Product Engineering Services Market-Global Industry Trends, Analysis, Regional Outlook, & Competitive Strategies |Global forecast to 2021.
The product engineering services market size 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% from 2016 to 2021.
Pune, India – April 5, 2017 /MarketersMedia/ —
“Increasing demand for reduction in time to market is driving the product engineering services market”
The Product Engineering Services Market size 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% from 2016 to 2021. The product engineering services offer the benefit of cost reduction, enhanced customer experience, and reduced Time-To-Market (TTM). Improved TTM generates more sales and greater profitability. With growing competition and changing customer preference, TTM has become a key factor influencing the competitive landscape of the market.
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The main challenge faced by organizations in the marketplace is developing new products at reduced cost. Increasing cost efficiency is a planned engineering work that requires a dynamic approach and needs to be effective. Fear of losing control over intellectual property rights and cultural differences in terms of product philosophy and design are the major restraints of the market.
“The healthcare segment is expected to grow at the highest CAGR in the product engineering services market by industrial vertical during the forecast period”
Product engineering services are being increasingly adopted by industries such as automotive, healthcare, telecom & IT, and energy & utilities, which have 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 by industrial vertical, owing to factors such as increase in patient engagement, reduction in healthcare expenditure, and boost in the health of population during the forecast period.
“The APAC region is expected to experience extensive growth opportunities in the next few years”
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.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people.
The product engineering services ecosystem comprises major vendors such as Altran (France), ALTEN Group (France), AVL (Austria), HCL (India), AKKA Technologies (France), IBM Corporation (U.S.), and Capgemini (France).
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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:
o Product and component design
o Process engineering
o Maintenance, repair, and operations
o Others (customer support and technical publications)
• By Organization Size
Organizations have been segmented as given below with detailed analysis:
o Small and Medium Businesses (SMBs)
o Enterprises
• By Region :
The global market has been segmented into five major regions:
o APAC
o Europe
o North America
o Latin America
o MEA
• By Industry Vertical :
The various industries adopting the services are given below:
o Automotive and transportation
o Aerospace and defence
o Healthcare
o IT and telecom
o Industrial manufacturing
o Energy and utilities
o Media and entertainment
o Banking, Financial Services, and Insurance (BFSI)
o Others (food & beverages and retail)
• By End User :
The various end users adopting product engineering services and their market size are given below:
o Enterprises
o Defence and security agencies
o Commercial
o Industrial
o Others (personal users)
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
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Source: MarketersMedia
Release ID: 183568
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