The Global Product Engineering Service Market Size is estimated to be US 980 Billion in 2023. It is poised to register 8.2% growth over the forecast period from 2023 to 2030 to reach US $ 1701 billion in 2030.
The market growth is driven by an increasing need for businesses to undergo digital transformation has led to a growing demand for product engineering services, as companies seek to develop or upgrade their digital products and services. Leading Companies focusing on Technological Advancements, Industry 4.0, Healthcare and Life Sciences, E-Mobility, Robotics and Automation, Cybersecurity, and others to boost market shares in the industry.
The Product Engineering Service Market is a specialized sector within the engineering services industry, focusing on the design, development, testing, and maintenance of products, encompassing software, hardware, and integrated systems. It serves a broad range of industries, including technology, automotive, healthcare, and more, providing services such as product design, prototyping, quality assurance, software and hardware development, and embedded systems. Key trends driving this market include digital transformation, IoT, AI, sustainability, customization, and compliance, reflecting the increasing importance of technology, innovation, and sustainability in product development. As a dynamic field, the market's evolution is influenced by advancements in technology, changing consumer preferences, and industry-specific requirements, making staying current with emerging trends crucial for companies operating in this space.
In the Product Engineering Service Market, user experience (UX) and user interface (UI) design play a pivotal role in the development of successful products. These disciplines focus on creating products that not only meet functional requirements but also offer a seamless and intuitive interaction for users. UX design encompasses understanding user behavior, needs, and preferences, ensuring that the product is not just functional but enjoyable and easy to use. UI design, on the other hand, concentrates on the visual and interactive aspects of the product, ensuring that the user interface is aesthetically pleasing and user-friendly.
The Product Engineering Service Market is experiencing growing demand for remote work solutions, driven by cost reduction and enhanced flexibility requirements. This trend reflects the need for remote work tools and technologies, including cloud infrastructure optimization and secure data access, to accommodate changing work dynamics, such as the increasing shift to remote or hybrid work models accelerated by the COVID-19 pandemic. These solutions not only streamline operations but also align with evolving employee work preferences, ultimately boosting productivity and competitiveness in a digital and remote-oriented landscape.
Blockchain technology is making significant inroads into the Product Engineering Service Market, bringing forth fresh possibilities for product development and collaboration. Its decentralized and secure nature lends itself well to applications that require transparent and tamper-proof record-keeping, making it particularly valuable in sectors such as supply chain management, finance, and healthcare. In the product engineering context, blockchain is utilized to enhance traceability, reduce fraud, and improve data security. It can also enable more efficient collaboration among distributed teams and stakeholders, providing a shared ledger that ensures the accuracy and immutability of project-related data.
The Global Product Engineering Service Market is analyzed across Cloud Product Engineering, Product Design, Product Development, Product Testing, Product Deployment and Integration, Process Engineering, Manufacturing Engineering Process Support, KBE, Support, Maintenance, and Operations, and others. Product Development is poised to register the fastest growth. Product developments in the Product Engineering Service Market revolve around embracing emerging technologies like AI, IoT, blockchain, and data analytics. This involves creating eco-friendly, energy-efficient products, catering to customization demands, ensuring regulatory compliance, and emphasizing cybersecurity. The market focuses on delivering forward-thinking solutions aligned with evolving technology and industry needs.
The Global Product Engineering Service Market is analyzed across various Organizations including SMEs, Large Enterprises, and others. Of these, SMEs held a significant market share in 2023. Small and Medium-sized Enterprises (SMEs) in the Product Engineering Service Market benefit from these services by accessing specialized skills, reducing costs, and expediting product development. They rely on external expertise to compete in the market, allowing them to innovate and bring high-quality products to market without the need for extensive in-house resources.
By Type
By Organization Size
By Application
By Region
• Alten Group
• AVL Company
• HCL Group
• Akka Technologies
• IBM Corp
• Capgemini
• TCS Corp
• Wipro Ltd
• Happiest Minds
*List not exhaustive
Product Engineering Service Market Outlook 2023
1 Market Overview
1.1 Introduction to the Product Engineering Service Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Product Engineering Service Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Product Engineering Service Market Companies with Area Served
4.2.2 Products Offerings Global Product Engineering Service Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 post-COVID-19 Scenario- Low Growth Case
5.1.3 post-COVID-19 Scenario- Reference Growth Case
5.1.4 post-COVID-19 Scenario- Low Growth Case
6 Global Product Engineering Service Market Trends
6.1 Global Product Engineering Service Revenue (USD Million) and CAGR (%) by Type (2018-2030)
6.2 Global Product Engineering Service Revenue (USD Million) and CAGR (%) by Applications (2018-2030)
6.3 Global Product Engineering Service Revenue (USD Million) and CAGR (%) by regions (2018-2030)
7 Global Product Engineering Service Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Product Engineering Service Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Product Engineering Service Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Product Engineering Service Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Product Engineering Service Development Regional Status and Outlook
8.1 Global Product Engineering Service Revenue (USD Million) By Regions (2018-2022)
8.2 North America Product Engineering Service Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Product Engineering Service Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Product Engineering Service Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Product Engineering Service Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Product Engineering Service Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Product Engineering Service Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Product Engineering Service Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Product Engineering Service Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Product Engineering Service Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
8.5 South America Product Engineering Service Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Product Engineering Service Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Product Engineering Service Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Product Engineering Service Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Product Engineering Service Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Product Engineering Service Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Product Engineering Service Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Product Engineering Service Market Revenue (USD Million), by Type, and Applications (2023-2030)
