DEVELOPMENT: MARKET, BY REGION, 2022–2027 (USD BILLION)
           6.2.4 PRODUCT TESTING
                    6.2.4.1 Meeting performance standard requirements to drive market
                               TABLE 24 PRODUCT TESTING: MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 25 PRODUCT TESTING: MARKET, BY REGION, 2022–2027 (USD BILLION)
           6.2.5 DEPLOYMENT & INTEGRATION
                    6.2.5.1 Product integration assists in integrating product components and ensuring product behavior
                               TABLE 26 DEPLOYMENT & INTEGRATION: PRODUCT ENGINEERING SERVICES MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 27 DEPLOYMENT & INTEGRATION: MARKET, BY REGION, 2022–2027 (USD BILLION)
    6.3 PROCESS ENGINEERING 
           6.3.1 GROWING POPULARITY OF IIOT OFFERS REAL-TIME MONITORING AND PREDICTIVE & PROACTIVE MAINTENANCE
                    FIGURE 37 KBE SEGMENT TO GROW AT HIGHER RATE DURING FORECAST PERIOD
                    TABLE 28 PROCESS ENGINEERING: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 29 PROCESS ENGINEERING: MARKET, BY REGION, 2022–2027 (USD BILLION)
                    TABLE 30 MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 31 MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
           6.3.2 MANUFACTURING ENGINEERING SUPPORT
                    6.3.2.1 Reduces operational costs and shortens product development lifecycle
                               TABLE 32 MANUFACTURING ENGINEERING SUPPORT: MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 33 MANUFACTURING ENGINEERING SUPPORT: MARKET, BY REGION, 2022–2027 (USD BILLION)
           6.3.3 KBE
                    6.3.3.1 Uses knowledge-based technology to support CAD
                               TABLE 34 KBE: PRODUCT ENGINEERING SERVICES MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 35 KBE: MARKET, BY REGION, 2022–2027 (USD BILLION)
           6.3.4 SUPPORT, MAINTENANCE, AND OPERATIONS
                    6.3.4.1 MRO services help minimize airline turn time and overall aviation maintenance costs
                               TABLE 36 SUPPORT, MAINTENANCE, AND OPERATIONS: MARKET, BY REGION, 2018–2021 (USD BILLION)
                               TABLE 37 SUPPORT, MAINTENANCE, AND OPERATIONS: MARKET, BY REGION, 2022–2027 (USD BILLION)
 
7 PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE (Page No. - 96)
    7.1 INTRODUCTION 
           FIGURE 38 SMALL AND MEDIUM-SIZED ENTERPRISES SEGMENT TO GROW AT HIGHER RATE DURING FORECAST PERIOD
           7.1.1 ORGANIZATION SIZE: MARKET DRIVERS
                    TABLE 38 MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 39 MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
    7.2 LARGE ENTERPRISES 
           7.2.1 REDUCES TTM OF PRODUCTS BY USING ADVANCED SOLUTIONS
                    TABLE 40 LARGE ENTERPRISES: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 41 LARGE ENTERPRISES: MARKET, BY REGION, 2022–2027 (USD BILLION)
    7.3 SMALL AND MEDIUM-SIZED ENTERPRISES 
           7.3.1 GROWING NUMBER OF SMES TARGETING R&D
                    TABLE 42 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 43 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET, BY REGION, 2022–2027 (USD BILLION)
 
