Product Engineering Services Market worth 1,003.12 Billion USD by 2021

According to a new market research report"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" published by MarketsandMarkets™, the product engineering services market size estimated 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%. Increasing demand for improved time to market, need for continuous innovation, and cost efficiency are some of the factors driving the product engineering services market. 

Browse 62 market data tables and 45 figures spread through 131 pages and in-depth TOC on "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"
Early buyers will receive 10% customization on reports.

Product and component design services segment is expected to hold the largest market share in the product engineering services market by service type during the forecast period

Growing popularity of Industrial Internet of Things (IIoTs) is anticipated to have a positive impact on industry growth over the forecast period. Manufacturers are anticipated to use IIoT to create new hybrid business model, boost revenue by increasing production, and exploit the latest technologies to fuel new product development. The growing need to drive cost efficiencies in the manufacturing stages is expected to fuel the market for product and component design services in the product engineering services market during the forecast period.

The small and medium enterprises segment is expected to grow at the highest CAGR in the product engineering services market by organization size during the forecast period of 2016–2021

A growing number of SMEs targeting R&D to increase the scope of growth are anticipated to drive the product engineering market in the coming years. Growing competition is forcing the industry player to look for cost optimizing solutions and reduce the overall operational cost. Product engineering services offer the benefit of cost reduction, enhanced customer experience, and improved time to market.

The APAC region is expected to hold the largest share of the product engineering services market by region due to rise in demand for organizing its huge workforce

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

The major vendors in the product engineering services market include Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Email: [email protected]

Product Engineering Services Market Size,  Share & Growth Report
Report Code
TC 5146
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Product Engineering Services Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2022 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status

Digital Virtual Assistant - MarketsandMarkets