Fact.MR has recently published a new study titled “Product Engineering Services Market Forecast, Trend Analysis & Competition Tracking: Global Market Insights 2019 to 2029”, which delivers a precise insight about the global product engineering services market and their anticipated emergence across diverse sectors. The report highpoints that advent of connected/smart technology along with the succeeding hike in sales of smart electronic devices, in-vehicle networking systems and smart homes, are marked as key factors stirring demand for product engineering services in the global market.
As per this smart Fact.MR, the global demand for product engineering services is predicted to account for revenues valued US$ 26 Bn by the end of 2019. It has been recorded that gains will be mainly underpinned by the surging demand for shorter product life cycles. In addition, myriad opportunities are expected to hit vendors of product engineering services, after the dramatic growth of new product launches across diverse industry verticals.
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IT & Telecom and Healthcare Together Acquire 3/5th Shares
With a stern look at the ongoing trends across the product engineering services market, budding need of organizations to improve the ‘time to market’ (TTM) cycle is becoming a prime determinant, thereby, delivering impetus to the development of the target market. In addition, the requirement for speed grows has motivated several verticals, such as IT and telecom and healthcare to extensively outsource their product engineering needs. Based on this study, the demand from IT & telecom and healthcare verticals would collectively account 60% revenue share in the product engineering services market during the coming years.
Demand for Smart Consumer Electronics Influencing Market for Product Engineering Services
The study discourses that the consumer electronics industry would provide lucrative prospects for product engineering services providers due to increasing importance of enterprises on improving customer satisfaction and expand competitiveness. Moreover, mounting demand for smarter consumer electronics, mostly in developed countries, is supporting market value of product engineering services in certain regions like North America and Europe.
Transforming Nature of Digital Technologies Proving Effective for Product Engineering Services
According to research insights, product engineering services are expected to witness significant transformation due to rapidly escalating digital technologies. Some of the advanced technology areas like DevOps, are influencing different sections of product engineering services for positive results. Furthermore, the count of companies renovating their product offerings is rising to align themselves with emerging digital technologies. Also, the growing focus of enterprises on structuring their personal digital platforms is very likely to outline the future technology landscape of software product engineering services.
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The final section of the report talks about the competitive landscape, with further focus on company aspects such as product portfolio, sales footprint and strategy overview. Some of the prime players mentioned in the report are Persistent System, Mindtree, Tech Mahindra, Tieto, Wipro Accenture, Cognizant, Altran etc. This assessment is a rich data source for new entrants and existing players to draw useful conclusions.
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