8 PRODUCT ENGINEERING SERVICES MARKET, BY VERTICAL (Page No. - 101)
    8.1 INTRODUCTION 
           FIGURE 39 AUTOMOTIVE & TRANSPORTATION VERTICAL TO DOMINATE MARKET DURING FORECAST PERIOD
           8.1.1 VERTICALS: MARKET DRIVERS
                    TABLE 44 MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 45 MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
    8.2 AUTOMOTIVE & TRANSPORTATION 
           8.2.1 HELPS DIGITIZE PRODUCT VALUE CHAIN, DEVELOP SMARTER SOLUTIONS, MINIMIZE MANUFACTURING COSTS, AND REDUCE TTM
                    TABLE 46 AUTOMOTIVE & TRANSPORTATION: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 47 AUTOMOTIVE & TRANSPORTATION: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.3 INDUSTRIAL MANUFACTURING 
           8.3.1 GLOBALIZATION, ECOMMERCE, AND PRODUCT SHIPMENT REDUCED GAP AMONG MANUFACTURERS
                    TABLE 48 INDUSTRIAL MANUFACTURING: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 49 INDUSTRIAL MANUFACTURING: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.4 HEALTHCARE & LIFE SCIENCES 
           8.4.1 HELPS ENCOURAGE PATIENT ENGAGEMENT, REDUCE HEALTHCARE EXPENDITURE, AND BOOST GENERAL HEALTH
                    TABLE 50 HEALTHCARE & LIFE SCIENCES: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 51 HEALTHCARE & LIFE SCIENCES: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.5 IT & TELECOM 
           8.5.1 INTENSE COMPETITION AND RAPID TECHNOLOGICAL ADVANCES BOOST MARKET
                    TABLE 52 IT & TELECOM: PRODUCT ENGINEERING SERVICES MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 53 IT & TELECOM: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.6 AEROSPACE & DEFENSE 
           8.6.1 ASSISTS IN LIFE CYCLE SUPPORT AND SAFETY MEASUREMENTS
                    TABLE 54 AEROSPACE & DEFENSE: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 55 AEROSPACE & DEFENSE: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.7 BANKING, FINANCIAL SERVICES, AND INSURANCE 
           8.7.1 INCREASED USE OF ONLINE FINANCIAL TRANSACTIONS
                    TABLE 56 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 57 BANKING, FINANCIAL SERVICES AND INSURANCE: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.8 ENERGY & UTILITIES 
           8.8.1 PLANT AUTOMATION AND PROCESS & SUPPLY CHAIN OPTIMIZATION DRIVE MARKET
                    TABLE 58 ENERGY & UTILITIES: MARKET, BY REGION, 2018–2021 (USD BILLION)
                    TABLE 59 ENERGY & UTILITIES: MARKET, BY REGION, 2022–2027 (USD BILLION)
    8.9 OTHER VERTICALS 
           TABLE 60 OTHER VERTICALS: MARKET, BY REGION, 2018–2021 (USD BILLION)
           TABLE 61 OTHER VERTICALS: MARKET, BY REGION, 2022–2027 (USD BILLION)
 
