Top Product Engineering Services Companies

The product engineering services market is projected to grow from USD 1,297.71 billion in 2025 to USD 1,800.45 billion by 2030, at a CAGR of 6.8% from 2025 to 2030. The automotive sector, driven by electric and connected vehicle advancements, is creating a strong demand for external engineering support in embedded systems, hardware integration, and component development. Companies are under pressure to shorten product time-to-market, leading to the adoption of agile models, faster prototyping, and efficient engineering services for quick rollouts.

There is an increasing emphasis on enhancing product design and user experience to remain competitive in rapidly evolving markets. These three factors reshape how enterprises approach product development, making engineering service providers essential partners in achieving faster delivery, superior quality, and improved customer alignment in today's innovation-driven market.

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Top Product Engineering Services Companies Include

• IBM (US)
• Accenture (Ireland)
• Capgemini (France)
• Cognizant (US)
• HCL Tech (India)

These companies use and provide product engineering services to innovate faster, adapt to changing demands, and deliver more innovative, Connected experiences. They enhance performance by integrating artificial intelligence and optimizing embedded systems, helping businesses reduce time to market and remain competitive globally.

In June 2025, Wipro Infrastructure Engineering acquired French aerospace supplier Lauak Group during the Paris Airshow. It established “Wipro Lauak” to expand its expertise in sheet-metal fabrication, machining, and structural assemblies. This move enhances Wipro’s ability to deliver end-to-end mechanical and embedded engineering solutions across aerospace programs, strengthening its positioning in high-value engineering services.

In May 2025, Tata Technologies was selected by Volvo Cars as a strategic engineering supplier, a development that significantly strengthened its presence in the European automotive market. The partnership includes collaboration on embedded systems and digital engineering for next-generation vehicle platforms, allowing Tata Technologies to integrate deeply into OEM workflows and drive long-term engineering innovation aligned with evolving mobility technologies.

Capgemini

Capgemini is a global technology and business transformation company that helps organizations transition to a digital and sustainable future. With a presence in over 50 countries and a workforce of around 340,000 people, Capgemini supports clients with a wide range of strategic consulting, design, engineering, and managed services. In October 2025, Capgemini unveiled its GenAI-enhanced augmented engineering offerings to speed innovation across engineering and R&D. Using hybrid AI (GenAI + traditional models), the suite supports R&D discovery, software product engineering, product support, and technical documentation, thus ensuring precision, regulatory compliance, and advanced process automation. In June 2025, Capgemini partnered with Dai-ichi Life Group to establish a Global Capability Center in India, aiming to accelerate global digital transformation through AI, cybersecurity, infrastructure modernization, and software development using a Build-Operate-Transfer model.

Accenture

Accenture strengthens its position in the product engineering services market through strategic partnerships, targeted acquisitions, and platform integration. One of its core strategies is to deepen vertical capabilities across embedded systems and digital engineering by acquiring niche, domain-rich firms. In July 2024, Accenture acquired Cientra, a semiconductor and embedded engineering services firm, expanding its capabilities across application-specific integrated circuit design, silicon development, and automotive software integration. This move significantly enhanced Accenture’s core competencies in chip-to-cloud product engineering and embedded systems.

In April 2025, Accenture entered into a joint venture with Fincantieri to launch “Fincantieri NexTech,” accelerating digital transformation in the shipbuilding sector by combining operational technologies with cloud, data, and artificial intelligence. This collaboration underscores Accenture’s horizontal integration strategy, allowing it to deliver cross-sector product engineering solutions. These initiatives collectively reflect Accenture’s ability to tap into industry-specific engineering demands while leveraging scalable, next-generation technologies.

IBM

IBM (International Business Machines Corporation), headquartered in the United States, is a key player in the Product Engineering Services market, offering end-to-end solutions that span product design, development, testing, and lifecycle management. Leveraging advanced technologies like AI, IoT, and cloud computing, IBM helps businesses accelerate innovation, reduce time-to-market, and improve product quality. With its strong industry expertise and global delivery capabilities, IBM supports clients across various sectors, including automotive, healthcare, electronics, and industrial products.

Cognizant

Cognizant, a leading U.S.-based IT services company, is actively engaged in the Product Engineering Services market, providing comprehensive solutions that support the entire product development lifecycle—from concept and design to testing, deployment, and maintenance. By integrating cutting-edge technologies such as AI, cloud, IoT, and data analytics, Cognizant enables clients to innovate faster, enhance product performance, and meet evolving customer demands. The company serves a wide range of industries, including manufacturing, healthcare, automotive, and consumer electronics, with a focus on digital engineering and agile development practices.

HCLTech

HCLTech, a leading India-based global technology company, is a prominent player in the Product Engineering Services market, offering end-to-end engineering and R&D solutions across the entire product lifecycle. With deep domain expertise and a strong focus on digital technologies like AI, cloud, IoT, and 5G, HCLTech helps clients accelerate innovation, improve product quality, and reduce time-to-market. The company serves a diverse range of industries, including aerospace, automotive, healthcare, telecom, and industrial manufacturing, and is recognized for its global delivery model and strong engineering talent.

Market Ranking

In 2025, the Product Engineering Services market remained highly fragmented, with the top five players, Accenture, Capgemini, TCS, Cognizant, and HCL Technologies, capturing approximately 15 percent of the total market share. Capgemini focused on simulation-driven product design and invested in industrial software engineering, including integrating generative AI into manufacturing systems. Cognizant scaled its embedded engineering offerings by enhancing its delivery footprint in India and ramping up investments in platform engineering hubs.

In May 2025, HCL Technologies partnered with E.ON to modernize its product platforms in the energy domain while developing new AI-enabled platforms for electric vehicles. These strategic moves highlight how leading players align their engineering services with emerging technologies such as edge computing, digital twins, AI/ML frameworks, and vertical-focused integration, enabling clients to transform product lifecycles, reduce time to market, and stay competitive in dynamic industry landscapes.

Related Reports:

Product Engineering Services Market by Service Type (Product Design & Prototyping, Product Development, Process Engineering, Product Sustenance & Support Services, Product Modernization & Integration, Reverse Engineering ) - Global Forecast to 2030

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