10.1 Global Product Engineering Service Revenue (USD Million) and Market Share (%) by Type (2023-2030)
10.1.1 Global Product Engineering Service Revenue (USD Million), and Market Share (%) by Type (2023-2030)
10.2 Global Product Engineering Service Revenue (USD Million) and Market Share (%) by Applications (2023-2030)
10.2.1 Global Product Engineering Service Revenue (USD Million), and Market Share (%) by Applications (2023-2030)
11 Global Product Engineering Service Development Regional Status and Outlook Forecast
11.1 Global Product Engineering Service Revenue (USD Million) By Regions (2023-2030)
11.2 North America Product Engineering Service Revenue (USD Million) by Type, and Applications (2023-2030)
11.2.1 North America Product Engineering Service Revenue (USD) Million by Country (2023-2030)
11.2.2 North America Product Engineering Service Revenue (USD Million), by Type (2023-2030)
11.2.3 North America Product Engineering Service Revenue (USD Million), Market Share (%) by Applications (2023-2030)
11.3 Europe Product Engineering Service Revenue (USD Million), by Type, and Applications (2023-2030)
11.3.1 Europe Product Engineering Service Revenue (USD Million), by Country (2023-2030)
11.3.2 Europe Product Engineering Service Revenue (USD Million), by Type (2023-2030)
11.3.3 Europe Product Engineering Service Revenue (USD Million), by Applications (2023-2030)
11.4 Asia Pacific Product Engineering Service Revenue (USD Million) by Type, and Applications (2023-2030)
11.4.1 Asia Pacific Product Engineering Service Revenue (USD Million), by Country (2023-2030)
11.4.2 Asia Pacific Product Engineering Service Revenue (USD Million), by Type (2023-2030)
11.4.3 Asia Pacific Product Engineering Service Revenue (USD Million), by Applications (2023-2030)
11.5 South America Product Engineering Service Revenue (USD Million), by Type, and Applications (2023-2030)
11.5.1 South America Product Engineering Service Revenue (USD Million), by Country (2023-2030)
11.5.2 South America Product Engineering Service Revenue (USD Million), by Type (2023-2030)
11.5.3 South America Product Engineering Service Revenue (USD Million), by Applications (2023-2030)
11.6 Middle East and Africa Product Engineering Service Revenue (USD Million), by Type, and Applications (2023-2030)
11.6.1 Middle East and Africa Product Engineering Service Revenue (USD Million), by region (2023-2030)
11.6.2 Middle East and Africa Product Engineering Service Revenue (USD Million), by Type (2023-2030)
11.6.3 Middle East and Africa Product Engineering Service Revenue (USD Million), by Applications (2023-2030)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Product Engineering Service Market Companies with Areas Served
Table 3 Products Offerings Global Product Engineering Service Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Product Engineering Service Revenue (USD Million) And CAGR (%) By Type (2018-2030)
Table 8 Global Product Engineering Service Revenue (USD Million) And CAGR (%) By Applications (2018-2030)
Table 9 Global Product Engineering Service Revenue (USD Million) And CAGR (%) By Regions (2018-2030)
Table 10 Global Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 11 Global Product Engineering Service Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Product Engineering Service Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Product Engineering Service Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Product Engineering Service Market Share (%) By Regions (2018-2022)
Table 16 North America Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Table 17 North America Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 18 North America Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Table 26 South America Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 27 South America Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 33 Global Product Engineering Service Revenue Market Share (%) By Type (2023-2030)
Table 34 Global Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 35 Global Product Engineering Service Revenue Market Share (%) By Applications (2023-2030)
Table 36 Global Product Engineering Service Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2030)
Table 37 North America Product Engineering Service Revenue (USD)By Country (2023-2030)
Table 38 North America Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 39 North America Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 40 Europe Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Table 41 Europe Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 42 Europe Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 43 Asia Pacific Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Table 44 Asia Pacific Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 45 Asia Pacific Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 46 South America Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Table 47 South America Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 48 South America Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 49 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2023-2030)
Table 50 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2023-2030)
Table 51 Middle East and Africa Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Table 52 Middle East and Africa Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Product Engineering Service Revenue Market Share (%) By Type (2022)
Figure 5 Global Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Product Engineering Service Revenue Market Share (%) By Applications (2022)
Figure 7 Global Product Engineering Service Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Product Engineering Service Market Share (%) By Regions (2022)
Figure 9 North America Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Product Engineering Service Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Product Engineering Service Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Product Engineering Service Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 25 Global Product Engineering Service Revenue Market Share (%) By Type (2030)
Figure 26 Global Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 27 Global Product Engineering Service Revenue Market Share (%) By Applications (2030)
Figure 28 Global Product Engineering Service Market Revenue (USD Million) By Regions (2023-2030)
Figure 29 North America Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Figure 30 North America Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 31 North America Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 32 Europe Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Figure 33 Europe Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 34 Europe Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 35 Asia Pacific Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Figure 36 Asia Pacific Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 37 Asia Pacific Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 38 South America Product Engineering Service Revenue (USD Million) By Country (2023-2030)
Figure 39 South America Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 40 South America Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 41 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2023-2030)
Figure 42 Middle East and Africa Product Engineering Service Revenue (USD Million) By Region (2023-2030)
Figure 43 Middle East and Africa Product Engineering Service Revenue (USD Million) By Type (2023-2030)
Figure 44 Middle East and Africa Product Engineering Service Revenue (USD Million) By Applications (2023-2030)
Figure 45 Bottom-Up and Top-Down Approaches for This Report
Figure 46 Data Triangulation
By Type
By Organization Size
By Application
By Region