9 PRODUCT ENGINEERING SERVICES MARKET, BY REGION (Page No. - 112)
    9.1 INTRODUCTION 
           FIGURE 40 ASIA PACIFIC TO GROW AT HIGHEST RATE DURING FORECAST PERIOD
           TABLE 62 MARKET, BY REGION, 2018–2021 (USD BILLION)
           TABLE 63 MARKET, BY REGION, 2022–2027 (USD BILLION)
    9.2 NORTH AMERICA 
           9.2.1 NORTH AMERICA: MARKET DRIVERS
           9.2.2 NORTH AMERICA: RECESSION IMPACT
                    FIGURE 41 NORTH AMERICA: PRODUCT ENGINEERING SERVICES MARKET SNAPSHOT
                    TABLE 64 NORTH AMERICA: MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 65 NORTH AMERICA: MARKET, BY SERVICE, 2022–2027 (USD BILLION)
                    TABLE 66 NORTH AMERICA: MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 67 NORTH AMERICA: MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 68 NORTH AMERICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 69 NORTH AMERICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 70 NORTH AMERICA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 71 NORTH AMERICA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
                    TABLE 72 NORTH AMERICA: MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 73 NORTH AMERICA: MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
                    TABLE 74 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                    TABLE 75 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
           9.2.3 US
                    9.2.3.1 Automotive manufacturing to be largest revenue generator in manufacturing sector
                               TABLE 76 US: PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 77 US: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.2.4 CANADA
                    9.2.4.1 Analytics and wireless sensors used in Smart Factories to optimize production
                               TABLE 78 CANADA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 79 CANADA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
    9.3 EUROPE 
           9.3.1 EUROPE: MARKET DRIVERS
           9.3.2 EUROPE: RECESSION IMPACT
                    TABLE 80 EUROPE: PRODUCT ENGINEERING SERVICES MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 81 EUROPE: MARKET, BY SERVICE, 2022–2027 (USD BILLION)
                    TABLE 82 EUROPE: MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 83 EUROPE: MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 84 EUROPE: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 85 EUROPE: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 86 EUROPE: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 87 EUROPE: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
                    TABLE 88 EUROPE: MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 89 EUROPE: MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
                    TABLE 90 EUROPE: MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                    TABLE 91 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
           9.3.3 GERMANY
                    9.3.3.1 Mittelstand-Digital Initiative creates networks between stakeholders
                               TABLE 92 GERMANY: PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 93 GERMANY: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.3.4 UK
                    9.3.4.1 Using 5G for increasing factory output to be significant advancement in Industry 4.0
                               TABLE 94 UK: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 95 UK: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.3.5 FRANCE
                    9.3.5.1 Major producer of professional electronics
                               TABLE 96 FRANCE: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 97 FRANCE: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.3.6 REST OF EUROPE
                    TABLE 98 REST OF EUROPE: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 99 REST OF EUROPE: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
    9.4 ASIA PACIFIC 
           9.4.1 ASIA PACIFIC: MARKET DRIVERS
           9.4.2 ASIA PACIFIC: RECESSION IMPACT
                    FIGURE 42 ASIA PACIFIC: PRODUCT ENGINEERING SERVICES MARKET SNAPSHOT
                    TABLE 100 ASIA PACIFIC: MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 101 ASIA PACIFIC: MARKET, BY SERVICE, 2022–2027 (USD BILLION)
                    TABLE 102 ASIA PACIFIC: MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 103 ASIA PACIFIC: MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 104 ASIA PACIFIC: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 105 ASIA PACIFIC: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 106 ASIA PACIFIC: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 107 ASIA PACIFIC: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
                    TABLE 108 ASIA PACIFIC: MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 109 ASIA PACIFIC: MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
                    TABLE 110 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                    TABLE 111 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
           9.4.3 CHINA
                    9.4.3.1 Consumer goods sector, dominated by textiles, clothing, and shoes, significantly contributes to exports
                               TABLE 112 CHINA: PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 113 CHINA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.4.4 JAPAN
                    9.4.4.1 Largest manufacturing sector and auto parts suppliers significantly contribute to Japanese economy
                               TABLE 114 JAPAN: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 115 JAPAN: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.4.5 INDIA
                    9.4.5.1 Make in India and Automotive Mission Plan 2026 initiatives to boost Indian automotive industry
                               TABLE 116 INDIA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 117 INDIA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.4.6 REST OF ASIA PACIFIC
                    TABLE 118 REST OF ASIA PACIFIC: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 119 REST OF ASIA PACIFIC: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
    9.5 MIDDLE EAST & AFRICA 
           9.5.1 MIDDLE EAST & AFRICA: MARKET DRIVERS
           9.5.2 MIDDLE EAST & AFRICA: RECESSION IMPACT
                    TABLE 120 MIDDLE EAST & AFRICA: PRODUCT ENGINEERING SERVICES MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 121 MIDDLE EAST & AFRICA: MARKET, BY SERVICE, 2022–2027 (USD BILLION)
                    TABLE 122 MIDDLE EAST & AFRICA: MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 123 MIDDLE EAST & AFRICA: MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 124 MIDDLE EAST & AFRICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 125 MIDDLE EAST & AFRICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 126 MIDDLE EAST & AFRICA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 127 MIDDLE EAST & AFRICA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
                    TABLE 128 MIDDLE EAST & AFRICA: MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 129 MIDDLE EAST & AFRICA: MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
                    TABLE 130 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                    TABLE 131 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
           9.5.3 KINGDOM OF SAUDI ARABIA
                    9.5.3.1 Strong economy to be key driving factor
                               TABLE 132 SAUDI ARABIA: PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 133 SAUDI ARABIA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.5.4 UNITED ARAB EMIRATES
                    9.5.4.1 SCADA to become more popular in construction industry
                               TABLE 134 UNITED ARAB EMIRATES: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 135 UNITED ARAB EMIRATES: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.5.5 REST OF MIDDLE EAST & AFRICA
                    TABLE 136 REST OF MIDDLE EAST & AFRICA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 137 REST OF MIDDLE EAST & AFRICA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
    9.6 LATIN AMERICA 
           9.6.1 LATIN AMERICA: MARKET DRIVERS
           9.6.2 LATIN AMERICA: RECESSION IMPACT
                    TABLE 138 LATIN AMERICA: PRODUCT ENGINEERING SERVICES MARKET, BY SERVICE, 2018–2021 (USD BILLION)
                    TABLE 139 LATIN AMERICA: MARKET, BY SERVICE, 2022–2027 (USD BILLION)
                    TABLE 140 LATIN AMERICA: MARKET, BY PRODUCT ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 141 LATIN AMERICA: MARKET, BY PRODUCT ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 142 LATIN AMERICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2018–2021 (USD BILLION)
                    TABLE 143 LATIN AMERICA: PROCESS ENGINEERING SERVICES MARKET, BY PROCESS ENGINEERING, 2022–2027 (USD BILLION)
                    TABLE 144 LATIN AMERICA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 145 LATIN AMERICA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
                    TABLE 146 LATIN AMERICA: MARKET, BY VERTICAL, 2018–2021 (USD BILLION)
                    TABLE 147 LATIN AMERICA: MARKET, BY VERTICAL, 2022–2027 (USD BILLION)
                    TABLE 148 LATIN AMERICA: MARKET, BY COUNTRY, 2018–2021 (USD BILLION)
                    TABLE 149 LATIN AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD BILLION)
           9.6.3 BRAZIL
                    9.6.3.1 Manufacturing sector employs approximately one-fifth of workforce and accounts for one-fifth of GDP
                               TABLE 150 BRAZIL: PRODUCT ENGINEERING SERVICES MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 151 BRAZIL: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.6.4 MEXICO
                    9.6.4.1 Significant market for passenger vehicles, light vehicles, trucks, buses, and auto parts in US
                               TABLE 152 MEXICO: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                               TABLE 153 MEXICO: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
           9.6.5 REST OF LATIN AMERICA
                    TABLE 154 REST OF LATIN AMERICA: MARKET, BY ORGANIZATION SIZE, 2018–2021 (USD BILLION)
                    TABLE 155 REST OF LATIN AMERICA: MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD BILLION)
 
10 COMPETITIVE LANDSCAPE (Page No. - 159)
     10.1 INTRODUCTION 
     10.2 MARKET SHARE OF TOP VENDORS 
               FIGURE 43 MARKET: VENDOR SHARE ANALYSIS, 2022
               TABLE 156 MARKET: DEGREE OF COMPETITION
     10.3 HISTORICAL REVENUE ANALYSIS OF TOP FIVE VENDORS 
               FIGURE 44 HISTORICAL REVENUE ANALYSIS OF TOP FIVE VENDORS, 2018–2022 (USD MILLION)
     10.4 COMPANY EVALUATION QUADRANT 
             10.4.1 DEFINITIONS AND METHODOLOGY
                       FIGURE 45 EVALUATION QUADRANT FOR KEY PLAYERS: CRITERIA WEIGHTAGE
                       FIGURE 46 PRODUCT ENGINEERING SERVICES MARKET (GLOBAL): COMPANY EVALUATION QUADRANT, 2022
             10.4.2 STARS
             10.4.3 EMERGING LEADERS
             10.4.4 PERVASIVE PLAYERS
             10.4.5 PARTICIPANTS
                       TABLE 157 COMPANY SERVICE FOOTPRINT
                       TABLE 158 COMPANY VERTICAL FOOTPRINT
                       TABLE 159 COMPANY REGIONAL FOOTPRINT
                       TABLE 160 GLOBAL COMPANY FOOTPRINT
     10.5 STARTUP/SME EVALUATION QUADRANT 
             10.5.1 DEFINITION AND METHODOLOGY
                       FIGURE 47 EVALUATION QUADRANT FOR STARTUPS: CRITERIA WEIGHTAGE
                       FIGURE 48 PRODUCT ENGINEERING SERVICES (STARTUPS/SMES): COMPANY EVALUATION QUADRANT, 2022
             10.5.2 PROGRESSIVE COMPANIES
             10.5.3 RESPONSIVE COMPANIES
             10.5.4 DYNAMIC COMPANIES
             10.5.5 STARTING BLOCKS
     10.6 COMPETITIVE BENCHMARKING 
               TABLE 161 MARKET: DETAILED LIST OF KEY SMES/STARTUPS
               TABLE 162 PRODUCT ENGINEERING SERVICES MARKET: COMPETITIVE BENCHMARKING OF SMES/STARTUPS
     10.7 KEY MARKET DEVELOPMENTS 
             10.7.1 PRODUCT LAUNCHES AND ENHANCEMENTS
                       TABLE 163 PRODUCT LAUNCHES AND ENHANCEMENTS, 2019–2022
             10.7.2 DEALS
                       TABLE 164 DEALS, 2019–2022
             10.7.3 OTHERS
                       TABLE 165 OTHERS, 2019–2022
 
11 COMPANY PROFILES (Page No. - 181)
     11.1 INTRODUCTION 
     11.2 KEY PLAYERS 
(Business Overview, Products offered, Recent Developments, MnM View)*
             11.2.1 ALTEN GROUP
                       TABLE 166 ALTEN GROUP: BUSINESS OVERVIEW
                       FIGURE 49 ALTEN GROUP: COMPANY SNAPSHOT
                       TABLE 167 ALTEN GROUP: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 168 ALTEN GROUP: DEALS
             11.2.2 AVL
                       TABLE 169 AVL: BUSINESS OVERVIEW
                       TABLE 170 AVL: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 171 AVL: PRODUCT LAUNCHES
                       TABLE 172 AVL: DEALS
                       TABLE 173 AVL: OTHERS
             11.2.3 HCL
                       TABLE 174 HCL: BUSINESS OVERVIEW
                       FIGURE 50 HCL: COMPANY SNAPSHOT
                       TABLE 175 HCL: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 176 HCL: PRODUCT LAUNCHES
                       TABLE 177 HCL: DEALS
                       TABLE 178 HCL: OTHERS
             11.2.4 AKKA TECHNOLOGIES
                       TABLE 179 AKKA TECHNOLOGIES: BUSINESS OVERVIEW
                       FIGURE 51 AKKA TECHNOLOGIES: COMPANY SNAPSHOT
                       TABLE 180 AKKA TECHNOLOGIES: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 181 AKKA TECHNOLOGIES: PRODUCT LAUNCHES
                       TABLE 182 AKKA TECHNOLOGIES: DEALS
             11.2.5 IBM
                       TABLE 183 IBM: BUSINESS OVERVIEW
                       FIGURE 52 IBM: COMPANY SNAPSHOT
                       TABLE 184 IBM: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 185 IBM: DEALS
                       TABLE 186 IBM: OTHERS
             11.2.6 CAPGEMINI
                       TABLE 187 CAPGEMINI: BUSINESS OVERVIEW
                       FIGURE 53 CAPGEMINI: COMPANY SNAPSHOT
                       TABLE 188 CAPGEMINI: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 189 CAPGEMINI: PRODUCT LAUNCHES
                       TABLE 190 CAPGEMINI: DEALS
                       TABLE 191 CAPGEMINI: OTHERS
             11.2.7 TCS
                       TABLE 192 TCS: BUSINESS OVERVIEW
                       FIGURE 54 TCS: COMPANY SNAPSHOT
                       TABLE 193 TCS: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 194 TCS: PRODUCT LAUNCHES
                       TABLE 195 TCS: DEALS
             11.2.8 WIPRO
                       TABLE 196 WIPRO: BUSINESS OVERVIEW
                       FIGURE 55 WIPRO: COMPANY SNAPSHOT
                       TABLE 197 WIPRO: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 198 WIPRO: PRODUCT LAUNCHES
                       TABLE 199 WIPRO: DEALS
             11.2.9 ACCENTURE
                       TABLE 200 ACCENTURE: BUSINESS OVERVIEW
                       FIGURE 56 ACCENTURE: COMPANY SNAPSHOT
                       TABLE 201 ACCENTURE: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 202 ACCENTURE: DEALS
             11.2.10 HAPPIEST MINDS
                       TABLE 203 HAPPIEST MINDS: BUSINESS OVERVIEW
                       TABLE 204 HAPPIEST MINDS: SOLUTIONS/SERVICES/PLATFORMS OFFERED
                       TABLE 205 HAPPIEST MINDS: DEALS
                       TABLE 206 HAPPIEST MINDS: OTHERS
     11.3 OTHER COMPANIES 
             11.3.1 NEST DIGITAL
             11.3.2 TVS NEXT
             11.3.3 MPHASIS
             11.3.4 LUXOFT HOLDINGS
             11.3.5 NOUS INFOSYSTEMS
             11.3.6 PACTERA EDGE
             11.3.7 EPAM SYSTEMS
             11.3.8 TECH MAHINDRA
             11.3.9 TRIGENT SOFTWARE
             11.3.10 SEGULA TECHNOLOGIES
             11.3.11 VOLANSYS
             11.3.12 SYSVINE TECHNOLOGIES
             11.3.13 COMAKEIT
             11.3.14 ASPIRE SYSTEMS
             11.3.15 BRILLIO
             11.3.16 CYBAGE
             11.3.17 GLOBALLOGIC
             11.3.18 GLOBANT
             11.3.19 HARMAN
             11.3.20 INNOMINDS
             11.3.21 LTIMINDTREE
             11.3.22 PERSISTENT
             11.3.23 SONATA SOFTWARE
             11.3.24 UST
             11.3.25 DEXTRA TECHNOLOGIES
             11.3.26 EINFOCHIPS
             11.3.27 TO THE NEW
             11.3.28 COGNIZANT
             11.3.29 INFOSYS
             11.3.30 DAFFODIL SOFTWARE
*Details on Business Overview, Products offered, MnM View might not be captured in case of unlisted companies.
 
12 ADJACENT MARKET (Page No. - 252)
     12.1 INTRODUCTION 
             12.1.1 RELATED MARKETS
                       TABLE 207 RELATED MARKETS
     12.2 LIMITATIONS 
     12.3 IOT ENGINEERING SERVICES MARKET 
             12.3.1 INTRODUCTION
             12.3.2 MARKET OVERVIEW
             12.3.3 IOT ENGINEERING SERVICES MARKET, BY SERVICE TYPE
                       TABLE 208 IOT ENGINEERING SERVICES MARKET, BY SERVICE TYPE, 2015–2022 (USD MILLION)
     12.4 PRODUCT ENGINEERING 
               TABLE 209 PRODUCT ENGINEERING: IOT ENGINEERING SERVICES MARKET, BY TYPE, 2015–2022 (USD MILLION)
               TABLE 210 PRODUCT ENGINEERING: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
             12.4.1 CONNECTED DEVICES ENGINEERING
                       TABLE 211 CONNECTED DEVICES ENGINEERING MARKET, BY TYPE, 2015–2022 (USD MILLION)
                       TABLE 212 CONNECTED DEVICES ENGINEERING MARKET, BY REGION, 2015–2022 (USD MILLION)
                       12.4.1.1 Mobile application development
                                   TABLE 213 MOBILE APPLICATION DEVELOPMENT MARKET, BY REGION, 2015–2022 (USD MILLION)
             12.4.2 SOFTWARE ENGINEERING
                       TABLE 214 SOFTWARE ENGINEERING MARKET, BY REGION, 2015–2022 (USD MILLION)
     12.5 CLOUD ENGINEERING 
               TABLE 215 CLOUD ENGINEERING: IOT ENGINEERING SERVICES MARKET, BY TYPE, 2015–2022 (USD MILLION)
               TABLE 216 CLOUD ENGINEERING: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
             12.5.1 IOT ENGINEERING SERVICES MARKET, BY END USER
                       TABLE 217 IOT ENGINEERING SERVICES MARKET, BY END USER, 2015–2022 (USD MILLION)
     12.6 SMALL & MEDIUM-SIZED ENTERPRISES 
               TABLE 218 SMALL & MEDIUM-SIZED ENTERPRISES: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
     12.7 LARGE ENTERPRISES 
               TABLE 219 LARGE ENTERPRISES: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
             12.7.1 IOT ENGINEERING SERVICES MARKET, BY VERTICAL
               TABLE 220 IOT ENGINEERING SERVICES MARKET, BY VERTICAL, 2015–2022 (USD MILLION)
     12.8 AUTOMOTIVE 
               TABLE 221 AUTOMOTIVE: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
               TABLE 222 HEALTHCARE: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
               TABLE 223 AEROSPACE AND DEFENSE: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
               TABLE 224 IT AND TELECOM: IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
             12.8.1 IOT ENGINEERING SERVICES MARKET, BY REGION
                       TABLE 225 IOT ENGINEERING SERVICES MARKET, BY REGION, 2015–2022 (USD MILLION)
                       TABLE 226 NORTH AMERICA: IOT ENGINEERING SERVICES MARKET, BY SERVICE TYPE, 2015–2022 (USD MILLION)
                       TABLE 227 EUROPE: IOT ENGINEERING SERVICES MARKET, BY SERVICE TYPE, 2015–2022 (USD MILLION)
     12.9 SIMULATION SOFTWARE MARKET 
             12.9.1 INTRODUCTION
             12.9.2 MARKET OVERVIEW
             12.9.3 SIMULATION SOFTWARE MARKET, BY COMPONENT
                       TABLE 228 SIMULATION SOFTWARE MARKET, BY COMPONENT, 2014–2019 (USD MILLION)
                       TABLE 229 SIMULATION SOFTWARE MARKET, BY COMPONENT, 2020–2026 (USD MILLION)
     12.10 SOFTWARE 
               TABLE 230 SOFTWARE: SIMULATION SOFTWARE MARKET, BY REGION, 2014–2019 (USD MILLION)
               TABLE 231 SOFTWARE: SIMULATION SOFTWARE MARKET, BY REGION, 2020–2026 (USD MILLION)
               TABLE 232 PROFESSIONAL SERVICES: SIMULATION SOFTWARE MARKET, BY REGION, 2014–2019 (USD MILLION)
               TABLE 233 PROFESSIONAL SERVICES: SIMULATION SOFTWARE MARKET, BY REGION, 2020–2026 (USD MILLION)
               12.10.1 SIMULATION SOFTWARE MARKET, BY DEPLOYMENT
                         12.10.1.1 Introduction
                                     TABLE 234 SIMULATION SOFTWARE MARKET, BY DEPLOYMENT, 2014–2019 (USD MILLION)
                                     TABLE 235 SIMULATION SOFTWARE MARKET, BY DEPLOYMENT, 2020–2026 (USD MILLION)
     12.11 ON-PREMISES 
               TABLE 236 ON-PREMISES: SIMULATION SOFTWARE MARKET, BY REGION, 2014–2019 (USD MILLION)
               TABLE 237 ON-PREMISES: SIMULATION SOFTWARE MARKET, BY REGION, 2020–2026 (USD MILLION)
     12.12 CLOUD 
               TABLE 238 CLOUD: SIMULATION SOFTWARE MARKET, BY REGION, 2014–2019 (USD MILLION)
               TABLE 239 CLOUD: SIMULATION SOFTWARE MARKET, BY REGION, 2020–2026 (USD MILLION)
               12.12.1 SIMULATION SOFTWARE MARKET, BY VERTICAL
                          TABLE 240 SIMULATION SOFTWARE MARKET, BY VERTICAL, 2014–2019 (USD MILLION)
                          TABLE 241 SIMULATION SOFTWARE MARKET, BY VERTICAL, 2020–2026 (USD MILLION)
               12.12.2 SIMULATION SOFTWARE MARKET, BY REGION
                          TABLE 242 SIMULATION SOFTWARE MARKET, BY REGION, 2014–2019 (USD MILLION)
                          TABLE 243 SIMULATION SOFTWARE MARKET, BY REGION, 2020–2026 (USD MILLION)
 
13 APPENDIX (Page No. - 269)
     13.1 DISCUSSION GUIDE 
     13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     13.3 CUSTOMIZATION OPTIONS 
     13.4 RELATED REPORT 
     13.5 AUTHOR DETAILS 
 

The study involved four major activities in estimating the current market size for product engineering services and services. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakup and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research

The market size of companies offering product engineering services was derived based on the secondary data available through paid and unpaid sources by analyzing the product portfolios of major companies in the ecosystem and rating the companies based on their product capabilities and business strategies. In the secondary research process, various sources were referred to, for identifying and collecting information for the study. Secondary sources included annual reports, press releases, and investor presentations of companies and product data sheets; white papers; journals; certified publications; and articles from recognized authors, government websites, directories, and databases.

Secondary research was used to obtain the key information related to the industry’s supply chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from the market and technology-oriented perspectives; all of which were further validated by primary sources.

Primary Research

In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and product development/innovation teams; related key executives from product engineering services vendors, industry associations, and independent consultants; and key opinion leaders.

Primary interviews were conducted to gather insights, such as market statistics, the latest trends disrupting the market, new use cases implemented, data on revenue collected from products and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped understand various technology trends, components, deployments, and regional trends. Demand-side stakeholders, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Security Officers (CSOs), the installation teams of governments/end users using product engineering services solutions, and digital initiatives project teams, were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current use, which would affect the overall product engineering services market.

Product Engineering Services Market Size, and Share

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

Product Engineering Services Market Size Estimation

The top-down and bottom-up approaches have been used to estimate and validate the size of the product engineering services market and various other dependent sub-segments.

The research methodology used to estimate the market size includes the following details:

  • The key players in the market have been identified through secondary research, and their revenue contributions in the respective countries have been determined through primary and secondary research.
  • This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders, such as Chief Executive Officers (CEOs), VPs, directors, and marketing executives.
  • All percentage splits and breakups have been determined using secondary sources and verified through primary sources.

All possible parameters affecting the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and added with detailed inputs and analysis from MarketsandMarkets.

Data Triangulation

With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Report Objectives

  • To describe and forecast the global product engineering services market based on service types, organization size, verticals, and regions
  • To forecast the market size of regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
  • To strategically analyze the market’s subsegments with respect to individual growth trends, prospects, and contributions to the total market
  • To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To analyze industry trends, patents and innovations, and pricing data related to the market
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players
  • To track and analyze competitive developments, such as new product developments, product enhancements, partnerships, and collaborations, in the market

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:

Company Information

  • Detailed analysis and profiling of additional market players up to 5
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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